UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09913

AIM Counselor Series Trust (Invesco Counselor Series Trust)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 8/31

Date of reporting period: 8/31/2023

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Annual Report to Shareholders August 31, 2023

Invesco American Franchise Fund

Nasdaq:

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

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
21	Report of Independent Registered Public Accounting Firm
22	Fund Expenses
23	Approval of Investment Advisory and Sub-Advisory Contracts
26	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco American Franchise Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Growth Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	20.96	%
Class C Shares	20.07
Class R Shares	20.68
Class Y Shares	21.24
Class R5 Shares	21.28
Class R6 Shares	21.41
S&P 500 Index▼ (Broad Market Index)	15.94
Russell 1000 Growth Index▼ (Style-Specific Index)	21.94
Lipper Large-Cap Growth Funds Index∎ (Peer Group Index)	22.46
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

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

 US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent

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

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

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

moving sustainably down toward our objective.”

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

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

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

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

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

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

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

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

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

2 Invesco American Franchise Fund

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

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

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

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

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

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

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

Portfolio manager(s):

Ido Cohen

Ronald Zibelli, Jr.- Lead

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

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

3 Invesco American Franchise Fund

Your Fund’s Long-Term Performance

 

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

Fund and index data from 8/31/13

   

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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

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

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

4 Invesco American Franchise Fund

 

 

 

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

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

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

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

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

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

5 Invesco American Franchise Fund

Supplemental Information

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

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

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

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

About indexes used in this report

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

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

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

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

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

Liquidity Risk Management Program

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

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

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

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

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

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

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

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

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

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco American Franchise Fund

Fund Information

 

Portfolio Composition

By sector	% of total net assets
Information Technology		40.30	%
Communication Services		14.15
Consumer Discretionary		13.03
Health Care		9.68
Financials		9.04
Industrials		8.05
Consumer Staples		2.11
Other Sectors, Each Less than 2% of Net Assets		3.20
Money Market Funds Plus Other Assets Less Liabilities		0.44

Top 10 Equity Holdings*

		% of total net assets
1.	Microsoft Corp.		10.35	%
2.	NVIDIA Corp.		8.28
3.	Amazon.com, Inc.		7.03
4.	Alphabet, Inc., Class A		6.41
5.	Apple, Inc.		6.14
6.	Visa, Inc., Class A		4.53
7.	Meta Platforms, Inc., Class A		3.05
8.	Eli Lilly and Co.		2.38
9.	Intuitive Surgical, Inc.		2.19
10.	S&P Global, Inc.		2.17

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

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco American Franchise Fund

Schedule of Investments^(a)

August 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–99.56%
Advertising–0.84%
Trade Desk, Inc. (The), Class A(b)(c)		1,335,609	$	106,888,788
Aerospace & Defense–0.97%
Airbus SE (France)		559,368		81,900,390
Lockheed Martin Corp.		94,592		42,410,323
				124,310,713
Agricultural & Farm Machinery–0.62%
Deere & Co.		192,068		78,928,424
Aluminum–0.36%
Alcoa Corp.		1,508,815		45,385,155
Application Software–5.76%
Adobe, Inc.(b)		359,551		201,111,256
HubSpot, Inc.(b)		278,789		152,363,764
Salesforce, Inc.(b)		435,785		96,508,946
Synopsys, Inc.(b)		364,490		167,260,816
Workday, Inc., Class A(b)(c)		482,919		118,073,696
				735,318,478
Asset Management & Custody Banks–2.35%
Blackstone, Inc., Class A		375,788		39,972,570
KKR & Co., Inc., Class A		4,132,441		259,558,619
				299,531,189
Automobile Manufacturers–0.76%
General Motors Co.		1,333,994		44,702,139
Tesla, Inc.(b)(c)		203,635		52,554,121
				97,256,260
Automotive Retail–0.87%
O’Reilly Automotive, Inc.(b)		117,712		110,613,966
Broadline Retail–7.70%
Amazon.com, Inc.(b)		6,501,182		897,228,128
MercadoLibre, Inc. (Brazil)(b)		62,682		86,022,269
				983,250,397
Casinos & Gaming–0.98%
Las Vegas Sands Corp.		2,283,337		125,263,868
Construction Machinery & Heavy Transportation Equipment– 0.45%
Caterpillar, Inc.		203,366		57,172,284
Construction Materials–0.60%
Martin Marietta Materials, Inc.		171,236		76,441,463
Consumer Electronics–0.56%
Sony Group Corp. (Japan)		857,400		71,343,723
Copper–0.30%
Freeport-McMoRan, Inc.(c)		949,960		37,912,904
Diversified Support Services–0.46%
Cintas Corp.		116,537		58,754,459
Electrical Components & Equipment–2.20%
Eaton Corp. PLC		542,166		124,898,782

	Shares		Value
Electrical Components & Equipment–(continued)
Rockwell Automation, Inc.(c)		279,815	$	87,324,665
Vertiv Holdings Co.		1,747,413		68,830,598
				281,054,045
Environmental & Facilities Services–0.30%
Republic Services, Inc.		261,721		37,721,848
Financial Exchanges & Data–2.16%
S&P Global, Inc.		707,053		276,358,736
Food Distributors–0.87%
US Foods Holding Corp.(b)		2,731,266		110,425,084
Health Care Equipment–4.68%
Boston Scientific Corp.(b)		1,733,011		93,478,613
DexCom, Inc.(b)		1,218,836		123,078,059
Intuitive Surgical, Inc.(b)		892,183		278,967,781
Stryker Corp.		360,917		102,338,015
				597,862,468
Health Care Technology–0.88%
Veeva Systems, Inc., Class A(b)(c)		537,717		112,221,538
Home Improvement Retail–1.02%
Lowe’s Cos., Inc.		563,624		129,904,059
Hotels, Resorts & Cruise Lines–1.14%
Booking Holdings, Inc.(b)		47,020		145,998,511
Industrial Machinery & Supplies & Components–0.78%
Parker-Hannifin Corp.		240,343		100,198,997
Integrated Oil & Gas–0.46%
Suncor Energy, Inc. (Canada)		1,721,076		58,310,055
Interactive Home Entertainment–1.47%
Nintendo Co. Ltd. (Japan)		1,434,900		61,682,452
Take-Two Interactive Software, Inc.(b)		881,551		125,356,552
				187,039,004
Interactive Media & Services–9.86%
Alphabet, Inc., Class A(b)		6,012,867		818,772,100
Baidu, Inc., ADR (China)(b)(c)		356,893		50,975,027
Meta Platforms, Inc., Class A(b)		1,315,888		389,358,100
				1,259,105,227
Internet Services & Infrastructure–2.14%
MongoDB, Inc.(b)		364,830		139,109,679
Snowflake, Inc., Class A(b)		858,065		134,587,495
				273,697,174
Managed Health Care–0.70%
UnitedHealth Group, Inc.		188,246		89,714,279
Movies & Entertainment–1.98%
Netflix, Inc.(b)		581,909		252,362,295
Oil & Gas Equipment & Services–0.61%
Schlumberger N.V.		1,316,144		77,599,850

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

8 Invesco American Franchise Fund

	Shares		Value
Oil & Gas Exploration & Production–0.87%
Hess Corp.(c)		719,042	$	111,091,989
Passenger Ground Transportation–1.20%
Uber Technologies, Inc.(b)		3,248,724		153,437,234
Pharmaceuticals–3.42%
Bayer AG (Germany)		2,432,962		133,508,068
Eli Lilly and Co.		547,873		303,631,216
				437,139,284
Semiconductor Materials & Equipment–0.24%
ASML Holding N.V., New York Shares (Netherlands)		45,762		30,227,174
Semiconductors–11.89%
Advanced Micro Devices, Inc.(b)		563,147		59,535,901
Broadcom, Inc.		148,789		137,315,880
First Solar, Inc.(b)(c)		428,155		80,972,674
Monolithic Power Systems, Inc.		352,287		183,615,507
NVIDIA Corp.		2,140,983		1,056,682,160
				1,518,122,122
Soft Drinks & Non-alcoholic Beverages–1.24%
Monster Beverage Corp.(b)		2,751,798		157,980,723
Systems Software–14.14%
Microsoft Corp.		4,030,559		1,321,056,018
Oracle Corp.		1,499,513		180,526,370
Palo Alto Networks, Inc.(b)(c)		343,286		83,521,484
ServiceNow, Inc.(b)		372,371		219,263,216
				1,804,367,088
Technology Hardware, Storage & Peripherals–6.13%
Apple, Inc.		4,168,177		783,075,413
Trading Companies & Distributors–1.07%
Fastenal Co.(c)		1,044,274		60,129,297
United Rentals, Inc.(c)		160,233		76,357,434
				136,486,731

	Shares		Value
Transaction & Payment Processing Services–4.53%
Visa, Inc., Class A(c)		2,355,646	$	578,735,109
Total Common Stocks & Other Equity Interests (Cost $7,088,135,193)				12,708,608,108
Money Market Funds–0.36%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(d)(e)		16,193,539		16,193,539
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(d)(e)		11,558,738		11,559,894
Invesco Treasury Portfolio, Institutional Class, 5.25%(d)(e)		18,506,902		18,506,902
Total Money Market Funds (Cost $46,260,214)				46,260,335
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $7,134,395,407)				12,754,868,443
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.69%
Invesco Private Government Fund, 5.30%(d)(e)(f)		203,220,752		203,220,752
Invesco Private Prime Fund, 5.51%(d)(e)(f)		522,567,644		522,567,644
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $725,760,904)				725,788,396
TOTAL INVESTMENTS IN SECURITIES-105.61% (Cost $7,860,156,311)				13,480,656,839
OTHER ASSETS LESS LIABILITIES-(5.61)%				(716,524,835	)
NET ASSETS-100.00%			$	12,764,132,004

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

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

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

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

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

9 Invesco American Franchise Fund

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

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

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

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

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

10 Invesco American Franchise Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $7,088,135,193)*	$	12,708,608,108
Investments in affiliated money market funds, at value (Cost $772,021,118)		772,048,731
Foreign currencies, at value (Cost $50,076)		49,670
Receivable for:
Investments sold		29,560,310
Fund shares sold		1,160,044
Dividends		8,624,807
Investment for trustee deferred compensation and retirement plans		1,718,142
Other assets		151,963
Total assets		13,521,921,775
Liabilities:
Payable for:
Investments purchased		18,797,435
Fund shares reacquired		4,575,338
Collateral upon return of securities loaned		725,760,904
Accrued fees to affiliates		6,599,462
Accrued trustees’ and officers’ fees and benefits		5,400
Accrued other operating expenses		184,405
Trustee deferred compensation and retirement plans		1,866,827
Total liabilities		757,789,771
Net assets applicable to shares outstanding	$	12,764,132,004
Net assets consist of:
Shares of beneficial interest	$	7,756,259,267
Distributable earnings		5,007,872,737
	$	12,764,132,004

Net Assets:
Class A	$	12,047,012,338
Class C	$	105,284,002
Class R	$	68,815,144
Class Y	$	421,844,640
Class R5	$	41,963,417
Class R6	$	79,212,463
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		572,095,146
Class C		6,168,456
Class R		3,448,034
Class Y		18,953,177
Class R5		1,874,040
Class R6		3,485,438
Class A:
Net asset value per share	$	21.06
Maximum offering price per share (Net asset value of $21.06 ÷ 94.50%)	$	22.29
Class C:
Net asset value and offering price per share	$	17.07
Class R:
Net asset value and offering price per share	$	19.96
Class Y:
Net asset value and offering price per share	$	22.26
Class R5:
Net asset value and offering price per share	$	22.39
Class R6:
Net asset value and offering price per share	$	22.73

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

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

11 Invesco American Franchise Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Dividends (net of foreign withholding taxes of $3,438,029)	$	85,876,363
Dividends from affiliated money market funds (includes net securities lending income of $944,683)		5,446,629
Total investment income		91,322,992
Expenses:
Advisory fees		65,215,027
Administrative services fees		1,496,751
Custodian fees		127,800
Distribution fees:
Class A		26,551,224
Class C		938,408
Class R		281,434
Transfer agent fees – A, C, R and Y		14,394,828
Transfer agent fees – R5		34,955
Transfer agent fees – R6		20,344
Trustees’ and officers’ fees and benefits		102,146
Registration and filing fees		442,793
Reports to shareholders		651,639
Professional services fees		140,144
Other		126,200
Total expenses		110,523,693
Less: Fees waived and/or expense offset arrangement(s)		(349,328	)
Net expenses		110,174,365
Net investment income (loss)		(18,851,373	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(433,900,754	)
Affiliated investment securities		(51,483	)
Foreign currencies		(556,963	)
		(434,509,200	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		2,667,351,524
Affiliated investment securities		(12,541	)
Foreign currencies		88,282
		2,667,427,265
Net realized and unrealized gain		2,232,918,065
Net increase in net assets resulting from operations	$	2,214,066,692

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

12 Invesco American Franchise Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income (loss)	$	(18,851,373	)	$	(41,472,994	)
Net realized gain (loss)		(434,509,200	)		1,381,464,564
Change in net unrealized appreciation (depreciation)		2,667,427,265			(5,733,987,602	)
Net increase (decrease) in net assets resulting from operations		2,214,066,692			(4,393,996,032	)
Distributions to shareholders from distributable earnings:
Class A		(743,113,224	)		(3,197,662,688	)
Class C		(7,974,418	)		(37,450,406	)
Class R		(3,890,838	)		(14,396,356	)
Class Y		(25,919,532	)		(126,355,901	)
Class R5		(2,323,344	)		(9,536,193	)
Class R6		(4,321,886	)		(17,938,544	)
Total distributions from distributable earnings		(787,543,242	)		(3,403,340,088	)
Share transactions–net:
Class A		(78,588,773	)		2,073,894,575
Class C		(2,875,398	)		13,665,928
Class R		9,323,787			18,215,682
Class Y		(35,372,792	)		72,997,685
Class R5		1,573,371			6,488,719
Class R6		3,426,695			11,416,507
Net increase (decrease) in net assets resulting from share transactions		(102,513,110	)		2,196,679,096
Net increase (decrease) in net assets		1,324,010,340			(5,600,657,024	)
Net assets:
Beginning of year		11,440,121,664			17,040,778,688
End of year	$	12,764,132,004		$	11,440,121,664

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

13 Invesco American Franchise Fund

Financial Highlights

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

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

^(a)  Calculated using average shares outstanding.

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

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

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

14 Invesco American Franchise Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

15 Invesco American Franchise Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $72,645 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J. 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

16 Invesco American Franchise Fund

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

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.695%
Next $250 million		0.670%
Next $500 million		0.645%
Next $550 million		0.620%
Next $3.45 billion		0.600%
Next $250 million		0.595%
Next $2.25 billion		0.570%
Next $2.5 billion		0.545%
Over $10 billion		0.520%

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

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. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective July 1, 2023, the Adviser has agreed for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

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

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

17 Invesco American Franchise Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

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

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

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

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

NOTE 3–Additional Valuation Information

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

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

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

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$12,360,173,475		$348,434,633		$–		$12,708,608,108
Money Market Funds		46,260,335		725,788,396		–		772,048,731
Total Investments		$12,406,433,810		$1,074,223,029		$–		$13,480,656,839

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $226,984.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

18 Invesco American Franchise Fund

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

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

	2023		2022
Ordinary income*	$	–	$	285,826,090
Long-term capital gain		787,543,242		3,117,513,998
Total distributions	$	787,543,242	$	3,403,340,088

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

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation – investments		$ 5,515,130,926
Net unrealized appreciation – foreign currencies		24,025
Temporary book/tax differences		(1,310,743	)
Late-Year ordinary loss deferral		(11,916,054	)
Capital loss carryforward		(494,055,417	)
Shares of beneficial interest		7,756,259,267
Total net assets		$12,764,132,004

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

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

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	494,055,417	$–	$	494,055,417

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $8,256,510,134 and $8,944,682,937, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$5,587,616,688
Aggregate unrealized (depreciation) of investments	(72,485,762	)
Net unrealized appreciation of investments	$5,515,130,926

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

NOTE 9–Reclassification of Permanent Differences

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

NOTE 10–Share Information

	Summary of Share Activity
	Year ended				Year ended
	August 31, 2023(a)				August 31, 2022
	Shares		Amount		Shares		Amount
Sold:
Class A		16,986,519	$	312,472,522		16,184,114	$	384,989,991
Class C		1,200,060		18,205,076		722,554		14,637,079
Class R		939,588		16,253,420		716,859		16,325,164
Class Y		3,856,890		73,499,009		4,503,348		115,561,494
Class R5		123,897		2,468,141		315,779		8,550,807
Class R6		914,776		17,859,766		751,440		19,326,649

19 Invesco American Franchise Fund

	Summary of Share Activity
	Year ended						Year ended
	August 31, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		43,008,977		$	697,605,148			122,714,946		$	2,985,654,474
Class C		581,058			7,681,585			1,760,545			35,774,296
Class R		252,436			3,887,528			616,831			14,341,328
Class Y		1,107,125			18,942,913			3,622,697			92,415,012
Class R5		133,788			2,302,493			367,816			9,430,807
Class R6		233,360			4,074,460			655,813			17,031,460
Automatic conversion of Class C shares to Class A shares:
Class A		612,680			11,245,269			493,734			11,696,904
Class C		(751,411	)		(11,245,269	)		(586,530	)		(11,696,904	)
Reacquired:
Class A		(60,508,444	)		(1,099,911,712	)		(55,504,429	)		(1,308,446,794	)
Class C		(1,181,038	)		(17,516,790	)		(1,320,833	)		(25,048,543	)
Class R		(611,104	)		(10,817,161	)		(561,984	)		(12,450,810	)
Class Y		(6,781,586	)		(127,814,714	)		(5,668,956	)		(134,978,821	)
Class R5		(165,854	)		(3,197,263	)		(414,921	)		(11,492,895	)
Class R6		(929,900	)		(18,507,531	)		(939,122	)		(24,941,602	)
Net increase (decrease) in share activity		(978,183	)	$	(102,513,110	)		88,429,701		$	2,196,679,096

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

20 Invesco American Franchise Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco American Franchise Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco American Franchise Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

21 Invesco American Franchise Fund

Calculating your ongoing Fund expenses

Example

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

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

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

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

22 Invesco American Franchise Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco American Franchise Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy

and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a portfolio management team change

23 Invesco American Franchise Fund

in November 2022, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

 The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board requested and received additional information regarding the Fund’s actual and contractual management fees and the levels of the Fund’s breakpoints in light of current asset levels. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

 The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the

extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

 The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the

24 Invesco American Franchise Fund

Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

25 Invesco American Franchise Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

 The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

 The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$787,543,242
Qualified Dividend Income*	0.00%
Corporate Dividends Received Deduction*	0.00%
U.S. Treasury Obligations*	0.00%
Qualified Business Income*	0.00%
Business Interest Income*	0.00%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

26 Invesco American Franchise Fund

Trustees and Officers

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

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

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

T-1 Invesco American Franchise Fund

Trustees and Officers–(continued)

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

T-2  Invesco American Franchise Fund

Trustees and Officers–(continued)

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

T-3 Invesco American Franchise Fund

Trustees and Officers–(continued)

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

T-4 Invesco American Franchise Fund

Trustees and Officers–(continued)

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

T-5 Invesco American Franchise Fund

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco American Franchise Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Annual Report to Shareholders August 31, 2023

Invesco Capital Appreciation Fund

Nasdaq:

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

 

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
21	Report of Independent Registered Public Accounting Firm
22	Fund Expenses
23	Approval of Investment Advisory and Sub-Advisory Contracts
25	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Capital Appreciation Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Growth Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.73	%
Class C Shares	14.86
Class R Shares	15.43
Class Y Shares	16.01
Class R5 Shares	16.00
Class R6 Shares	16.09
S&P 500 Index▼	15.94
Russell 1000 Growth Index▼	21.94
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

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

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond

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

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

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

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

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

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

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

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

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

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

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

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

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

2 Invesco Capital Appreciation Fund

consumer staples, information technology and consumer discretionary sectors.

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

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

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

Portfolio manager(s):

Ash Shah

Ronald J. Zibelli, Jr. - Lead

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

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

3 Invesco Capital Appreciation Fund

Your Fund’s Long-Term Performance

 

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

Fund and index data from 8/31/13

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Capital Appreciation Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (1/22/81)	11.62	%
10 Years	11.56
5 Years	9.34
1 Year	9.37
Class C Shares
Inception (12/1/93)	9.21	%
10 Years	11.50
5 Years	9.73
1 Year	13.86
Class R Shares
Inception (3/1/01)	6.04	%
10 Years	11.90
5 Years	10.28
1 Year	15.43
Class Y Shares
Inception (11/3/97)	7.89	%
10 Years	12.45
5 Years	10.83
1 Year	16.01
Class R5 Shares
10 Years	12.33	%
5 Years	10.85
1 Year	16.00
Class R6 Shares
Inception (12/29/11)	13.10	%
10 Years	12.65
5 Years	11.02
1 Year	16.09

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

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

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.

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

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

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

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

5 Invesco Capital Appreciation Fund

Supplemental Information

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

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

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

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

About indexes used in this report

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

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

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

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

Liquidity Risk Management Program

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

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the

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

At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program

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

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

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

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

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

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Capital Appreciation Fund

Fund Information

 

Portfolio Composition

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

Top 10 Equity Holdings*

		% of total net assets
1.	Microsoft Corp.		9.71	%
2.	NVIDIA Corp.		7.15
3.	Apple, Inc.		6.06
4.	Alphabet, Inc., Class C		5.84
5.	Amazon.com, Inc.		5.77
6.	Mastercard, Inc., Class A		3.33
7.	Meta Platforms, Inc., Class A		3.22
8.	Netflix, Inc.		2.26
9.	Visa, Inc., Class A		2.20
10.	Eli Lilly and Co.		2.09

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

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

 

7 Invesco Capital Appreciation Fund

Schedule of Investments^(a)

August 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–99.15%
Advertising–1.01%
Trade Desk, Inc. (The), Class A(b)		559,759	$	44,797,513
Aerospace & Defense–1.00%
TransDigm Group, Inc.(b)		49,435		44,681,825
Apparel Retail–1.03%
TJX Cos., Inc. (The)		497,448		46,003,991
Application Software–6.55%
Adobe, Inc.(b)		125,909		70,425,940
HubSpot, Inc.(b)		97,084		53,058,348
Salesforce, Inc.(b)		154,113		34,129,865
Synopsys, Inc.(b)		198,328		91,010,736
Workday, Inc., Class A(b)		174,781		42,733,954
				291,358,843
Asset Management & Custody Banks–1.30%
Ares Management Corp., Class A		217,907		22,540,300
KKR & Co., Inc., Class A(c)		562,859		35,353,174
				57,893,474
Automobile Manufacturers–1.28%
Ferrari N.V. (Italy)(c)		86,601		27,516,602
Tesla, Inc.(b)		113,434		29,275,046
				56,791,648
Automotive Retail–1.00%
O’Reilly Automotive, Inc.(b)		47,503		44,638,569
Biotechnology–2.23%
Argenx SE, ADR (Netherlands)(b)		32,445		16,303,288
Regeneron Pharmaceuticals, Inc.(b)		48,113		39,764,914
Vertex Pharmaceuticals, Inc.(b)		124,051		43,211,925
				99,280,127
Broadline Retail–5.77%
Amazon.com, Inc.(b)		1,861,066		256,845,719
Cargo Ground Transportation–0.90%
Old Dominion Freight Line, Inc.		93,296		39,871,912
Casinos & Gaming–0.99%
Las Vegas Sands Corp.		800,082		43,892,499
Construction & Engineering–1.73%
Quanta Services, Inc.		366,756		76,971,082
Construction Machinery & Heavy Transportation Equipment–0.59%
Caterpillar, Inc.		92,661		26,049,787
Construction Materials–0.48%
Vulcan Materials Co.		98,559		21,510,502
Copper–0.37%
Freeport-McMoRan, Inc.		415,953		16,600,684
Electrical Components & Equipment–0.79%
Eaton Corp. PLC		151,738		34,955,883

	Shares		Value
Financial Exchanges & Data–0.83%
S&P Global, Inc.		94,264	$	36,844,027
Health Care Equipment–4.57%
Boston Scientific Corp.(b)		1,148,331		61,940,974
DexCom, Inc.(b)		471,479		47,609,950
Intuitive Surgical, Inc.(b)		132,377		41,391,640
Stryker Corp.		184,555		52,330,570
				203,273,134
Health Care Facilities–0.45%
HCA Healthcare, Inc.		72,111		19,996,380
Homebuilding–1.00%
D.R. Horton, Inc.		374,680		44,594,414
Hotels, Resorts & Cruise Lines–1.57%
Booking Holdings, Inc.(b)		11,234		34,881,907
Marriott International, Inc., Class A		172,837		35,174,058
				70,055,965
Industrial Machinery & Supplies & Components–0.79%
Parker-Hannifin Corp.		84,503		35,229,301
Interactive Media & Services–9.06%
Alphabet, Inc., Class C(b)		1,891,445		259,789,971
Meta Platforms, Inc., Class A(b)		484,511		143,361,960
				403,151,931
Internet Services & Infrastructure–2.50%
MongoDB, Inc.(b)		129,748		49,472,912
Shopify, Inc., Class A (Canada)(b)		341,564		22,710,590
Snowflake, Inc., Class A(b)		249,889		39,195,090
				111,378,592
Managed Health Care–1.27%
UnitedHealth Group, Inc.		118,457		56,454,237
Movies & Entertainment–2.26%
Netflix, Inc.(b)		231,977		100,603,785
Oil & Gas Equipment & Services–1.16%
Schlumberger N.V.		876,993		51,707,507
Oil & Gas Exploration & Production–0.99%
Diamondback Energy, Inc.		290,339		44,067,653
Packaged Foods & Meats–0.46%
Lamb Weston Holdings, Inc.		212,195		20,669,915
Passenger Ground Transportation–1.33%
Uber Technologies, Inc.(b)		1,248,360		58,960,043
Pharmaceuticals–2.09%
Eli Lilly and Co.		167,710		92,944,882
Real Estate Services–0.46%
CoStar Group, Inc.(b)		251,479		20,618,763
Restaurants–1.59%
Chipotle Mexican Grill, Inc.(b)		20,453		39,405,568

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

8 Invesco Capital Appreciation Fund

	Shares		Value
Restaurants–(continued)
McDonald’s Corp.		111,790	$	31,429,758
				70,835,326
Semiconductor Materials & Equipment–0.50%
Lam Research Corp.		31,405		22,058,872
Semiconductors–11.44%
Advanced Micro Devices, Inc.(b)		199,922		21,135,754
Broadcom, Inc.		50,172		46,303,237
First Solar, Inc.(b)		178,079		33,678,301
Monolithic Power Systems, Inc.		131,529		68,554,230
NVIDIA Corp.		644,040		317,865,942
ON Semiconductor Corp.(b)		220,572		21,717,519
				509,254,983
Soft Drinks & Non-alcoholic Beverages–1.02%
Monster Beverage Corp.(b)		789,878		45,346,896
Specialty Chemicals–0.97%
Albemarle Corp.(c)		57,108		11,347,931
Sherwin-Williams Co. (The)		117,723		31,987,693
				43,335,624
Systems Software–13.21%
Microsoft Corp.		1,317,997		431,986,697
Oracle Corp.		547,576		65,922,675
Palo Alto Networks, Inc.(b)(c)		119,695		29,121,793
ServiceNow, Inc.(b)		103,066		60,688,353
				587,719,518
Technology Hardware, Storage & Peripherals–6.06%
Apple, Inc.		1,435,859		269,754,830
Trading Companies & Distributors–1.02%
United Rentals, Inc.		95,608		45,561,036

	Shares		Value
Transaction & Payment Processing Services–5.53%
Mastercard, Inc., Class A		359,221	$	148,228,953
Visa, Inc., Class A(c)		398,450		97,891,196
				246,120,149
Total Common Stocks & Other Equity Interests (Cost $2,727,142,322)				4,412,681,821
Money Market Funds–0.79%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(d)(e)		12,338,397		12,338,397
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(d)(e)		8,810,299		8,811,180
Invesco Treasury Portfolio, Institutional Class, 5.25%(d)(e)		14,101,025		14,101,025
Total Money Market Funds (Cost $35,250,635)				35,250,602
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $2,762,392,957)				4,447,932,423
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.46%
Invesco Private Government Fund, 5.30%(d)(e)(f)		43,066,889		43,066,889
Invesco Private Prime Fund, 5.51%(d)(e)(f)		110,743,431		110,743,431
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $153,810,433)				153,810,320
TOTAL INVESTMENTS IN SECURITIES–103.40% (Cost $2,916,203,390)				4,601,742,743
OTHER ASSETS LESS LIABILITIES—(3.40)%				(151,228,265	)
NET ASSETS–100.00%			$	4,450,514,478

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

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

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

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

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

9 Invesco Capital Appreciation Fund

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

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

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

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

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

10 Invesco Capital Appreciation Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $2,727,142,322)*	$	4,412,681,821
Investments in affiliated money market funds, at value (Cost $189,061,068)		189,060,922
Cash		5,000,000
Foreign currencies, at value (Cost $289)		272
Receivable for:
Fund shares sold		1,153,976
Dividends		2,041,651
Investment for trustee deferred compensation and retirement plans		433,727
Other assets		70,610
Total assets		4,610,442,979
Liabilities:
Payable for:
Fund shares reacquired		3,366,709
Collateral upon return of securities loaned		153,810,433
Accrued fees to affiliates		1,854,429
Accrued trustees’ and officers’ fees and benefits		366,288
Accrued other operating expenses		96,915
Trustee deferred compensation and retirement plans		433,727
Total liabilities		159,928,501
Net assets applicable to shares outstanding	$	4,450,514,478
Net assets consist of:
Shares of beneficial interest	$	2,991,004,162
Distributable earnings		1,459,510,316
	$	4,450,514,478

Net Assets:
Class A	$	4,017,461,000
Class C	$	145,370,110
Class R	$	145,497,000
Class Y	$	126,483,405
Class R5	$	62,088
Class R6	$	15,640,875
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		66,765,863
Class C		4,656,470
Class R		2,751,341
Class Y		1,805,151
Class R5		1,016
Class R6		219,445
Class A:
Net asset value per share	$	60.17
Maximum offering price per share (Net asset value of $60.17 ÷ 94.50%)	$	63.67
Class C:
Net asset value and offering price per share	$	31.22
Class R:
Net asset value and offering price per share	$	52.88
Class Y:
Net asset value and offering price per share	$	70.07
Class R5:
Net asset value and offering price per share	$	61.11
Class R6:
Net asset value and offering price per share	$	71.27

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

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

11 Invesco Capital Appreciation Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Dividends (net of foreign withholding taxes of $11,356)	$	28,566,355
Dividends from affiliated money market funds (includes net securities lending income of $488,489)		2,182,703
Total investment income		30,749,058
Expenses:
Advisory fees		23,502,277
Administrative services fees		573,967
Custodian fees		19,963
Distribution fees:
Class A		8,164,742
Class C		1,364,601
Class R		634,422
Transfer agent fees – A, C, R and Y		4,774,382
Transfer agent fees – R5		67
Transfer agent fees – R6		3,827
Trustees’ and officers’ fees and benefits		99,148
Registration and filing fees		277,569
Reports to shareholders		191,201
Professional services fees		79,594
Other		52,205
Total expenses		39,737,965
Less: Fees waived and/or expense offset arrangement(s)		(213,507	)
Net expenses		39,524,458
Net investment income (loss)		(8,775,400	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(211,263,984	)
Affiliated investment securities		(4,792	)
Foreign currencies		(32,807	)
		(211,301,583	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		821,374,712
Affiliated investment securities		(5,816	)
Foreign currencies		31,241
		821,400,137
Net realized and unrealized gain		610,098,554
Net increase in net assets resulting from operations	$	601,323,154

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

12 Invesco Capital Appreciation Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income (loss)	$	(8,775,400	)	$	(18,749,690	)
Net realized gain (loss)		(211,301,583	)		255,924,524
Change in net unrealized appreciation (depreciation)		821,400,137			(1,577,727,401	)
Net increase (decrease) in net assets resulting from operations		601,323,154			(1,340,552,567	)
Distributions to shareholders from distributable earnings:
Class A		(29,171,892	)		(1,172,869,924	)
Class C		(2,131,574	)		(75,716,804	)
Class R		(1,132,464	)		(42,298,265	)
Class Y		(701,899	)		(30,905,063	)
Class R5		(606	)		(10,229	)
Class R6		(83,781	)		(3,523,987	)
Total distributions from distributable earnings		(33,222,216	)		(1,325,324,272	)
Share transactions–net:
Class A		(264,763,529	)		786,681,347
Class C		(17,953,661	)		51,369,367
Class R		(73,739	)		34,913,203
Class Y		1,348,296			15,696,964
Class R5		(24,187	)		54,228
Class R6		659,402			524,910
Net increase (decrease) in net assets resulting from share transactions		(280,807,418	)		889,240,019
Net increase (decrease) in net assets		287,293,520			(1,776,636,820	)
Net assets:
Beginning of year		4,163,220,958			5,939,857,778
End of year	$	4,450,514,478		$	4,163,220,958

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

13 Invesco Capital Appreciation Fund

Financial Highlights

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

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

^(a)  Calculated using average shares outstanding.

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

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

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

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

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

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

^(h)  Annualized.

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

14 Invesco Capital Appreciation Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

15 Invesco Capital Appreciation Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $45,731 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J. 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

16 Invesco Capital Appreciation Fund

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

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

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

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

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

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

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

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as

17 Invesco Capital Appreciation Fund

fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

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

For the year ended August 31, 2023, the Fund incurred $64,980 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

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

	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks & Other Equity Interests		$4,412,681,821		$	-			$-		$	4,412,681,821
Money Market Funds		35,250,602			153,810,320			-			189,060,922
Total Investments		$4,447,932,423		$	153,810,320			$-		$	4,601,742,743

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $165,257.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

18 Invesco Capital Appreciation Fund

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

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

	2023			2022
Ordinary income*	$	–		$	179,293,277
Long-term capital gain		33,222,216			1,146,030,995
Total distributions	$	33,222,216		$	1,325,324,272

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

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation – investments	$	1,668,528,269
Net unrealized appreciation (depreciation) – foreign currencies		(17	)
Temporary book/tax differences		(789,360	)
Late-Year ordinary loss deferral		(9,500,063	)
Capital loss carryforward		(198,728,513	)
Shares of beneficial interest		2,991,004,162
Total net assets	$	4,450,514,478

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

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

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$198,728,513		$–		$198,728,513

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $3,321,415,162 and $3,660,726,351, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$1,694,121,654
Aggregate unrealized (depreciation) of investments	(25,593,385	)
Net unrealized appreciation of investments	$1,668,528,269

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

NOTE 9–Reclassification of Permanent Differences

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

NOTE 10–Share Information

	Summary of Share Activity
	Year ended August 31, 2023				Year ended August 31, 2022
	Shares		Amount		Shares		Amount
Sold:
Class A		2,848,488	$	148,836,766		3,044,971	$	199,645,690
Class C		696,702		18,855,076		717,796		26,211,160
Class R		464,153		21,363,902		366,932		21,109,593
Class Y		671,686		40,535,147		693,565		53,097,385
Class R5		-		-		838		47,366
Class R6		68,973		4,249,700		65,904		4,906,211

19 Invesco Capital Appreciation Fund

	Summary of Share Activity
	Year ended August 31, 2023						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		587,370		$	28,299,452			16,812,823		$	1,134,361,740
Class C		84,255			2,118,157			2,093,379			74,838,311
Class R		26,613			1,129,190			707,191			42,169,792
Class Y		10,602			593,926			324,392			25,357,728
Class R5		11			535			101			6,862
Class R6		1,300			74,042			37,350			2,965,201
Automatic conversion of Class C shares to Class A shares:
Class A		293,650			15,248,127			267,782			17,193,893
Class C		(562,734	)		(15,248,127	)		(489,776	)		(17,193,893	)
Reacquired:
Class A		(8,810,555	)		(457,147,874	)		(8,776,105	)		(564,519,976	)
Class C		(875,419	)		(23,678,767	)		(924,712	)		(32,486,211	)
Class R		(487,446	)		(22,566,831	)		(496,246	)		(28,366,182	)
Class Y		(666,224	)		(39,780,777	)		(825,924	)		(62,758,149	)
Class R5		(452	)		(24,722	)		-			-
Class R6		(59,356	)		(3,664,340	)		(91,732	)		(7,346,502	)
Net increase (decrease) in share activity		(5,708,383	)	$	(280,807,418	)		13,528,529		$	889,240,019

20 Invesco Capital Appreciation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Capital Appreciation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Capital Appreciation Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

21 Invesco Capital Appreciation Fund

Calculating your ongoing Fund expenses

Example

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

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

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

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

22 Invesco Capital Appreciation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Capital Appreciation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was

23 Invesco Capital Appreciation Fund

below the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund’s investment process and portfolio management team underwent changes in December 2020. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also

shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’

or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

24 Invesco Capital Appreciation Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$33,222,216
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

25 Invesco Capital Appreciation Fund

Trustees and Officers

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

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

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

T-1 Invesco Capital Appreciation Fund

Trustees and Officers–(continued)

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

T-2 Invesco Capital Appreciation Fund

Trustees and Officers–(continued)

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

T-3 Invesco Capital Appreciation Fund

Trustees and Officers–(continued)

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

T-4 Invesco Capital Appreciation Fund

Trustees and Officers–(continued)

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

T-5 Invesco Capital Appreciation Fund

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Capital Appreciation Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Annual Report to Shareholders August 31, 2023

Invesco Core Plus Bond Fund

Nasdaq:

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

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
30	Financial Statements
33	Financial Highlights
34	Notes to Financial Statements
43	Report of Independent Registered Public Accounting Firm
44	Fund Expenses
45	Approval of Investment Advisory and Sub-Advisory Contracts
47	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Core Plus Bond Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Aggregate Bond Index, the Fund’s broad market/style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-0.59	%
Class C Shares	-1.34
Class R Shares	-0.84
Class Y Shares	-0.33
Class R5 Shares	-0.34
Class R6 Shares	-0.41
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market/Style-Specific Index)	-1.19
Lipper Core Plus Bond Funds Index∎ (Peer Group Index)	-0.60
Source(s):▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

2 Invesco Core Plus Bond Fund

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

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

1 Source: Federal Reserve of Economic Data

2 Source: US Department of the Treasury

^† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.

Portfolio manager(s):

Matthew Brill

Chuck Burge

Michael Hyman

Todd Schomberg

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

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

3 Invesco Core Plus Bond Fund

Your Fund’s Long-Term Performance

 

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

Fund and index data from 8/31/13

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Core Plus Bond Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (6/3/09)	2.80	%
10 Years	1.76
5 Years	-0.19
1 Year	-4.82
Class C Shares
Inception (6/3/09)	2.67	%
10 Years	1.58
5 Years	-0.07
1 Year	-2.29
Class R Shares
Inception (6/3/09)	2.86	%
10 Years	1.94
5 Years	0.44
1 Year	-0.84
Class Y Shares
Inception (6/3/09)	3.38	%
10 Years	2.45
5 Years	0.94
1 Year	-0.33
Class R5 Shares
Inception (6/3/09)	3.38	%
10 Years	2.46
5 Years	0.94
1 Year	-0.34
Class R6 Shares
Inception (9/24/12)	2.09	%
10 Years	2.50
5 Years	0.99
1 Year	-0.41

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

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

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

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

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

5 Invesco Core Plus Bond Fund

Supplemental Information

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

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

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

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

About indexes used in this report

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

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

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

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

Liquidity Risk Management Program

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

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of

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

At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program

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

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

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

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

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

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Core Plus Bond Fund

Fund Information

 

Portfolio Composition

By security type	% of total investments
U.S. Dollar Denominated Bonds & Notes		33.80	%
U.S. Government Sponsored Agency Mortgage- Backed Securities		21.28
Asset-Backed Securities		18.52
U.S. Treasury Securities		6.62
Preferred Stocks		1.39
Security types each less than 1% of portfolio		1.04
Money Market Funds		17.35

Top Five Debt Issuers*

		% of total net assets
1.	Federal National Mortgage Association		23.08	%
2.	U.S. Treasury		8.59
3.	Government National Mortgage Association		4.17
4.	Philip Morris International, Inc.		1.03
5.	Bayview MSR Opportunity Master Fund Trust		0.98

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

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco Core Plus Bond Fund

Schedule of Investments^(a)

August 31, 2023

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–44.87%
Aerospace & Defense–0.74%
Boeing Co. (The), 2.20%,
02/04/2026	$	400,000	$	369,209
L3Harris Technologies, Inc.,
5.40%, 07/31/2033		5,828,000		5,841,477
5.60%, 07/31/2053		2,681,000		2,701,859
Lockheed Martin Corp.,
5.10%, 11/15/2027		2,294,000		2,320,557
5.90%, 11/15/2063(b)		1,667,000		1,839,191
RTX Corp., 5.15%,
02/27/2033(b)		6,502,000		6,431,966
TransDigm, Inc.,
6.75%, 08/15/2028(c)		4,650,000		4,672,113
6.88%, 12/15/2030(b)(c)		10,475,000		10,555,553
				34,731,925
Air Freight & Logistics–0.30%
United Parcel Service, Inc.,
4.88%, 03/03/2033(b)		4,562,000		4,560,837
5.05%, 03/03/2053(b)		9,721,000		9,514,266
				14,075,103
Asset Management & Custody Banks–0.63%
Ameriprise Financial, Inc.,
5.15%, 05/15/2033		7,678,000		7,518,305
Apollo Management Holdings
L.P., 2.65%,
06/05/2030(b)(c)		573,000		470,724
Ares Capital Corp.,
2.88%, 06/15/2028(b)		500,000		422,213
3.20%, 11/15/2031		900,000		700,257
Bank of New York Mellon Corp. (The),
5.83%, 10/25/2033(d)		2,439,000		2,501,000
Series J, 4.97%,
04/26/2034(b)(d)		4,245,000		4,078,097
Series I, 3.75%(d)(e)		925,000		756,225
Blackstone Secured Lending
Fund, 2.13%, 02/15/2027		4,882,000		4,144,637
Northern Trust Corp., 6.13%,
11/02/2032		2,985,000		3,049,085
State Street Corp., 5.16%,
05/18/2034(b)(d)		6,217,000		6,036,754
				29,677,297
Automobile Manufacturers–1.30%
Ford Motor Credit Co. LLC,
6.95%, 06/10/2026		9,322,000		9,343,254
7.35%, 11/04/2027		7,967,000		8,115,343
6.80%, 05/12/2028(b)		12,525,000		12,532,405
7.35%, 03/06/2030		5,404,000		5,505,990
7.20%, 06/10/2030		9,394,000		9,552,007
Hyundai Capital America,
5.60%, 03/30/2028(c)		5,565,000		5,539,688
2.00%, 06/15/2028(b)(c)		800,000		675,520
5.80%, 04/01/2030(b)(c)		1,155,000		1,152,174
Mercedes-Benz Finance North
America LLC (Germany),
5.10%, 08/03/2028(c)		8,985,000		8,961,164

	Principal Amount		Value
Automobile Manufacturers–(continued)
Volkswagen Group of America
Finance LLC (Germany),
4.60%, 06/08/2029(c)	$	217,000	$	207,752
				61,585,297
Automotive Parts & Equipment–0.65%
ERAC USA Finance LLC,
4.90%, 05/01/2033(c)		6,885,000		6,724,925
5.40%, 05/01/2053(c)		6,663,000		6,533,261
Nemak S.A.B. de C.V. (Mexico),
3.63%, 06/28/2031(c)		4,329,000		3,308,325
ZF North America Capital, Inc.
(Germany),
6.88%, 04/14/2028(c)		5,242,000		5,230,235
7.13%, 04/14/2030(b)(c)		8,695,000		8,817,799
				30,614,545
Automotive Retail–0.16%
Advance Auto Parts, Inc.,
5.95%, 03/09/2028(b)		2,387,000		2,362,096
AutoZone, Inc., 5.20%,
08/01/2033		4,788,000		4,679,457
Sonic Automotive, Inc., 4.63%,
11/15/2029(b)(c)		439,000		375,771
				7,417,324
Biotechnology–0.71%
Amgen, Inc.,
5.25%, 03/02/2025		4,553,000		4,536,431
5.15%, 03/02/2028		5,835,000		5,831,622
5.25%, 03/02/2030(b)		2,529,000		2,533,798
5.25%, 03/02/2033		6,273,000		6,243,013
5.60%, 03/02/2043		5,008,000		4,918,293
5.65%, 03/02/2053		9,685,000		9,608,006
				33,671,163
Brewers–0.00%
Cia Cervecerias Unidas S.A.
(Chile), 3.35%,
01/19/2032(c)		250,000		209,177
Broadline Retail–0.07%
Alibaba Group Holding Ltd.
(China), 4.20%,
12/06/2047		600,000		448,324
B2W Digital Lux S.a.r.l. (Brazil),
4.38%, 12/20/2030(c)(f)		600,000		78,139
Falabella S.A. (Chile), 3.75%,
10/30/2027(c)		200,000		177,040
Macy’s Retail Holdings LLC,
6.13%, 03/15/2032(c)		150,000		128,760
Prosus N.V. (China),
3.26%, 01/19/2027(c)		2,597,000		2,333,814
3.06%, 07/13/2031(c)		200,000		152,029
4.19%, 01/19/2032(c)		200,000		163,277
				3,481,383

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

8 Invesco Core Plus Bond Fund

	Principal Amount		Value
Cable & Satellite–0.44%
CCO Holdings LLC/CCO Holdings
Capital Corp.,
6.38%, 09/01/2029(b)(c)	$	8,833,000	$	8,370,478
7.38%, 03/01/2031(b)(c)		4,925,000		4,899,734
4.50%, 06/01/2033(c)		533,000		421,214
Charter Communications
Operating LLC/Charter
Communications Operating
Capital Corp., 3.50%,
06/01/2041		372,000		246,816
Comcast Corp., 5.50%,
11/15/2032		4,463,000		4,580,905
Cox Communications, Inc.,
5.70%, 06/15/2033(c)		2,095,000		2,090,467
				20,609,614
Cargo Ground Transportation–0.34%
Penske Truck Leasing Co. L.P./PTL
Finance Corp.,
5.75%, 05/24/2026(c)		1,537,000		1,527,196
5.70%, 02/01/2028(c)		2,377,000		2,351,738
5.55%, 05/01/2028(c)		4,820,000		4,732,919
6.05%, 08/01/2028(c)		5,143,000		5,152,747
6.20%, 06/15/2030(b)(c)		2,259,000		2,271,103
				16,035,703
Casinos & Gaming–0.01%
Wynn Macau Ltd. (Macau),
5.13%, 12/15/2029(c)		400,000		327,888
Commercial & Residential Mortgage Finance–0.10%
Aviation Capital Group LLC,
6.25%, 04/15/2028(c)		3,910,000		3,893,514
6.38%, 07/15/2030(c)		555,000		550,716
Rocket Mortgage LLC/Rocket
Mortgage Co-Issuer, Inc.,
2.88%, 10/15/2026(b)(c)		531,000		472,457
				4,916,687
Commodity Chemicals–0.00%
Alpek S.A.B. de C.V. (Mexico),
3.25%, 02/25/2031(c)		200,000		163,317
Computer & Electronics Retail–0.12%
Booz Allen Hamilton, Inc.,
5.95%, 08/04/2033(b)		1,975,000		2,000,023
Leidos, Inc.,
2.30%, 02/15/2031		500,000		396,422
5.75%, 03/15/2033		3,378,000		3,359,131
				5,755,576
Construction & Engineering–0.02%
Bioceanico Sovereign Certificate
Ltd. (Paraguay), 0.00%,
06/05/2034(c)(g)		133,586		94,899
Mexico City Airport Trust (Mexico),
3.88%, 04/30/2028(c)		200,000		184,632
5.50%, 07/31/2047(c)		600,000		498,430
Rutas 2 and 7 Finance Ltd.
(Paraguay), 0.00%,
09/30/2036(c)(g)		216,000		139,051
				917,012

	Principal Amount		Value
Construction Machinery & Heavy Transportation Equipment– 0.48%
Caterpillar Financial Services Corp., 5.15%,
08/11/2025(b)	$	16,071,000	$	16,071,074
SMBC Aviation Capital Finance
DAC (Ireland), 5.70%,
07/25/2033(c)		6,942,000		6,733,581
				22,804,655
Construction Materials–0.01%
CEMEX S.A.B. de C.V. (Mexico),
9.13%(c)(d)(e)		600,000		627,557
Consumer Finance–0.32%
Ally Financial, Inc., 2.20%,
11/02/2028(b)		542,000		437,797
Capital One Financial Corp.,
6.31%, 06/08/2029(b)(d)		6,310,000		6,310,578
5.27%, 05/10/2033(b)(d)		1,100,000		1,023,483
6.38%, 06/08/2034(d)		5,660,000		5,594,538
General Motors Financial Co.,
Inc., 5.40%, 04/06/2026(b)		1,146,000		1,132,315
Synchrony Financial, 4.50%,
07/23/2025		670,000		639,877
				15,138,588
Consumer Staples Merchandise Retail–0.11%
Dollar General Corp.,
5.00%, 11/01/2032(b)		365,000		347,739
5.50%, 11/01/2052		2,106,000		1,911,302
Target Corp., 4.80%,
01/15/2053(b)		2,945,000		2,717,650
				4,976,691
Copper–0.09%
Freeport-McMoRan, Inc.,
5.40%, 11/14/2034		385,000		365,186
PT Freeport Indonesia (Indonesia),
4.76%, 04/14/2027(c)		217,000		209,491
5.32%, 04/14/2032(c)		3,845,000		3,589,530
				4,164,207
Data Processing & Outsourced Services–0.47%
Concentrix Corp., 6.85%,
08/02/2033		23,131,000		22,160,242
Distillers & Vintners–0.04%
Brown-Forman Corp., 4.75%,
04/15/2033(b)		818,000		810,288
Constellation Brands, Inc.,
4.90%, 05/01/2033		1,294,000		1,248,448
				2,058,736
Distributors–0.01%
Genuine Parts Co., 2.75%,
02/01/2032		331,000		269,977
Diversified Banks–8.15%
Africa Finance Corp.
(Supranational), 4.38%,
04/17/2026(c)		20,285,000		19,001,162

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

9 Invesco Core Plus Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
Australia and New Zealand Banking
Group Ltd. (Australia),
6.74%, 12/08/2032(b)(c)	$	3,661,000	$	3,784,789
6.75%(c)(d)(e)		2,837,000		2,779,083
Banco de Bogota S.A.
(Colombia), 4.38%,
08/03/2027(c)		400,000		369,182
Banco GNB Sudameris S.A.
(Colombia), 7.50%,
04/16/2031(c)(d)		200,000		165,877
Bank Gospodarstwa Krajowego
(Poland), 5.38%,
05/22/2033(c)		200,000		195,660
Bank of America Corp.,
6.39% (SOFR + 1.05%),
02/04/2028(h)		2,919,000		2,914,855
4.95%, 07/22/2028(b)(d)		2,245,000		2,199,144
5.20%, 04/25/2029(b)(d)		11,402,000		11,233,335
5.02%, 07/22/2033(b)(d)		3,562,000		3,429,792
5.29%, 04/25/2034(b)(d)		5,431,000		5,301,741
Bank of Nova Scotia (The)
(Canada), 8.63%,
10/27/2082(b)(d)		4,868,000		4,974,488
Barclays PLC (United Kingdom),
4.84%, 05/09/2028		600,000		556,302
8.00%(d)(e)		8,981,000		8,050,209
BBVA Bancomer S.A. (Mexico),
8.45%, 06/29/2038(c)(d)		300,000		300,361
BNP Paribas S.A. (France),
4.38%, 03/01/2033(c)(d)		600,000		543,592
8.50%(b)(c)(d)(e)		5,866,000		5,860,134
BPCE S.A. (France), 2.28%,
01/20/2032(b)(c)(d)		447,000		345,907
Citigroup, Inc.,
2.57%, 06/03/2031(d)		651,000		537,919
6.17%, 05/25/2034(d)		11,914,000		11,879,062
3.88%(b)(d)(e)		12,654,000		11,104,391
7.38%(b)(d)(e)		15,736,000		15,873,690
Series A, 9.70%(3 mo. Term
SOFR + 4.33%)(e)(h)		2,199,000		2,199,056
Commonwealth Bank of Australia
(Australia), 2.69%,
03/11/2031(c)		525,000		411,900
Credit Suisse AG (Switzerland),
3.63%, 09/09/2024		2,607,000		2,536,881
Export-Import Bank of India
(India), 3.38%,
08/05/2026(c)		200,000		188,925
Federation des caisses Desjardins du
Quebec (Canada),
5.28%, 01/23/2026(c)(d)		1,980,000		1,956,270
4.55%, 08/23/2027(b)(c)		5,009,000		4,881,353
Fifth Third Bancorp,
2.38%, 01/28/2025		2,170,000		2,066,397
1.71%, 11/01/2027(d)		2,330,000		2,028,965
6.34%, 07/27/2029(b)(d)		2,277,000		2,305,829
4.77%, 07/28/2030(d)		5,768,000		5,402,292
4.34%, 04/25/2033(d)		290,000		256,373

	Principal Amount		Value
Diversified Banks–(continued)
HSBC Holdings PLC (United Kingdom),
5.89%, 08/14/2027(d)	$	9,554,000	$	9,526,820
5.21%, 08/11/2028(d)		2,171,000		2,119,674
2.36%, 08/18/2031(d)		288,000		228,292
2.87%, 11/22/2032(d)		790,000		629,050
5.40%, 08/11/2033(d)		540,000		515,725
6.33%, 03/09/2044(d)		8,104,000		8,179,420
Israel Discount Bank Ltd.
(Israel), 5.38%,
01/26/2028(c)		400,000		394,274
JPMorgan Chase & Co.,
4.85%, 07/25/2028(b)(d)		2,386,000		2,339,381
5.30%, 07/24/2029(b)(d)		9,271,000		9,222,473
2.96%, 05/13/2031(d)		300,000		255,172
5.72%, 09/14/2033(b)(d)		5,938,000		5,937,258
5.35%, 06/01/2034(b)(d)		17,819,000		17,614,143
Series W, 6.63%(3 mo. Term SOFR + 1.26%),
05/15/2047(h)		1,400,000		1,205,578
KeyBank N.A.,
3.30%, 06/01/2025		2,322,000		2,177,259
4.15%, 08/08/2025		1,587,000		1,502,925
5.85%, 11/15/2027		2,362,000		2,279,812
4.90%, 08/08/2032		700,000		578,053
KeyCorp,
3.88%, 05/23/2025(b)(d)		3,264,000		3,115,633
2.55%, 10/01/2029		2,110,000		1,674,111
Lloyds Banking Group PLC
(United Kingdom), 4.98%,
08/11/2033(d)		357,000		330,824
Magyar Export-Import Bank
Zartkoruen Mukodo
Reszvenytarsasag (Hungary),
6.13%, 12/04/2027(c)		325,000		323,465
Manufacturers & Traders Trust Co.,
2.90%, 02/06/2025		4,686,000		4,455,355
4.70%, 01/27/2028		4,060,000		3,798,234
Mitsubishi UFJ Financial Group, Inc. (Japan),
5.24%, 04/19/2029(b)(d)		2,023,000		1,998,966
1.80%, 07/20/2033(d)		2,765,000		2,686,783
5.41%, 04/19/2034(b)(d)		2,126,000		2,097,260
Mizuho Financial Group, Inc. (Japan),
5.78%, 07/06/2029(d)		4,433,000		4,442,138
5.67%, 09/13/2033(d)		3,830,000		3,798,348
Multibank, Inc. (Panama),
7.75%, 02/03/2028(c)		6,576,000		6,684,701
National Australia Bank Ltd.
(Australia), 2.33%,
08/21/2030(c)		632,000		492,978
National Bank of Oman SAOG
(Oman), 5.63%,
09/25/2023(c)		400,000		399,388
National Securities Clearing Corp.,
5.10%, 11/21/2027(c)		4,169,000		4,162,608
5.00%, 05/30/2028(c)		2,499,000		2,485,615

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

10 Invesco Core Plus Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
PNC Financial Services Group, Inc.
(The),
5.58%, 06/12/2029(b)(d)	$	10,499,000	$	10,416,613
6.04%, 10/28/2033(d)		3,160,000		3,211,751
5.07%, 01/24/2034(b)(d)		3,673,000		3,481,120
Series V, 6.20%(d)(e)		4,592,000		4,293,881
Series W, 6.25%(d)(e)		6,972,000		6,184,792
Royal Bank of Canada (Canada),
6.03%(SOFR + 0.71%),
01/21/2027(h)		2,114,000		2,089,886
Shinhan Financial Group Co. Ltd.
(South Korea), 3.34%,
02/05/2030(c)(d)		200,000		191,800
Standard Chartered PLC (United Kingdom),
6.19%, 07/06/2027(c)(d)		3,542,000		3,551,457
2.68%, 06/29/2032(c)(d)		3,192,000		2,514,668
6.30%, 07/06/2034(c)(d)		410,000		409,576
4.30%(c)(d)(e)		9,045,000		6,675,948
7.75%(c)(d)(e)		11,053,000		10,800,409
Sumitomo Mitsui Financial Group, Inc. (Japan),
5.77%, 01/13/2033(b)		10,083,000		10,234,941
6.18%, 07/13/2043(b)		3,016,000		3,035,091
Sumitomo Mitsui Trust Bank Ltd.
(Japan), 5.65%,
03/09/2026(c)		2,010,000		2,012,970
Synovus Bank, 5.63%,
02/15/2028		3,033,000		2,813,464
Toronto-Dominion Bank (The)
(Canada), 8.13%,
10/31/2082(d)		4,400,000		4,433,097
U.S. Bancorp,
5.78%, 06/12/2029(b)(d)		8,064,000		8,049,767
4.97%, 07/22/2033(d)		1,928,000		1,759,707
5.85%, 10/21/2033(d)		4,053,000		4,039,073
4.84%, 02/01/2034(b)(d)		7,639,000		7,089,249
5.84%, 06/12/2034(b)(d)		7,698,000		7,694,272
Wells Fargo & Co.,
4.81%, 07/25/2028(d)		1,378,000		1,337,368
5.57%, 07/25/2029(d)		6,382,000		6,357,759
4.90%, 07/25/2033(b)(d)		1,353,000		1,273,649
5.39%, 04/24/2034(d)		3,553,000		3,462,083
5.56%, 07/25/2034(b)(d)		16,797,000		16,582,975
7.63%(b)(d)(e)		6,679,000		6,854,324
Westpac Banking Corp. (Australia),
5.41%, 08/10/2033(d)		481,000		452,987
2.67%, 11/15/2035(d)		225,000		173,083
				384,764,392
Diversified Capital Markets–0.01%
Credit Suisse Group AG (Switzerland),
4.50%(c)(d)(e)(f)		5,650,000		339,000
5.25%(c)(d)(e)(f)		3,522,000		211,320
				550,320
Diversified Chemicals–0.02%
Braskem Netherlands Finance B.V.
(Brazil),
4.50%, 01/31/2030(c)		200,000		167,152
7.25%, 02/13/2033(b)(c)		400,000		379,252
5.88%, 01/31/2050(c)		200,000		154,030

	Principal Amount		Value
Diversified Chemicals–(continued)
MEGlobal B.V. (Kuwait), 2.63%,
04/28/2028(c)	$	200,000	$	176,451
SABIC Capital II B.V. (Saudi Arabia), 4.50%,
10/10/2028(c)		200,000		193,299
				1,070,184
Diversified Financial Services–0.83%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland),
5.75%, 06/06/2028		8,975,000		8,904,478
3.00%, 10/29/2028		223,000		193,418
Arab Petroleum Investments Corp. (Supranational),
4.13%, 09/18/2023(c)		200,000		199,886
BOC Aviation (USA) Corp.
(China), 4.88%,
05/03/2033(c)		310,000		295,551
Gabon Blue Bond Master Trust,
Series 2, 6.10%,
08/01/2038(c)		12,220,000		12,006,229
Jackson Financial, Inc., 5.67%,
06/08/2032(b)		548,000		522,485
OPEC Fund for International
Development (The)
(Supranational), 4.50%,
01/26/2026(c)		9,425,000		9,258,811
Pershing Square Holdings Ltd.,
3.25%, 11/15/2030(c)		4,200,000		3,262,510
3.25%, 10/01/2031(c)		5,900,000		4,414,889
Peru Enhanced Pass-Through
Finance Ltd. (Peru),
Class A-2, 0.00%,
06/02/2025(c)(g)		44,698		41,881
				39,100,138
Diversified Metals & Mining–0.08%
Corp. Nacional del Cobre de
Chile (Chile), 5.13%,
02/02/2033(c)		3,583,000		3,445,052
Minera Mexico S.A. de C.V.
(Mexico), 4.50%,
01/26/2050(c)		200,000		152,838
				3,597,890
Diversified REITs–0.28%
Trust Fibra Uno (Mexico),
5.25%, 12/15/2024(c)		325,000		320,565
5.25%, 01/30/2026(b)(c)		7,067,000		6,835,764
4.87%, 01/15/2030(b)(c)		3,434,000		3,001,685
6.39%, 01/15/2050(c)		3,343,000		2,695,918
VICI Properties L.P., 5.13%,
05/15/2032(b)		500,000		463,860
				13,317,792
Diversified Support Services–0.13%
Ritchie Bros. Holdings, Inc. (Canada),
6.75%, 03/15/2028(b)(c)		1,297,000		1,314,509
7.75%, 03/15/2031(b)(c)		4,665,000		4,830,701
				6,145,210

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

11 Invesco Core Plus Bond Fund

	Principal Amount		Value
Drug Retail–0.14%
CK Hutchison International (23) Ltd. (United Kingdom),
4.88%, 04/21/2033(c)	$	6,846,000	$	6,617,424
Education Services–0.20%
Grand Canyon University,
3.25%, 10/01/2023		7,113,500		7,098,387
Johns Hopkins University (The),
Series A, 4.71%,
07/01/2032(b)		2,372,000		2,348,432
				9,446,819
Electric Utilities–1.86%
Alexander Funding Trust II,
7.47%, 07/31/2028(b)(c)		5,394,000		5,467,980
Alfa Desarrollo S.p.A. (Chile),
4.55%, 09/27/2051(c)		199,014		143,956
American Electric Power Co.,
Inc., 5.75%, 11/01/2027		2,282,000		2,324,468
Comision Federal de Electricidad
(Mexico), 6.26%,
02/15/2052(c)		600,000		509,102
Drax Finco PLC (United
Kingdom), 6.63%,
11/01/2025(c)		6,116,000		6,019,788
Duke Energy Carolinas LLC,
5.35%, 01/15/2053		3,241,000		3,155,387
Duke Energy Corp., 5.00%,
08/15/2052		2,783,000		2,443,720
Duke Energy Indiana LLC,
5.40%, 04/01/2053		3,923,000		3,819,535
Electricidad Firme de Mexico
Holdings S.A. de C.V.
(Mexico), 4.90%,
11/20/2026(c)		400,000		352,174
Electricite de France S.A. (France),
5.70%, 05/23/2028(c)		1,488,000		1,490,562
4.88%, 09/21/2038(c)		550,000		467,275
9.13%(c)(d)(e)		3,285,000		3,444,281
Empresa de Transmision
Electrica S.A. (Panama),
5.13%, 05/02/2049(c)		200,000		157,736
Enel Finance International N.V.
(Italy), 6.80%,
10/14/2025(c)		2,089,000		2,131,564
Evergy Metro, Inc., 4.95%,
04/15/2033		1,962,000		1,910,869
Eversource Energy, Series R,
1.65%, 08/15/2030		213,000		167,831
Exelon Corp., 5.60%,
03/15/2053		3,489,000		3,371,759
Florida Power & Light Co.,
4.80%, 05/15/2033		2,140,000		2,091,819
Georgia Power Co., 4.95%,
05/17/2033(b)		6,571,000		6,363,144
Greenko Power II Ltd. (India),
4.30%, 12/13/2028(c)		185,500		161,119
Kallpa Generacion S.A. (Peru),
4.13%, 08/16/2027(c)		200,000		186,001
Mercury Chile Holdco LLC (Chile),
6.50%, 01/24/2027(c)		6,181,000		5,747,143
Metropolitan Edison Co.,
5.20%, 04/01/2028(c)		1,610,000		1,591,075

	Principal Amount		Value
Electric Utilities–(continued)
MVM Energetika Zrt (Hungary),
7.50%, 06/09/2028(c)	$	200,000	$	203,330
National Rural Utilities Cooperative
Finance Corp.,
5.80%, 01/15/2033(b)		2,621,000		2,707,436
7.13%, 09/15/2053(d)		5,792,000		5,835,458
NextEra Energy Capital Holdings, Inc.,
6.05%, 03/01/2025		3,541,000		3,557,057
5.00%, 07/15/2032		151,000		146,016
Oklahoma Gas and Electric Co.,
5.60%, 04/01/2053		1,901,000		1,893,225
Pennsylvania Electric Co.,
5.15%, 03/30/2026(c)		447,000		439,972
PT Perusahaan Perseroan (Persero)
Perusahaan Listrik Negara
(Indonesia),
5.45%, 05/21/2028(c)		200,000		198,173
3.38%, 02/05/2030(c)		200,000		174,310
Public Service Co. of Colorado,
5.25%, 04/01/2053		2,995,000		2,769,899
Public Service Electric and Gas
Co., 5.13%, 03/15/2053(b)		1,890,000		1,846,586
San Diego Gas & Electric Co.,
5.35%, 04/01/2053		7,355,000		7,136,734
Southern Co. (The), 5.70%,
10/15/2032(b)		1,763,000		1,791,548
Southwestern Electric Power
Co., 5.30%, 04/01/2033		2,631,000		2,578,018
State Grid Overseas Investment
BVI Ltd. (China), 3.50%,
05/04/2027(c)		200,000		190,914
Virginia Electric and Power Co.,
5.00%, 04/01/2033		2,853,000		2,777,285
Vistra Operations Co. LLC,
4.38%, 05/01/2029(c)		172,000		151,813
				87,916,062
Electrical Components & Equipment–0.30%
CenterPoint Energy Houston
Electric LLC, Series AJ,
4.85%, 10/01/2052		2,397,000		2,222,009
Regal Rexnord Corp.,
6.05%, 04/15/2028(c)		4,804,000		4,756,829
6.30%, 02/15/2030(c)		2,407,000		2,398,549
6.40%, 04/15/2033(c)		2,961,000		2,935,766
Sensata Technologies B.V.,
5.88%, 09/01/2030(b)(c)		2,099,000		1,987,933
				14,301,086
Electronic Equipment & Instruments–0.01%
Trimble, Inc., 6.10%,
03/15/2033(b)		423,000		427,415
Electronic Manufacturing Services–0.26%
Emerald Debt Merger Sub LLC,
6.63%, 12/15/2030(c)		12,229,000		12,053,758
Environmental & Facilities Services–0.14%
Clean Harbors, Inc., 6.38%,
02/01/2031(b)(c)		3,452,000		3,435,884
Republic Services, Inc.,
4.88%, 04/01/2029		975,000		962,592
5.00%, 04/01/2034		2,052,000		2,017,139
				6,415,615

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

12 Invesco Core Plus Bond Fund

	Principal Amount		Value
Financial Exchanges & Data–0.43%
B3 S.A. - Brasil, Bolsa, Balcao
(Brazil), 4.13%,
09/20/2031(c)	$	5,670,000	$	4,799,366
Intercontinental Exchange, Inc.,
4.95%, 06/15/2052(b)		1,893,000		1,768,755
5.20%, 06/15/2062(b)		3,947,000		3,747,887
Nasdaq, Inc.,
5.35%, 06/28/2028(b)		2,172,000		2,174,803
5.55%, 02/15/2034(b)		3,239,000		3,235,413
5.95%, 08/15/2053(b)		1,500,000		1,495,798
6.10%, 06/28/2063		3,236,000		3,196,888
				20,418,910
Forest Products–0.01%
Celulosa Arauco y Constitucion S.A.
(Chile),
4.50%, 08/01/2024		500,000		491,518
5.15%, 01/29/2050(c)		200,000		160,971
				652,489
Gas Utilities–0.15%
Infraestructura Energetica Nova,
S.A.P.I. de C.V. (Mexico),
4.88%, 01/14/2048(c)		400,000		304,537
Piedmont Natural Gas Co., Inc.,
5.40%, 06/15/2033		4,293,000		4,240,995
Promigas S.A. ESP/Gases del
Pacifico SAC (Colombia),
3.75%, 10/16/2029(c)		400,000		338,496
Southwest Gas Corp., 5.45%,
03/23/2028		2,010,000		2,005,669
				6,889,697
Gold–0.00%
Endeavour Mining PLC (Burkina
Faso), 5.00%,
10/14/2026(c)		200,000		176,334
Health Care Distributors–0.02%
McKesson Corp., 5.10%,
07/15/2033(b)		885,000		878,757
Health Care Equipment–0.01%
Teleflex, Inc., 4.63%,
11/15/2027		385,000		363,444
Health Care Facilities–0.28%
HCA, Inc.,
5.50%, 06/01/2033(b)		1,046,000		1,027,982
5.90%, 06/01/2053		6,406,000		6,151,006
UPMC,
5.04%, 05/15/2033		4,724,000		4,656,154
5.38%, 05/15/2043		1,570,000		1,523,916
				13,359,058
Health Care REITs–0.03%
Omega Healthcare Investors, Inc.,
3.38%, 02/01/2031		514,000		415,794
3.25%, 04/15/2033		512,000		382,696
Welltower OP LLC, 3.10%,
01/15/2030		600,000		522,170
				1,320,660

	Principal Amount		Value
Health Care Services–0.51%
CVS Health Corp.,
5.00%, 01/30/2029	$	4,706,000	$	4,638,159
5.25%, 01/30/2031(b)		616,000		608,937
5.30%, 06/01/2033(b)		5,494,000		5,384,082
5.88%, 06/01/2053		2,378,000		2,324,602
6.00%, 06/01/2063(b)		2,482,000		2,433,060
Piedmont Healthcare, Inc.,
Series 2032, 2.04%,
01/01/2032		700,000		550,111
Series 2042, 2.72%,
01/01/2042		2,672,000		1,781,297
2.86%, 01/01/2052		3,213,000		2,048,375
Providence St. Joseph Health
Obligated Group, Series 21-A,
2.70%, 10/01/2051		7,745,000		4,533,610
				24,302,233
Health Care Supplies–0.01%
Medline Borrower L.P., 3.88%,
04/01/2029(c)		624,000		545,329
Highways & Railtracks–0.02%
TransJamaican Highway Ltd.
(Jamaica), 5.75%,
10/10/2036(c)		1,251,708		1,036,872
Home Improvement Retail–0.44%
Lowe’s Cos., Inc.,
5.00%, 04/15/2033(b)		4,100,000		4,007,496
5.15%, 07/01/2033(b)		5,103,000		5,043,823
5.75%, 07/01/2053(b)		1,537,000		1,521,204
5.80%, 09/15/2062		1,464,000		1,417,803
5.85%, 04/01/2063		8,908,000		8,728,041
				20,718,367
Homebuilding–0.01%
M.D.C. Holdings, Inc., 6.00%,
01/15/2043		390,000		341,328
Hotel & Resort REITs–0.01%
Service Properties Trust,
4.95%, 02/15/2027(b)		565,000		489,708
Hotels, Resorts & Cruise Lines–0.12%
Carnival Corp., 7.00%,
08/15/2029(b)(c)		1,799,000		1,826,989
Marriott International, Inc.,
4.90%, 04/15/2029(b)		4,052,000		3,947,362
				5,774,351
Housewares & Specialties–0.01%
Newell Brands, Inc., 6.38%,
09/15/2027(b)		350,000		343,966
Independent Power Producers & Energy Traders–0.30%
AES Panama Generation Holdings
S.R.L. (Panama), 4.38%,
05/31/2030(c)		198,210		171,586
Colbun S.A. (Chile), 3.95%,
10/11/2027(c)		200,000		186,805
Emirates SembCorp Water &
Power Co. PJSC (United Arab
Emirates), 4.45%,
08/01/2035(c)		200,000		187,370

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

13 Invesco Core Plus Bond Fund

	Principal Amount		Value
Independent Power Producers & Energy Traders–(continued)
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia),
5.38%, 12/30/2030(c)	$	650,000	$	479,803
5.38%, 12/30/2030(c)		11,848,000		8,745,694
Vistra Corp., 7.00%(c)(d)(e)		4,491,000		4,160,914
				13,932,172
Industrial Conglomerates–0.26%
Bidvest Group UK PLC (The) (South Africa), 3.63%, 09/23/2026(c)		5,946,000		5,302,940
Honeywell International, Inc., 5.00%, 02/15/2033		6,979,000		7,040,621
				12,343,561
Industrial Machinery & Supplies & Components–0.28%
Flowserve Corp., 2.80%, 01/15/2032		782,000		621,826
HTA Group Ltd. (Tanzania), 7.00%, 12/18/2025(c)		200,000		189,536
Ingersoll Rand, Inc.,
5.40%, 08/14/2028		1,486,000		1,490,164
5.70%, 08/14/2033		5,419,000		5,498,048
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033		5,460,000		5,289,641
				13,089,215
Industrial REITs–0.38%
Cibanco S.A. Ibm/PLA Administradora Industrial S de RL de C.V. (Mexico), 4.96%, 07/18/2029(c)		200,000		186,237
Prologis L.P.,
4.88%, 06/15/2028(b)		4,289,000		4,247,726
5.13%, 01/15/2034		4,133,000		4,071,968
5.25%, 06/15/2053		9,649,000		9,211,453
				17,717,384
Insurance Brokers–0.04%
Marsh & McLennan Cos., Inc., 5.45%, 03/15/2053		1,881,000		1,860,180
Integrated Oil & Gas–0.89%
BP Capital Markets America, Inc.,
4.81%, 02/13/2033		6,912,000		6,693,599
4.89%, 09/11/2033(b)		466,000		453,713
3.06%, 06/17/2041		840,000		616,994
ConocoPhillips Co.,
5.55%, 03/15/2054(b)		7,669,000		7,694,443
5.70%, 09/15/2063		3,287,000		3,311,922
Ecopetrol S.A. (Colombia), 4.63%, 11/02/2031		136,000		107,549
Occidental Petroleum Corp., 4.63%, 06/15/2045		4,288,000		3,266,856
Petroleos Mexicanos (Mexico),
8.75%, 06/02/2029(b)		11,641,000		10,388,556
6.70%, 02/16/2032		7,361,000		5,571,620
10.00%, 02/07/2033(b)(c)		4,260,000		3,883,750

	Principal Amount		Value
Integrated Oil & Gas–(continued)
Saudi Arabian Oil Co. (Saudi Arabia), 3.50%, 04/16/2029(c)	$	200,000	$	183,530
				42,172,532
Integrated Telecommunication Services–0.54%
AT&T, Inc., 5.40%, 02/15/2034(b)		6,512,000		6,326,432
British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081(c)(d)		10,020,000		8,842,708
IHS Holding Ltd. (Nigeria),
5.63%, 11/29/2026(c)		4,630,000		3,998,977
6.25%, 11/29/2028(c)		3,440,000		2,780,071
Sitios Latinoamerica S.A.B. de C.V. (Brazil), 5.38%, 04/04/2032(c)		4,137,000		3,703,155
				25,651,343
Interactive Media & Services–0.28%
Baidu, Inc. (China), 4.13%, 06/30/2025		200,000		194,538
Globo Comunicacao e Participacoes S.A. (Brazil), 5.50%, 01/14/2032(c)		300,000		252,861
Match Group Holdings II LLC,
5.63%, 02/15/2029(c)		5,956,000		5,619,649
3.63%, 10/01/2031(c)		120,000		97,933
Meta Platforms, Inc., 5.75%, 05/15/2063		6,522,000		6,591,486
Telecomunicaciones Digitales S.A. (Panama), 4.50%, 01/30/2030(c)		200,000		170,356
Weibo Corp. (China), 3.38%, 07/08/2030		200,000		156,827
				13,083,650
Investment Banking & Brokerage–1.94%
Charles Schwab Corp. (The), 5.64%, 05/19/2029(d)		5,780,000		5,772,299
5.85%, 05/19/2034(d)		5,778,000		5,787,502
6.14%, 08/24/2034(b)(d)		14,310,000		14,565,799
Series G, 5.38%(b)(d)(e)		578,000		560,660
Series K, 5.00%(b)(d)(e)		1,719,000		1,507,461
Goldman Sachs Group, Inc. (The),
5.99%(SOFR + 0.79%),
12/09/2026(h)		2,961,000		2,935,539
Series T, 3.80%(d)(e)		378,000		317,792
Series V, 4.13%(d)(e)		4,136,000		3,478,975
Series W, 7.50%(b)(d)(e)		21,987,000		22,151,903
Jefferies Financial Group, Inc., 4.15%, 01/23/2030(b)		335,000		302,083
Morgan Stanley,
5.12%, 02/01/2029(d)		2,205,000		2,162,146
5.16%, 04/20/2029(d)		7,265,000		7,127,940
5.45%, 07/20/2029(b)(d)		3,413,000		3,394,130
5.25%, 04/21/2034(d)		12,704,000		12,344,860
5.42%, 07/21/2034(d)		7,397,000		7,275,848
5.95%, 01/19/2038(d)		1,773,000		1,725,161
				91,410,098

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

14 Invesco Core Plus Bond Fund

	Principal Amount		Value
Leisure Products–0.04%
Brunswick Corp., 5.10%, 04/01/2052	$	2,585,000	$	1,903,593
Life & Health Insurance–1.78%
Athene Holding Ltd., 4.13%, 01/12/2028(b)		850,000		794,985
Delaware Life Global Funding,
Series 22-1, 3.31%, 03/10/2025(c)		11,863,000		11,162,609
Series 21-1, 2.66%, 06/29/2026(c)		31,380,000		28,213,130
F&G Annuities & Life, Inc., 7.40%, 01/13/2028(c)		3,906,000		3,977,201
MAG Mutual Holding Co., 4.75%, 04/30/2041(c)(i)		27,101,000		21,812,370
MetLife, Inc.,
5.25%, 01/15/2054(b)		5,805,000		5,509,988
Series D, 5.88%(d)(e)		200,000		187,740
Pacific Life Global Funding II, 6.06%(SOFR + 0.80%), 03/30/2025(c)(h)		7,356,000		7,349,177
Principal Financial Group, Inc., 5.38%, 03/15/2033		3,834,000		3,804,378
Sammons Financial Group, Inc., 4.75%, 04/08/2032(c)		1,500,000		1,247,903
				84,059,481
Managed Health Care–0.57%
Centene Corp., 2.50%, 03/01/2031		773,000		616,277
Kaiser Foundation Hospitals,
Series 2021, 2.81%, 06/01/2041		6,139,000		4,367,392
3.00%, 06/01/2051		4,509,000		3,040,056
UnitedHealth Group, Inc.,
5.25%, 02/15/2028(b)		3,263,000		3,327,501
5.30%, 02/15/2030		5,546,000		5,661,016
5.35%, 02/15/2033(b)		4,768,000		4,895,698
5.05%, 04/15/2053		2,804,000		2,678,527
5.20%, 04/15/2063		2,330,000		2,235,214
				26,821,681
Marine Ports & Services–0.00%
DP World Ltd. (United Arab Emirates), 6.85%, 07/02/2037(c)		200,000		214,893
Movies & Entertainment–0.18%
Walt Disney Co. (The), 6.55%, 03/15/2033		40,000		44,214
Warnermedia Holdings, Inc.,
4.28%, 03/15/2032		590,000		520,885
5.05%, 03/15/2042		3,495,000		2,876,289
5.14%, 03/15/2052		2,473,000		1,972,742
5.39%, 03/15/2062		3,833,000		3,044,777
				8,458,907
Multi-line Insurance–0.13%
Allianz SE (Germany), 3.20%(c)(d)(e)		345,000		262,182
Metropolitan Life Global Funding I, 5.15%, 03/28/2033(c)		6,109,000		5,978,029
				6,240,211

	Principal Amount		Value
Multi-Sector Holdings–0.01%
SURA Asset Management S.A. (Colombia), 4.88%, 04/17/2024(c)	$	300,000	$	297,249
Multi-Utilities–0.27%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), 4.70%, 04/24/2033(c)		400,000		392,066
Ameren Illinois Co., 4.95%, 06/01/2033		3,338,000		3,272,692
Dominion Energy, Inc., 5.38%, 11/15/2032(b)		5,507,000		5,424,208
NiSource, Inc., 5.25%, 03/30/2028		1,375,000		1,370,061
WEC Energy Group, Inc., 5.15%, 10/01/2027		2,356,000		2,351,526
				12,810,553
Office REITs–0.10%
Alexandria Real Estate Equities, Inc.,
1.88%, 02/01/2033		200,000		147,763
2.95%, 03/15/2034		206,000		163,224
4.75%, 04/15/2035		119,000		110,190
Brandywine Operating Partnership L.P., 7.55%, 03/15/2028(b)		4,102,000		3,850,286
Office Properties Income Trust, 4.50%, 02/01/2025		330,000		295,480
				4,566,943
Oil & Gas Drilling–0.12%
Valaris Ltd., 8.38%, 04/30/2030(c)		5,589,000		5,697,930
Oil & Gas Equipment & Services–0.15%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(c)		3,963,000		3,946,079
Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026(c)		4,383,000		3,368,117
				7,314,196
Oil & Gas Exploration & Production–0.68%
Apache Corp., 7.75%, 12/15/2029		2,888,000		3,011,991
Baytex Energy Corp. (Canada), 8.50%, 04/30/2030(c)		4,292,000		4,355,891
Civitas Resources, Inc.,
8.38%, 07/01/2028(b)(c)		4,075,000		4,202,344
8.75%, 07/01/2031(b)(c)		5,072,000		5,255,860
Gran Tierra Energy, Inc. (Colombia), 7.75%, 05/23/2027(c)		400,000		318,293
Murphy Oil Corp., 6.38%, 07/15/2028(b)		4,384,000		4,385,720
Sinopec Group Overseas Development (2018) Ltd. (China), 2.95%, 08/08/2029(c)		200,000		180,771
Tengizchevroil Finance Co. International Ltd. (Kazakhstan), 4.00%, 08/15/2026(c)		200,000		181,283
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(c)		4,013,000		4,126,497

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

15 Invesco Core Plus Bond Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028(c)	$	7,487,000	$	6,165,559
				32,184,209
Oil & Gas Refining & Marketing–0.30%
Cosan Luxembourg S.A. (Brazil), 7.50%, 06/27/2030(c)		8,425,000		8,429,464
Empresa Nacional del Petroleo (Chile), 6.15%, 05/10/2033(c)		600,000		593,388
Phillips 66 Co., 5.30%, 06/30/2033(b)		5,065,000		5,017,316
Puma International Financing S.A. (Singapore), 5.00%, 01/24/2026(c)		200,000		186,300
				14,226,468
Oil & Gas Storage & Transportation–2.19%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 3.65%, 11/02/2029(c)		200,000		186,380
Cheniere Energy Partners L.P., 5.95%, 06/30/2033(c)		4,313,000		4,309,617
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(c)		2,100,000		2,121,980
Enbridge, Inc. (Canada),
5.70%, 03/08/2033		5,496,000		5,501,111
7.38%, 01/15/2083(d)		3,673,000		3,619,668
7.63%, 01/15/2083(d)		3,229,000		3,262,769
Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030(b)		2,485,000		2,477,478
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia),
6.13%, 02/23/2038(c)		4,010,000		4,029,543
6.51%, 02/23/2042(c)		5,385,000		5,463,086
Kinder Morgan, Inc.,
7.75%, 01/15/2032		680,000		760,457
4.80%, 02/01/2033		2,826,000		2,635,762
5.20%, 06/01/2033		4,897,000		4,693,125
5.45%, 08/01/2052(b)		4,060,000		3,629,352
MPLX L.P.,
5.00%, 03/01/2033		2,980,000		2,814,417
4.95%, 03/14/2052		2,269,000		1,872,324
ONEOK, Inc.,
5.65%, 11/01/2028		2,795,000		2,800,544
5.80%, 11/01/2030		4,076,000		4,086,705
6.35%, 01/15/2031(b)		495,000		509,138
6.05%, 09/01/2033(b)		6,998,000		7,055,522
6.63%, 09/01/2053		9,957,000		10,049,413
Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037		2,954,000		2,970,032
Targa Resources Corp.,
5.20%, 07/01/2027		593,000		587,373
6.25%, 07/01/2052		1,941,000		1,866,582
TMS Issuer S.a.r.l. (Saudi Arabia), 5.78%, 08/23/2032(c)		2,210,000		2,251,367
Western Midstream Operating L.P., 6.15%, 04/01/2033(b)		3,996,000		3,980,441

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Williams Cos., Inc. (The),
5.30%, 08/15/2028	$	13,189,000	$	13,129,472
2.60%, 03/15/2031		1,017,000		835,323
4.65%, 08/15/2032(b)		527,000		495,158
5.65%, 03/15/2033(b)		5,509,000		5,542,508
				103,536,647
Other Specialty Retail–0.04%
Tractor Supply Co., 5.25%, 05/15/2033(b)		1,882,000		1,844,257
Packaged Foods & Meats–0.35%
Frigorifico Concepcion S.A. (Paraguay), 7.70%, 07/21/2028(c)		900,000		762,953
McCormick & Co., Inc., 4.95%, 04/15/2033(b)		1,644,000		1,593,679
Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031(c)		17,753,000		14,141,498
				16,498,130
Paper Products–0.00%
Suzano Austria GmbH (Brazil), 7.00%, 03/16/2047(c)		205,000		205,329
Passenger Airlines–0.39%
American Airlines Pass-Through Trust,
Series 2017-1, Class B, 4.95%, 02/15/2025		297,500		288,367
Series 2021-1, Class A, 2.88%, 07/11/2034		590,539		490,646
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035(c)		2,384,034		2,008,946
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025(c)		1,227,347		1,200,270
4.75%, 10/20/2028(c)		2,927,541		2,812,906
United Airlines Pass-Through Trust,
Series 2020-1, Class A, 5.88%, 10/15/2027		1,639,483		1,638,252
5.80%, 07/15/2037		10,114,000		10,118,512
				18,557,899
Personal Care Products–0.49%
Kenvue, Inc.,
5.35%, 03/22/2026(c)		1,065,000		1,070,805
5.05%, 03/22/2028(b)(c)		2,665,000		2,673,732
5.00%, 03/22/2030(c)		4,975,000		4,981,636
4.90%, 03/22/2033(b)(c)		6,640,000		6,607,982
5.10%, 03/22/2043(b)(c)		2,587,000		2,540,163
5.05%, 03/22/2053(b)(c)		2,958,000		2,899,116
5.20%, 03/22/2063(c)		2,510,000		2,458,222
				23,231,656
Pharmaceuticals–0.37%
Eli Lilly and Co., 4.88%, 02/27/2053(b)		2,442,000		2,404,611
Merck & Co., Inc.,
5.00%, 05/17/2053		2,709,000		2,648,248
5.15%, 05/17/2063		1,739,000		1,699,259

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

16 Invesco Core Plus Bond Fund

	Principal Amount		Value
Pharmaceuticals–(continued)
Pfizer Investment Enterprises Pte. Ltd.,
4.75%, 05/19/2033	$	710,000	$	699,040
5.30%, 05/19/2053		9,825,000		9,835,842
				17,287,000
Precious Metals & Minerals–0.00%
ALROSA Finance S.A. (Russia), 4.65%, 04/09/2024(c)(f)(i)		200,000		0
Property & Casualty Insurance–0.07%
Fairfax Financial Holdings Ltd. (Canada), 4.63%, 04/29/2030		700,000		644,808
Travelers Cos., Inc. (The), 5.45%, 05/25/2053		2,619,000		2,659,271
				3,304,079
Rail Transportation–0.33%
Autoridad del Canal de Panama (Panama), 4.95%, 07/29/2035(c)		300,000		284,147
Empresa de los Ferrocarriles del Estado (Chile), 3.83%, 09/14/2061(c)		209,000		136,072
Norfolk Southern Corp.,
5.05%, 08/01/2030(b)		4,801,000		4,756,169
5.35%, 08/01/2054(b)		6,579,000		6,401,566
Union Pacific Corp., 5.15%, 01/20/2063		4,213,000		4,042,961
				15,620,915
Real Estate Development–0.64%
Agile Group Holdings Ltd. (China),
5.75%, 01/02/2025(c)		390,000		48,750
5.50%, 04/21/2025(c)		4,142,000		517,750
Arabian Centres Sukuk II Ltd. (Saudi Arabia), 5.63%, 10/07/2026(c)		200,000		184,131
Country Garden Holdings Co. Ltd. (China), 5.40%, 05/27/2025(c)		935,000		85,085
Essential Properties L.P., 2.95%, 07/15/2031		1,000,000		750,599
Logan Group Co. Ltd. (China),
4.25%, 07/12/2025(c)(f)		2,055,000		154,125
4.50%, 01/13/2028(c)(f)		1,750,000		135,625
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028		27,056,000		27,703,344
Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024(c)		2,251,000		260,306
Sino-Ocean Land Treasure IV Ltd. (China), 3.25%, 05/05/2026(c)		2,025,000		222,082
				30,061,797
Real Estate Services–0.01%
CBRE Services, Inc., 5.95%, 08/15/2034(b)		475,000		470,374
Regional Banks–1.13%
Banco Internacional del Peru S.A.A. Interbank (Peru), 3.25%, 10/04/2026(c)		200,000		185,781

	Principal Amount		Value
Regional Banks–(continued)
Citizens Financial Group, Inc.,
5.64%, 05/21/2037(d)	$	2,872,000	$	2,533,486
Series G, 4.00%(d)(e)		6,015,000		4,564,904
Huntington Bancshares, Inc., 6.21%, 08/21/2029(d)		16,192,000		16,305,175
M&T Bank Corp., 5.05%, 01/27/2034(b)(d)		3,313,000		3,014,872
Truist Financial Corp.,
6.05%, 06/08/2027(d)		5,842,000		5,840,530
4.87%, 01/26/2029(d)		3,570,000		3,426,668
4.92%, 07/28/2033(d)		6,052,000		5,398,889
6.12%, 10/28/2033(b)(d)		3,114,000		3,135,214
5.12%, 01/26/2034(b)(d)		3,153,000		2,959,306
5.87%, 06/08/2034(b)(d)		6,264,000		6,209,484
				53,574,309
Reinsurance–0.19%
Global Atlantic (Fin) Co., 7.95%, 06/15/2033(c)		291,000		285,878
Global Atlantic Fin Co.,
3.13%, 06/15/2031(c)		308,000		228,628
4.70%, 10/15/2051(c)(d)		11,381,000		8,238,395
				8,752,901
Renewable Electricity–0.02%
Adani Green Energy Ltd. (India), 4.38%, 09/08/2024(c)		200,000		187,250
Aydem Yenilenebilir Enerji A.S. (Turkey), 7.75%, 02/02/2027(c)		400,000		356,128
Empresa Electrica Cochrane S.p.A. (Chile), 5.50%, 05/14/2027(c)		120,160		112,288
ENN Clean Energy International Investment Ltd. (China), 3.38%, 05/12/2026(c)		200,000		180,241
				835,907
Restaurants–1.02%
Alsea S.A.B. de C.V. (Mexico), 7.75%, 12/14/2026(c)		400,000		403,176
Arcos Dorados B.V. (Brazil), 6.13%, 05/27/2029(c)		7,783,000		7,509,038
McDonald’s Corp.,
4.80%, 08/14/2028(b)		15,274,000		15,211,004
4.95%, 08/14/2033		12,716,000		12,599,795
5.15%, 09/09/2052		3,720,000		3,567,964
5.45%, 08/14/2053(b)		8,758,000		8,770,219
				48,061,196
Retail REITs–0.15%
Agree L.P., 2.60%, 06/15/2033		921,000		700,977
Kimco Realty OP LLC, 2.25%, 12/01/2031		265,000		205,480
Kite Realty Group Trust, 4.75%, 09/15/2030		432,000		395,892
NNN REIT, Inc., 5.60%, 10/15/2033		3,201,000		3,140,049
Realty Income Corp., 5.63%, 10/13/2032(b)		2,104,000		2,104,184

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

17 Invesco Core Plus Bond Fund

	Principal Amount		Value
Retail REITs–(continued)
Spirit Realty L.P., 2.70%, 02/15/2032	$	787,000	$	617,824
				7,164,406
Self-Storage REITs–0.34%
Extra Space Storage L.P.,
5.70%, 04/01/2028		1,846,000		1,855,668
3.90%, 04/01/2029		99,000		90,758
2.55%, 06/01/2031		382,000		307,022
2.40%, 10/15/2031		482,000		378,901
2.35%, 03/15/2032		296,000		230,477
Public Storage,
5.10%, 08/01/2033		7,436,000		7,380,043
5.35%, 08/01/2053(b)		4,456,000		4,362,788
Public Storage Operating Co., 5.13%, 01/15/2029(b)		1,297,000		1,296,186
				15,901,843
Semiconductors–0.22%
Broadcom, Inc.,
2.45%, 02/15/2031(c)		658,000		530,805
3.19%, 11/15/2036(c)		290,000		218,105
Foundry JV Holdco LLC, 5.88%, 01/25/2034(c)		8,978,000		8,864,208
SK hynix, Inc. (South Korea), 6.38%, 01/17/2028(c)		600,000		608,282
Skyworks Solutions, Inc., 3.00%, 06/01/2031		279,000		227,271
				10,448,671
Single-Family Residential REITs–0.67%
Invitation Homes Operating Partnership L.P.,
5.45%, 08/15/2030		16,226,000		15,894,150
5.50%, 08/15/2033		16,367,000		15,858,155
				31,752,305
Sovereign Debt–1.26%
Colombia Government International Bond (Colombia),
3.25%, 04/22/2032		200,000		150,295
8.00%, 04/20/2033		5,622,000		5,822,089
7.50%, 02/02/2034		3,455,000		3,438,282
Dominican Republic International Bond (Dominican Republic), 4.50%, 01/30/2030(c)		200,000		174,939
Egypt Government International Bond (Egypt),
5.25%, 10/06/2025(c)		4,150,000		3,226,662
7.50%, 01/31/2027(c)		4,000,000		2,893,432
Ghana Government International Bond (Ghana), 7.75%, 04/07/2029(c)(f)		4,937,000		2,146,188
Hungary Government International Bond (Hungary), 5.38%, 03/25/2024		76,000		75,839
Indonesia Government International Bond (Indonesia), 6.63%, 02/17/2037(c)		400,000		446,578
Israel Government International Bond (Israel), 4.50%, 01/17/2033		200,000		192,977

	Principal Amount		Value
Sovereign Debt–(continued)
Jordan Government International Bond (Jordan), 7.50%, 01/13/2029(c)	$	600,000	$	610,212
KSA Sukuk Ltd. (Saudi Arabia), 3.63%, 04/20/2027(c)		200,000		191,028
Mexico Government International Bond (Mexico),
4.50%, 04/22/2029		200,000		193,317
4.88%, 05/19/2033		200,000		189,851
6.35%, 02/09/2035		3,380,000		3,514,113
6.34%, 05/04/2053(b)		12,774,000		12,783,044
Oman Government International Bond (Oman),
6.00%, 08/01/2029(c)		200,000		201,581
6.25%, 01/25/2031(c)		3,290,000		3,336,748
Panama Government International Bond (Panama),
6.40%, 02/14/2035		500,000		514,331
6.85%, 03/28/2054(b)		2,520,000		2,583,860
Philippine Government International Bond (Philippines), 5.50%, 01/17/2048		2,231,000		2,246,341
Republic of Poland Government International Bond (Poland), 5.75%, 11/16/2032		310,000		322,677
Republic of South Africa Government International Bond (South Africa), 5.75%, 09/30/2049		200,000		142,136
Romanian Government International Bond (Romania),
5.25%, 11/25/2027(c)		300,000		295,200
6.63%, 02/17/2028(c)		5,030,000		5,205,934
3.63%, 03/27/2032(c)		300,000		252,230
7.13%, 01/17/2033(c)		6,774,000		7,134,715
7.63%, 01/17/2053(c)		500,000		539,040
Saudi Government International Bond (Saudi Arabia),
4.38%, 04/16/2029(c)		415,000		403,797
5.00%, 01/18/2053(c)		200,000		177,940
Serbia International Bond (Serbia), 6.50%, 09/26/2033(c)		300,000		296,739
				59,702,115
Specialized Finance–0.03%
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(c)		189,000		140,865
Blackstone Private Credit Fund,
2.63%, 12/15/2026		449,000		386,558
3.25%, 03/15/2027		793,000		691,279
India Airport Infra (India), 6.25%, 10/25/2025(c)		400,000		392,365
				1,611,067
Specialty Chemicals–0.76%
Braskem Idesa S.A.P.I. (Mexico),
7.45%, 11/15/2029(b)(c)		7,775,000		4,928,666
6.99%, 02/20/2032(c)		5,888,000		3,530,509
OCP S.A. (Morocco), 3.75%, 06/23/2031(c)		200,000		165,553

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

18 Invesco Core Plus Bond Fund

	Principal Amount		Value
Specialty Chemicals–(continued)
Sasol Financing USA LLC (South Africa),
4.38%, 09/18/2026	$	8,796,000	$	7,913,355
6.50%, 09/27/2028		300,000		270,406
8.75%, 05/03/2029(c)		7,995,000		7,813,234
5.50%, 03/18/2031(b)		14,272,000		11,436,659
				36,058,382
Steel–0.08%
POSCO (South Korea), 5.75%, 01/17/2028(c)		3,669,000		3,698,459
Systems Software–0.49%
Oracle Corp.,
6.25%, 11/09/2032		10,029,000		10,500,604
4.90%, 02/06/2033(b)		5,387,000		5,148,025
6.90%, 11/09/2052		4,144,000		4,516,730
5.55%, 02/06/2053		2,722,000		2,532,090
VMware, Inc., 2.20%, 08/15/2031		297,000		231,709
				22,929,158
Technology Hardware, Storage & Peripherals–0.01%
Lenovo Group Ltd. (China), 6.54%, 07/27/2032(c)		400,000		403,077
Tobacco–1.12%
B.A.T Capital Corp. (United Kingdom),
2.73%, 03/25/2031		357,000		282,947
7.08%, 08/02/2043		1,495,000		1,487,875
7.08%, 08/02/2053		2,493,000		2,456,728
Philip Morris International, Inc.,
5.00%, 11/17/2025		1,807,000		1,797,402
5.13%, 11/17/2027		5,365,000		5,357,876
4.88%, 02/15/2028(b)		11,783,000		11,638,108
5.13%, 02/15/2030		13,105,000		12,959,495
5.75%, 11/17/2032(b)		3,007,000		3,051,431
5.38%, 02/15/2033		13,877,000		13,711,752
				52,743,614
Trading Companies & Distributors–0.56%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045(c)(d)		8,778,000		8,664,465
Air Lease Corp., 3.63%, 12/01/2027		340,000		312,701
Avolon Holdings Funding Ltd. (Ireland),
2.75%, 02/21/2028(c)		725,000		624,669
6.38%, 05/04/2028(c)		6,641,000		6,593,994
GATX Corp., 4.90%,
03/15/2033(b)		2,274,000		2,131,393
Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026(c)		4,028,000		3,586,975
3.15%, 06/15/2031(c)		5,734,000		4,419,801
				26,333,998
Transaction & Payment Processing Services–0.54%
Fiserv, Inc.,
5.38%, 08/21/2028(b)		10,277,000		10,308,730
5.63%, 08/21/2033(b)		7,843,000		7,906,315

	Principal Amount		Value
Transaction & Payment Processing Services–(continued)
Mastercard, Inc., 4.85%, 03/09/2033(b)	$	7,455,000	$	7,494,333
				25,709,378
Wireless Telecommunication Services–0.57%
Axiata SPV2 Bhd. (Malaysia), 4.36%, 03/24/2026(c)		200,000		194,589
Bharti Airtel Ltd. (India), 4.38%, 06/10/2025(c)		200,000		195,514
Liquid Telecommunications Financing PLC (South Africa), 5.50%, 09/04/2026(c)		200,000		125,137
Oztel Holdings SPC Ltd. (Oman), 5.63%, 10/24/2023(c)		200,000		199,839
SixSigma Networks Mexico S.A.de C.V. (Mexico), 7.50%, 05/02/2025(c)		325,000		290,774
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,
4.74%, 03/20/2025(c)		1,498,438		1,483,735
5.15%, 03/20/2028(c)		3,248,050		3,221,044
T-Mobile USA, Inc.,
5.05%, 07/15/2033		4,645,000		4,484,700
5.65%, 01/15/2053		5,313,000		5,186,757
VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027(c)		4,049,000		2,854,545
Vodafone Group PLC (United Kingdom),
4.13%, 06/04/2081(d)		5,448,000		4,261,709
5.13%, 06/04/2081(d)		6,245,000		4,363,042
Xiaomi Best Time International Ltd. (China), 4.10%, 07/14/2051(c)		400,000		239,374
				27,100,759
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,236,631,490)				2,119,181,349
U.S. Government Sponsored Agency Mortgage-Backed Securities–28.26%
Collateralized Mortgage Obligations–0.73%
Fannie Mae REMICs, IO,
7.00%, 05/25/2033(j)		3,392		563
6.00%, 07/25/2033(j)		2,742		447
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K038, Class X1, IO, 1.23%, 03/25/2024(k)		21,753,869		73,752
Series K083, Class AM, 4.03%, 10/25/2028(l)		4,736,000		4,542,004
Series K085, Class AM, 4.06%, 10/25/2028(l)		4,736,000		4,563,449
Series K089, Class AM, 3.63%, 01/25/2029(l)		8,018,000		7,558,640
Series K088, Class AM, 3.76%, 01/25/2029(l)		18,944,000		17,980,148
				34,719,003

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

19 Invesco Core Plus Bond Fund

	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–0.28%
3.50%, 08/01/2026	$	109,371	$	106,821
7.00%, 05/01/2028 to 06/01/2032		279,140		284,135
6.00%, 03/01/2029 to 10/01/2032		8,210		8,397
7.50%, 05/01/2030 to 05/01/2035		264,942		268,985
8.50%, 08/01/2031		15,287		15,989
3.00%, 02/01/2032		1,056,933		999,628
6.50%, 08/01/2032 to 09/01/2036		63,705		66,031
8.00%, 08/01/2032		11,093		11,466
5.50%, 01/01/2034 to 07/01/2040		663,182		669,076
5.00%, 07/01/2034 to 06/01/2040		906,450		906,514
4.50%, 02/01/2040 to 10/01/2046		10,081,377		9,830,789
ARM, 4.31% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 2.06%), 12/01/2036(h)		29,291		29,805
4.60% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 2.11%), 02/01/2037(h)		4,239		4,170
5.49% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.88%), 05/01/2037(h)		41,407		40,737
				13,242,543
Federal National Mortgage Association (FNMA)–23.08%
6.50%, 07/01/2028 to 01/01/2037		43,517		44,478
7.50%, 02/01/2030 to 08/01/2037		357,914		369,232
9.50%, 04/01/2030		766		774
3.50%, 12/01/2030 to 05/01/2047		24,912,024		22,793,396
7.00%, 03/01/2032 to 02/01/2034		145,853		146,446
8.50%, 10/01/2032		23,752		24,894
5.50%, 04/01/2033 to 06/01/2040		311,769		311,084
8.00%, 04/01/2033		20,971		21,858
6.00%, 04/01/2037 to 10/01/2039		6,928		7,070
5.00%, 12/01/2039		288,855		288,841
3.00%, 08/01/2043		1,940,269		1,718,416
4.00%, 12/01/2048		16,447,061		15,442,535
ARM, 5.05% (1 yr. U.S. Treasury Yield Curve Rate + 2.20%), 05/01/2035(h)		47,993		48,680
3.99% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.64%), 01/01/2037(h)		27,064		27,347
4.47% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.71%), 03/01/2038(h)		14,813		14,604

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–(continued)
TBA, 5.50%, 09/01/2053(m)	$	235,700,000	$	232,735,338
2.50%, 10/01/2053(m)		253,500,000		210,335,680
3.00%, 10/01/2053(m)		21,000,000		18,116,602
3.50%, 10/01/2053(m)		212,000,000		189,781,406
4.00%, 10/01/2053(m)		49,704,000		45,929,602
4.50%, 10/01/2053(m)		49,705,000		47,161,502
5.00%, 10/01/2053(m)		314,042,000		304,675,945
				1,089,995,730
Government National Mortgage Association (GNMA)–4.17%
ARM, 3.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 01/20/2025(h)		2,502		2,453
4.00% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 05/20/2025(h)		1,224		1,211
4.50% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 06/20/2025(h)		1,544		1,521
8.00%, 08/15/2025 to 09/15/2026		7,427		7,415
6.56%, 01/15/2027		45,641		46,288
7.00%, 10/15/2028 to 09/15/2032		66,038		65,343
6.00%, 11/15/2028 to 02/15/2033		33,689		34,142
6.50%, 01/15/2029 to 09/15/2034		46,700		47,784
7.50%, 05/15/2031 to 05/15/2032		3,407		3,411
5.50%, 06/15/2035		25,160		25,260
5.00%, 07/15/2035		2,360		2,333
4.00%, 03/20/2048		2,703,903		2,529,884
TBA, 4.50%, 09/01/2053(m)		99,574,000		94,898,690
5.00%, 09/01/2053(m)		23,000,000		22,382,324
5.50%, 09/01/2053(m)		77,448,000		76,667,470
				196,715,529
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,343,561,258)				1,334,672,805
Asset-Backed Securities–24.59%
Adjustable Rate Mortgage Trust,
Series 2004-2, Class 6A1, 0.71%, 02/25/2035(l)		272,367		268,059
Series 2005-1, Class 4A1, 4.37%, 05/25/2035(l)		424,551		398,751
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(c)		13,340,000		11,764,831

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

20 Invesco Core Plus Bond Fund

	Principal Amount		Value
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.16%, 12/25/2059(c)(l)	$	963,223	$	902,623
Series 2020-3, Class A1, 1.69%, 04/25/2065(c)(l)		3,553,227		3,259,905
Series 2020-5, Class A1, 1.37%, 05/25/2065(c)(l)		2,122,815		1,955,361
Series 2021-3, Class A1, 1.07%, 05/25/2066(c)(l)		2,816,003		2,345,259
Series 2021-7, Class A1, 1.98%, 10/25/2066(c)(l)		7,213,012		5,985,729
Series 2022-1, Class A1, 2.88%, 12/25/2066(c)(n)		13,314,368		11,738,854
Avis Budget Rental Car Funding (AESOP) LLC,
Series 2022-1A, Class A, 3.83%, 08/21/2028(c)		20,133,000		18,810,677
Series 2022-1A, Class C, 4.84%, 08/21/2028(c)		5,417,000		5,016,446
Series 2023-1A, Class A, 5.25%, 04/20/2029(c)		3,919,000		3,843,142
Series 2023-2A, Class A, 5.20%, 10/20/2027(c)		2,475,000		2,436,574
Series 2023-4A, Class A, 5.49%, 06/20/2029(c)		13,131,000		12,952,668
Bain Capital Credit CLO Ltd.,
Series 2017-2A, Class AR2, 6.79% (3 mo. Term SOFR + 1.44%), 07/25/2034(c)(h)		21,505,000		21,376,722
Banc of America Commercial Mortgage Trust,
Series 2015-UBS7, Class AS, 3.99%, 09/15/2048(l)		4,394,000		4,108,056
Bayview MSR Opportunity Master Fund Trust,
Series 2021-4, Class A3, 3.00%, 10/25/2051(c)(l)		10,791,710		8,968,128
Series 2021-4, Class A4, 2.50%, 10/25/2051(c)(l)		10,790,877		8,568,972
Series 2021-4, Class A8, 2.50%, 10/25/2051(c)(l)		10,069,837		8,639,949
Series 2021-5, Class A1, 3.00%, 11/25/2051(c)(l)		11,369,570		9,448,341
Series 2021-5, Class A2, 2.50%, 11/25/2051(c)(l)		13,873,045		11,016,505
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-6, Class 1A3, 5.50%, 08/25/2033(l)		15,268		14,573
Series 2004-10, Class 21A1, 4.11%, 01/25/2035(l)		257,268		235,143
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(h)		141,644		135,920
Bear Stearns ALT-A Trust,
Series 2004-11, Class 2A3, 4.92%, 11/25/2034(l)		209,519		209,659

	Principal Amount		Value
Benchmark Mortgage Trust,
Series 2018-B3, Class C, 4.68%, 04/10/2051(l)	$	6,921,000	$	5,375,143
Series 2019-B14, Class A5, 3.05%, 12/15/2062		16,455,000		14,196,816
Series 2019-B14, Class C, 3.90%, 12/15/2062(l)		14,875,350		10,271,429
Series 2019-B15, Class B, 3.56%, 12/15/2072		12,220,000		9,181,821
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(c)(l)		2,408,926		2,248,341
BX Commercial Mortgage Trust,
Series 2021-ACNT, Class A, 6.27% (1 mo. Term SOFR + 0.96%), 11/15/2038(c)(h)		6,655,000		6,539,424
Series 2021-VOLT, Class C, 6.52% (1 mo. Term SOFR + 1.21%), 09/15/2036(c)(h)		5,345,000		5,119,844
Series 2021-VOLT, Class D, 7.07% (1 mo. Term SOFR + 1.76%), 09/15/2036(c)(h)		12,367,000		11,778,040
BX Trust,
Series 2022-CLS, Class A, 5.76%, 10/13/2027(c)		4,640,000		4,280,532
Series 2022-LBA6, Class A, 6.31% (1 mo. Term SOFR + 1.00%), 01/15/2039(c)(h)		10,965,000		10,744,931
Series 2022-LBA6, Class B, 6.61% (1 mo. Term SOFR + 1.30%), 01/15/2039(c)(h)		6,790,000		6,638,512
Series 2022-LBA6, Class C, 6.91% (1 mo. Term SOFR + 1.60%), 01/15/2039(c)(h)		3,630,000		3,531,895
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(c)(l)		4,209,334		3,716,139
Chase Mortgage Finance Corp.,
Series 2016-SH1, Class M3, 3.75%, 04/25/2045(c)(l)		1,041,386		899,392
Series 2016-SH2, Class M2, 3.75%, 12/25/2045(c)(l)		4,118,293		3,662,070
Series 2016-SH2, Class M3, 3.75%, 12/25/2045(c)(l)		2,042,679		1,763,305
CIFC Funding Ltd. (Cayman Islands),
Series 2014-5A, Class A1R2, 6.77% (3 mo. Term SOFR + 1.46%), 10/17/2031(c)(h)		4,417,000		4,413,148
Series 2016-1A, Class ARR, 6.68% (3 mo. Term SOFR + 1.34%), 10/21/2031(c)(h)		4,761,000		4,738,757
Citigroup Commercial Mortgage Trust,
Series 2014-GC23, Class B, 4.18%, 07/10/2047(l)		2,816,000		2,648,509
Series 2015-GC27, Class A5, 3.14%, 02/10/2048		1,233,335		1,185,320
Citigroup Mortgage Loan Trust,
Series 2004-UST1, Class A4, 5.91%, 08/25/2034(l)		120,256		111,310
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(c)(l)		10,864,475		8,627,416

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

21 Invesco Core Plus Bond Fund

	Principal Amount		Value
COLT Mortgage Loan Trust,
Series 2020-2, Class A1, 1.85%, 03/25/2065(c)(l)	$	100,682	$	100,053
Series 2021-5, Class A1, 1.73%, 11/26/2066(c)(l)		5,515,102		4,608,082
Series 2022-1, Class A1, 2.28%, 12/27/2066(c)(l)		7,927,885		6,808,249
Series 2022-2, Class A1, 2.99%, 02/25/2067(c)(n)		7,779,498		6,899,796
Series 2022-3, Class A1, 3.90%, 02/25/2067(c)(l)		10,848,499		9,980,890
COMM Mortgage Trust,
Series 2015-CR25, Class B, 4.67%, 08/10/2048(l)		5,267,000		4,913,054
Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2007-13, Class A10, 6.00%, 08/25/2037		187,371		97,440
Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065(c)(n)		442,126		437,236
Credit Suisse Mortgage Capital Trust,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(c)(l)		1,786,263		1,497,726
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(c)(l)		2,451,005		2,055,359
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(c)(l)		10,151,063		9,361,355
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(c)(l)		5,772,399		5,031,318
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(c)(l)		11,050,635		10,585,348
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		22,374,000		18,542,855
CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 3A1, 4.07%, 06/25/2034(l)		514,911		482,378
DB Master Finance LLC,
Series 2019-1A, Class A23, 4.35%, 05/20/2049(c)		9,801,600		9,165,184
Series 2019-1A, Class A2II, 4.02%, 05/20/2049(c)		10,353,600		9,754,127
Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 4.05%, 06/27/2037(c)(l)		3,285,246		2,904,092
Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(c)		18,684,330		16,433,526
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 6.65% (3 mo. Term SOFR + 1.34%), 01/15/2034(c)(h)		3,239,313		3,220,133
DT Auto Owner Trust,
Series 2019-3A, Class D, 2.96%, 04/15/2025(c)		3,082,333		3,067,230

	Principal Amount		Value
Ellington Financial Mortgage Trust,
Series 2019-2, Class A1, 2.74%, 11/25/2059(c)(l)	$	2,534,701	$	2,351,489
Series 2020-1, Class A1, 2.01%, 05/25/2065(c)(l)		448,519		429,429
Series 2021-1, Class A1, 0.80%, 02/25/2066(c)(l)		847,017		709,920
Series 2022-1, Class A1, 2.21%, 01/25/2067(c)(l)		7,484,873		6,214,762
Series 2022-3, Class A1, 5.00%, 08/25/2067(c)(n)		9,982,549		9,673,229
Extended Stay America Trust, Series 2021-ESH, Class B, 6.80% (1 mo. Term SOFR + 1.49%), 07/15/2038(c)(h)		4,909,918		4,848,080
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 2A1, 5.00%, 09/25/2035		40,534		40,264
Flagstar Mortgage Trust,
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(c)(l)		17,163,348		14,692,686
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(c)(l)		3,680,592		3,122,806
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(c)		11,786,710		11,430,707
GCAT Trust,
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(c)(l)		1,455,727		1,349,654
Series 2020-NQM2, Class A1, 1.56%,
04/25/2065(c)(n)		1,242,019		1,124,823
GMACM Mortgage Loan Trust,
Series 2006-AR1, Class 1A1, 3.28%, 04/19/2036(l)		381,361		296,637
GoldenTree Loan Management
US CLO 1 Ltd., Series 2021-9A, Class A, 6.66% (3 mo. Term SOFR + 1.33%), 01/20/2033(c)(h)		5,015,000		4,990,948
GoldenTree Loan Management
US CLO 2 Ltd., Series 2017-2A, Class AR, 6.50% (3 mo. Term SOFR + 1.17%), 11/20/2030(c)(h)		12,929,819		12,876,652
GoldenTree Loan Management
US CLO 5 Ltd., Series 2019-5A, Class AR, 6.66% (3 mo. Term SOFR + 1.33%), 10/20/2032(c)(h)		6,576,000		6,539,398
Golub Capital Partners CLO
35(B) Ltd., Series 2017- 35A, Class AR, 6.78% (3 mo. Term SOFR + 1.45%), 07/20/2029(c)(h)		12,882,486		12,871,188
Golub Capital Partners CLO
40(B) Ltd., Series 2019- 40A, Class AR, 6.70% (3 mo. Term SOFR + 1.35%), 01/25/2032(c)(h)		15,988,000		15,874,038
GS Mortgage Securities Trust,
Series 2020-GC45, Class A5, 2.91%, 02/13/2053		8,325,000		7,173,770
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		8,750,000		7,195,768

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

22 Invesco Core Plus Bond Fund

	Principal Amount		Value
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(c)(l)	$	9,024,725	$	7,741,467
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A2, 4.02%, 09/25/2035(l)		102,065		92,308
HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1C, 6.33% (1 mo. Term SOFR + 1.01%), 06/20/2035(h)		12,942		11,744
Hertz Vehicle Financing III L.P.,
Series 2021-2A, Class A, 1.68%, 12/27/2027(c)		3,927,000		3,466,455
Series 2021-2A, Class B, 2.12%, 12/27/2027(c)		2,100,000		1,850,427
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/2025(c)		1,289,000		1,217,582
ICG US CLO Ltd., Series 2016- 1A, Class A1RR, 6.88% (3 mo. Term SOFR + 1.51%), 04/29/2034(c)(h)		11,399,000		11,317,440
IP Lending III Ltd., Series 2022-3A, Class SNR, 3.38%, 11/02/2026(c)(i)		1,255,520		1,079,747
IP Lending IV Ltd., Series 2022-4A, Class SNR, 6.05%, 04/28/2027(c)(i)		12,002,000		11,233,872
IP Lending VII Ltd., Series 2022-7A, Class SNR, 8.00%, 10/11/2027(c)(i)		15,459,000		15,459,000
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047(c)		5,580,000		5,193,178
JP Morgan Mortgage Trust,
Series 2005-A3, Class 1A1, 4.15%, 06/25/2035(l)		85,992		81,316
Series 2005-A3, Class 6A5, 4.44%, 06/25/2035(l)		158,145		156,964
Series 2005-A5, Class 1A2, 4.40%, 08/25/2035(l)		77,324		73,886
Series 2007-A4, Class 3A1, 4.29%, 06/25/2037(l)		350,946		275,281
Series 20153, Class B2, 3.59%, 05/25/2045(c)(l)		4,188,442		3,828,859
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(c)(l)		12,621,437		10,219,434
JPMBB Commercial Mortgage Securities Trust, Series 2013-C17, Class C, 5.04%, 01/15/2047(l)		12,750,000		11,476,594
Series 2015-C31, Class A3, 3.80%, 08/15/2048		918,961		873,198
Series 2016-C1, Class B, 4.86%, 03/17/2049(l)		5,083,000		4,706,175
JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class A5, 2.18%, 05/13/2053		6,200,000		4,896,868
KKR CLO 30 Ltd., Series 30A, Class A1R, 6.59% (3 mo. Term SOFR + 1.28%), 10/17/2031(c)(h)		11,305,000		11,251,471

	Principal Amount		Value
Lehman Mortgage Trust, Series 2006-1, Class 3A5, 5.50%, 02/25/2036	$	91,280	$	64,337
Life Mortgage Trust,
Series 2021-BMR, Class A, 6.12% (1 mo. Term SOFR + 0.81%), 03/15/2038(c)(h)		6,679,282		6,551,376
Series 2021-BMR, Class B, 6.30% (1 mo. Term SOFR + 0.99%), 03/15/2038(c)(h)		10,837,246		10,590,906
Series 2021-BMR, Class C, 6.52% (1 mo. Term SOFR + 1.21%), 03/15/2038(c)(h)		4,546,237		4,421,054
MAD Mortgage Trust, Series 2017-330M, Class A, 3.29%, 08/15/2034(c)(l)		11,633,000		10,717,457
Med Trust, Series 2021-MDLN, Class A, 6.37% (1 mo. Term SOFR + 1.06%), 11/15/2038(c)(h)		7,936,909		7,748,465
Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(c)(l)		6,981,327		5,985,419
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(c)(l)		6,847,984		5,859,844
Merrill Lynch Mortgage Investors Trust,
Series 2005-3, Class 3A, 2.39%, 11/25/2035(l)		379,263		350,974
Series 2005-A5, Class A9, 4.42%, 06/25/2035(l)		382,671		360,297
MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056(c)(l)		9,025,578		7,591,503
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class A, 6.13% (1 mo. Term SOFR + 0.81%), 07/15/2038(c)		5,810,000		5,702,910
Series 2021-STOR, Class B, 6.33% (1 mo. Term SOFR + 1.01%), 07/15/2038(c)(h)		4,355,000		4,255,278
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.67%, 10/15/2048(l)		15,769,000		14,543,517
Morgan Stanley Capital I Trust,
Series 2014-150E, Class C, 4.44%, 09/09/2032(c)(l)		3,350,000		2,207,997
Series 2019-L2, Class A4, 4.07%, 03/15/2052		17,430,000		16,015,885
Series 2019-L3, Class AS, 3.49%, 11/15/2052		10,950,000		9,336,119
Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class E, 3.92%, 11/15/2032(c)(l)		6,250,000		3,523,611
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 6.60% (3 mo. Term SOFR + 1.28%), 04/19/2030(c)(h)		9,888,525		9,871,339

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

23 Invesco Core Plus Bond Fund

	Principal Amount		Value
New Residential Mortgage Loan Trust,
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(c)(l)	$	1,621,309	$	1,507,084
Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(c)(l)		2,843,554		2,581,977
Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(c)(l)		7,413,917		6,604,119
OBX Trust,
Series 2019-EXP1, Class 1A3, 4.00%, 01/25/2059(c)(l)		292,327		279,788
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(c)(l)		9,277,641		7,852,131
Series 2022-NQM2, Class A1, 2.95%, 01/25/2062(c)(l)		11,266,647		10,045,674
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(c)(n)		7,161,261		6,507,441
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(c)(n)		7,063,333		5,956,853
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(c)(l)		7,803,781		6,714,212
OCP CLO Ltd. (Cayman Islands),
Series 2014-7A, Class A1RR, 6.71% (3 mo. Term SOFR + 1.38%), 07/20/2029(c)(h)		14,476,585		14,473,472
Series 2017-13A, Class A1AR, 6.53% (3 mo. Term SOFR + 1.22%), 07/15/2030(c)(h)		9,467,930		9,430,806
Series 2020-8RA, Class A1, 6.79% (3 mo. Term SOFR + 1.48%), 01/17/2032(c)(h)		17,937,000		17,881,144
Octagon Investment Partners 31 Ltd., Series 2017-1A, Class AR, 6.64% (3 mo. Term SOFR + 1.31%), 07/20/2030(c)(h)		13,980,511		13,930,517
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 6.79% (3 mo. Term SOFR + 1.48%), 01/15/2033(c)(h)		16,476,000		16,445,388
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 6.85% (3 mo. Term SOFR + 1.52%), 01/20/2033(c)(h)		10,543,683		10,514,477
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054(c)		21,801,000		17,757,252
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(c)(l)		10,947,585		8,792,071
PPM CLO 3 Ltd., Series 2019- 3A, Class AR, 6.66% (3 mo. Term SOFR + 1.35%), 04/17/2034(c)(h)		9,626,000		9,470,280

	Principal Amount		Value
Progress Residential Trust,
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(c)	$	7,196,190	$	6,144,445
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(c)		9,635,746		9,200,453
Provident Home Equity Loan Trust, Series 2000-2, Class A1, 5.97% (1 mo. Term SOFR + 0.65%), 08/25/2031(h)		103,142		92,114
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 6.68% (3 mo. Term SOFR + 1.30%), 02/20/2030(c)(h)		9,292,565		9,288,588
Residential Mortgage Loan Trust,
Series 2019-3, Class A1, 2.63%, 09/25/2059(c)(l)		337,605		327,574
Series 2020-1, Class A1, 2.38%, 01/26/2060(c)(l)		737,119		700,953
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(c)		6,198,155		5,858,562
Sequoia Mortgage Trust,
Series 2013-3, Class A1, 2.00%, 03/25/2043(l)		357,999		290,133
Series 2013-7, Class A2, 3.00%, 06/25/2043(l)		282,468		244,663
SG Residential Mortgage Trust,
Series 2022-1, Class A1, 3.17%, 03/27/2062(c)(l)		13,021,878		11,468,501
Series 2022-1, Class A2, 3.58%, 03/27/2062(c)(l)		5,469,551		4,763,470
Shellpoint Asset Funding Trust,
Series 2013-1, Class A3, 3.75%, 07/25/2043(c)(l)		369,689		340,247
Sonic Capital LLC,
Series 2020-1A, Class A2I, 3.85%, 01/20/2050(c)		9,147,100		8,392,339
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(c)		5,463,242		4,457,137
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(c)		5,365,158		4,080,626
STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(c)(l)		5,064,309		4,352,659
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1, 2.28%, 02/25/2050(c)(l)		244,905		227,654
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(c)(l)		2,367,953		2,092,340
Series 2021-6, Class A1, 1.92%, 11/25/2066(c)(l)		13,379,499		10,865,012
Series 2022-1, Class A1, 2.45%, 12/25/2066(c)(l)		9,832,103		8,335,405
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-12, Class 3A2, 5.43%, 09/25/2034(l)		143,161		139,053
Series 2004-8, Class 3A, 6.17%, 07/25/2034(l)		608,337		584,452
Suntrust Alternative Loan Trust, Series 2005-1F, Class 2A8, 6.00%, 12/25/2035		84,251		76,349

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

24 Invesco Core Plus Bond Fund

	Principal Amount		Value
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(c)	$	12,387,067	$	10,697,395
Thornburg Mortgage Securities Trust,
Series 2003-6, Class A2, 6.43% (1 mo. Term SOFR + 1.11%), 12/25/2033(h)		184,387		176,001
Series 2005-1, Class A3, 4.66%, 04/25/2045(l)		383,162		363,712
TICP CLO XV Ltd., Series 2020-15A, Class A, 6.87% (3 mo. Term SOFR + 1.54%), 04/20/2033(c)(h)		9,701,000		9,701,097
TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.00%, 06/25/2053(c)		13,378,000		12,787,553
Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 04/25/2057(c)(l)		172,774		171,466
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(c)		12,015,221		10,237,593
UBS Commercial Mortgage Trust, Series 2019-C16, Class A4, 3.60%, 04/15/2052		16,770,000		15,043,000
Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060(c)(n)		1,517,258		1,457,172
Series 2020-1, Class A2, 2.64%, 01/25/2060(c)(n)		1,910,723		1,830,080
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(c)(l)		266,883		261,210
Series 2021-1, Class A1B, 1.32%, 01/25/2066(c)(l)		2,362,847		2,014,819
Series 2021-7, Class A1, 1.83%, 10/25/2066(c)(l)		10,548,663		8,991,489
Series 2021-R1, Class A1, 0.82%, 10/25/2063(c)(l)		3,198,646		2,865,908
Series 2022-1, Class A1, 2.72%, 01/25/2067(c)(n)		7,423,211		6,524,570
Series 2022-3, Class A1, 4.13%, 02/25/2067(c)(n)		11,597,779		10,648,144
Series 2022-7, Class A1, 5.15%, 07/25/2067(c)(n)		3,668,592		3,591,112
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(c)(n)		4,992,274		5,015,202
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(c)		2,252,963		1,999,599
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2007- HY2, Class 2A2, 4.47%, 11/25/2036(l)		193,994		175,316
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR14, Class A1, 5.95%, 08/25/2035(l)		83,932		80,768
Wendy’s Funding LLC,
Series 2018-1A, Class A2II, 3.88%, 03/15/2048(c)		10,631,250		9,688,404
Series 2019-1A, Class A2II, 4.08%, 06/15/2049(c)		4,977,500		4,475,561

	Principal Amount		Value
WFRBS Commercial Mortgage Trust,
Series 2012-C9, Class D, 4.88%, 11/15/2045(c)(l)	$	159,752	$	147,297
Series 2013-C16, Class B, 5.07%, 09/15/2046(l)		3,127,000		2,995,424
Series 2014-C23, Class B, 4.54%, 10/15/2057(l)		4,693,000		4,321,856
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(c)		21,529,130		18,192,761
Total Asset-Backed Securities (Cost $1,295,128,146)				1,161,548,098
U.S. Treasury Securities–8.79%
U.S. Treasury Bills–0.20%
4.75% - 5.36%, 04/18/2024(o)(p)		9,959,000		9,628,378
U.S. Treasury Bonds–2.09%
4.38%, 08/15/2043		6,518,200		6,501,905
3.63%, 05/15/2053		102,023,900		92,036,717
				98,538,622
U.S. Treasury Notes–6.50%
4.75%, 07/31/2025		41,120,000		41,012,381
4.38%, 08/15/2026		11,972,500		11,918,717
4.13%, 07/31/2028		92,112,800		91,580,273
4.00%, 07/31/2030		14,278,100		14,110,779
3.88%, 08/15/2033		150,791,000		148,116,815
				306,738,965
Total U.S. Treasury Securities (Cost $411,129,899)				414,905,965
	Shares
Preferred Stocks–1.84%
Asset Management & Custody Banks–0.01%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(d)		302,000		293,744
Diversified Banks–1.16%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		1,100		1,274,779
Citigroup, Inc., 6.25%, Series T, Pfd.(b)(d)		5,247,000		5,175,641
Citigroup, Inc., 5.00%, Series U, Pfd.(b)(d)		13,825,000		13,267,852
Citigroup, Inc., 4.00%, Series W, Pfd.(d)		7,226,000		6,485,655
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		24,803		28,628,863
				54,832,790
Diversified Financial Services–0.31%
Apollo Global Management, Inc., 7.63%, Pfd.(d)		508,150		13,059,455
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(b)(d)		1,682,000		1,617,252
				14,676,707
Investment Banking & Brokerage–0.26%
Goldman Sachs Group, Inc. (The), 8.50% (3 mo. Term SOFR + 3.14%), Series P, Pfd.(b)(h)		6,141,000		6,139,117

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

25 Invesco Core Plus Bond Fund

		Shares		Value
Investment Banking & Brokerage–(continued)
Morgan Stanley, 6.88%, Series F, Pfd.			249,737	$	6,313,351
					12,452,468
Multi-Utilities–0.10%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.(d)			4,568,000		4,568,000
Total Preferred Stocks (Cost $91,979,583)					86,823,709
		Principal
		Amount
Agency Credit Risk Transfer Notes–0.81%
Fannie Mae Connecticut Avenue Securities, Series 2019-R03, Class 1M2, 7.55% (30 Day Average SOFR + 2.26%), 09/25/2031(c)		$	56,518		56,520
Series 2022-R03, Class 1M1, 7.39% (30 Day Average SOFR + 2.10%), 03/25/2042(c)(h)			10,283,279		10,389,223
Series 2022-R04, Class 1M1, 7.29% (30 Day Average SOFR + 2.00%), 03/25/2042(c)(h)			5,351,454		5,393,008
Series 2023-R02, Class 1M1, 7.59% (30 Day Average SOFR + 2.30%), 01/25/2043(c)(h)			3,425,120		3,470,263
Freddie Mac,
Series 2022-DNA3, Class M1A, STACR® , 7.29% (30 Day Average SOFR + 2.00%), 04/25/2042(c)(h)			7,596,930		7,654,543
Series 2022-HQA3, Class M1, STACR® , 7.59% (30 Day Average SOFR + 2.30%), 08/25/2042(c)(h)			4,661,267		4,722,216
Series 2023-DNA1, Class M1, STACR® , 7.40% (30 Day Average SOFR + 2.10%), 03/25/2043(c)(h)			2,840,973		2,868,555
Series 2020-DNA5, Class M2, STACR® , 8.09% (30 Day Average SOFR + 2.80%), 10/25/2050(c)(h)			3,682,564		3,737,099
Total Agency Credit Risk Transfer Notes (Cost $37,904,607)					38,291,427
Non-U.S. Dollar Denominated Bonds & Notes–0.30%(q)
Diversified Banks–0.05%
HSBC Holdings PLC (United Kingdom), Series MPLE, 3.20%, 12/05/2023(c)	CAD		2,934,000		2,158,275
Integrated Telecommunication Services–0.05%
AT&T, Inc., Series MPLE, 5.10%, 11/25/2048	CAD		3,703,000		2,407,591
Movies & Entertainment–0.12%
Netflix, Inc., 3.88%, 11/15/2029(c)	EUR		5,311,000		5,690,517

		Principal Amount		Value
Sovereign Debt–0.03%
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2032(c)(f)	EUR		6,000,000	$	1,591,367
Technology Hardware, Storage & Peripherals–0.05%
Apple, Inc., Series MPLE, 2.51%, 08/19/2024	CAD		2,974,000		2,143,994
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $19,797,515)					13,991,744
Municipal Obligations–0.14%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037		$	4,000,000		3,632,459
Series 2022, RB, 4.35%, 06/01/2041			2,980,000		2,645,836
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB, 6.66%, 04/01/2057			521,000		583,275
Total Municipal Obligations (Cost $6,499,563)					6,861,570
		Shares
Exchange-Traded Funds–0.11%
Invesco High Yield Select ETF(r)			10,000		249,082
Invesco Short Duration Bond ETF(r)			12,000		296,220
Invesco Total Return Bond ETF(b)(r)			100,000		4,596,000
Total Exchange-Traded Funds (Cost $6,333,935)					5,141,302
Common Stocks & Other Equity Interests–0.00%
Agricultural Products & Services–0.00%
Locus Agriculture Solutions, Inc., Wts., expiring 12/31/2032(i)			80		0
Oil & Gas Drilling–0.00%
Vantage Drilling International(s)			95		2,221
Paper & Plastic Packaging Products & Materials–0.00%
WestRock Co.			65		2,126
Specialty Chemicals–0.00%
Ingevity Corp.(s)			10		539
Total Common Stocks & Other Equity Interests (Cost $5,671)					4,886
Money Market Funds–14.92%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(r)(t)			246,646,745		246,646,745
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(r)(t)			176,129,284		176,146,897
Invesco Treasury Portfolio, Institutional Class, 5.25%(r)(t)			281,881,994		281,881,994
Total Money Market Funds (Cost $704,684,428)					704,675,636

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

26 Invesco Core Plus Bond Fund

	Shares		Value
Options Purchased–0.03%
(Cost $1,877,869)(u)			$	1,366,470
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-124.66% (Cost $6,155,533,964)				5,887,464,961
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–8.12%
Invesco Private Government Fund, 5.30%(r)(t)(v)		108,303,142		108,303,142

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 5.51%(r)(t)(v)		275,096,423	$	275,096,423
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $383,399,565)				383,399,565
TOTAL INVESTMENTS IN SECURITIES–132.78% (Cost $6,538,933,529)				6,270,864,526
OTHER ASSETS LESS LIABILITIES–(32.78)%				(1,548,188,104	)
NET ASSETS–100.00%			$	4,722,676,422

Investment Abbreviations:
ARM	- Adjustable Rate Mortgage
CAD	- Canadian Dollar
Conv.	- Convertible
Ctfs.	- Certificates
ETF	- Exchange-Traded Fund
EUR	- Euro
IBOR	- Interbank Offered Rate
IO	- Interest Only
Pfd.	- Preferred
RB	- Revenue Bonds
REIT	- Real Estate Investment Trust
REMICs	- Real Estate Mortgage Investment Conduits
SOFR	- Secured Overnight Financing Rate
STACR®	- Structured Agency Credit Risk
TBA	- To Be Announced
USD	- U.S. Dollar
Wts.	- Warrants

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

27 Invesco Core Plus Bond Fund

Notes to Schedule of Investments:

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

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

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $1,709,273,667, which represented 36.19% of the Fund’s Net Assets.

^(d)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e) Perpetual bond with no specified maturity date.

^(f)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $4,655,764, which represented less than 1% of the Fund’s Net Assets.

^(g) Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(h) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

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

^(j) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(k)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2023.

^(l)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2023.

^(m)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1P.

⁽ⁿ⁾ Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

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

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

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

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

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value August 31, 2023		Dividend Income
Invesco High Yield Select ETF	$	-	$	249,153	$	-		$	(71	)	$	-	$	249,082	$	6,127
Invesco Short Duration Bond ETF		-		298,782		-			(2,562	)		-		296,220		5,640
Invesco Total Return Bond ETF		4,826,000		-		-			(230,000	)		-		4,596,000		189,796
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		28,528,503		769,042,027		(550,923,785	)		-			-		246,646,745		5,820,389
Invesco Liquid Assets Portfolio, Institutional Class		20,483,790		549,315,733		(393,620,743	)		(12,432	)(19,451)				176,146,897		4,257,249
Invesco Treasury Portfolio, Institutional Class		32,604,004		878,905,174		(629,627,184	)		-			-		281,881,994		6,640,729
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		60,813,993		692,542,121		(645,052,972	)		-			-		108,303,142		4,040,101	*
Invesco Private Prime Fund		157,313,815		1,475,076,201		(1,357,316,525	)		(9,657	)		32,589		275,096,423		10,954,838	*
Total	$	304,570,105	$	4,365,429,191	$	(3,576,541,209	)	$	(254,722	)	$	13,138	$	1,093,216,503	$	31,914,869

* 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.

^(s) Non-income producing security.

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

^(u) The table below details options purchased.

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

Open Exchange-Traded Index Options Purchased
Description	Type of Contract	Expiration Date		Number of Contracts		Exercise Price		Notional Value(a)		Value
Equity Risk
S&P 500 Index	Call		12/15/2023		83		USD 4,600.00		USD 38,180,000	$	881,460
Equity Risk
S&P 500 Index	Put		12/15/2023		102		USD 4,250.00		USD 43,350,000		485,010
Total Index Options Purchased										$	1,366,470

^(a)  Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

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

28 Invesco Core Plus Bond Fund

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		2,111		December-2023	$	430,231,696		$	1,100,713		$	1,100,713
U.S. Treasury 10 Year Notes		445		December-2023		49,408,906			117,363			117,363
U.S. Treasury Long Bonds		562		December-2023		68,388,375			802,225			802,225
U.S. Treasury Ultra Bonds		1,473		December-2023		190,707,469			2,531,844			2,531,844
Subtotal-Long Futures Contracts									4,552,145			4,552,145
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 5 Year Notes		1,472		December-2023		(157,389,000	)		(1,279,752	)		(1,279,752	)
U.S. Treasury 10 Year Ultra Notes		4,230		December-2023		(491,142,656	)		(6,421,894	)		(6,421,894	)
Subtotal-Short Futures Contracts									(7,701,646	)		(7,701,646	)
Total Futures Contracts								$	(3,149,501	)	$	(3,149,501	)

Open Forward Foreign Currency Contracts
		Contract to
Settlement Date	Counterparty	Deliver		Receive		Unrealized Appreciation
Currency Risk
11/17/2023	Goldman Sachs International		CAD 15,758,000		USD 11,749,180	$	74,442
11/17/2023	State Street Bank & Trust Co.		EUR 12,107,000		USD 13,330,625		156,200
Total Forward Foreign Currency Contracts						$	230,642

Abbreviations:

CAD -Canadian Dollar

EUR -Euro

USD -U.S. Dollar

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

29 Invesco Core Plus Bond Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $5,444,515,601)*	$	5,177,648,023
Investments in affiliates, at value (Cost $1,094,417,928)		1,093,216,503
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		230,642
Deposits with brokers:
Cash collateral – OTC Derivatives		1,510
Cash collateral – TBA commitments		1,783,496
Cash		5,459,631
Foreign currencies, at value (Cost $19,842,814)		19,818,116
Receivable for:
Investments sold		905,865,763
Fund shares sold		5,812,026
Dividends		3,699,704
Interest		37,167,997
Investments matured, at value (Cost $4,270,650)		226,587
Principal paydowns		3,045
Investment for trustee deferred compensation and retirement plans		104,581
Other assets		222,745
Total assets		7,251,260,369
Liabilities:
Other investments:
Variation margin payable – futures contracts		101,703
Payable for:
Investments purchased		2,137,061,369
Dividends		2,305,129
Fund shares reacquired		4,320,539
Collateral upon return of securities loaned		383,399,565
Accrued fees to affiliates		1,106,656
Accrued trustees’ and officers’ fees and benefits		3,368
Accrued other operating expenses		153,907
Trustee deferred compensation and retirement plans		131,711
Total liabilities		2,528,583,947
Net assets applicable to shares outstanding	$	4,722,676,422

Net assets consist of:
Shares of beneficial interest	$	5,787,395,037
Distributable earnings (loss)		(1,064,718,615	)
	$	4,722,676,422
Net Assets:
Class A	$	1,215,588,475
Class C	$	47,344,029
Class R	$	27,488,765
Class Y	$	1,007,179,798
Class R5	$	14,364,210
Class R6	$	2,410,711,145
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		135,346,955
Class C		5,272,890
Class R		3,061,394
Class Y		112,063,402
Class R5		1,600,080
Class R6		268,613,536
Class A:
Net asset value per share	$	8.98
Maximum offering price per share (Net asset value of $8.98 ÷ 95.75%)	$	9.38
Class C:
Net asset value and offering price per share	$	8.98
Class R:
Net asset value and offering price per share	$	8.98
Class Y:
Net asset value and offering price per share	$	8.99
Class R5:
Net asset value and offering price per share	$	8.98
Class R6:
Net asset value and offering price per share	$	8.97

* At August 31, 2023, securities with an aggregate value of $370,968,909 were on loan to brokers.

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

30 Invesco Core Plus Bond Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Interest (net of foreign withholding taxes of $(50,664))	$	205,063,748
Dividends		2,379,285
Dividends from affiliates (includes net securities lending income of $881,945)		17,801,875
Total investment income		225,244,908
Expenses:
Advisory fees		18,137,172
Administrative services fees		642,507
Custodian fees		155,804
Distribution fees:
Class A		2,984,695
Class C		504,094
Class R		130,537
Transfer agent fees – A, C, R and Y		3,263,120
Transfer agent fees – R5		13,976
Transfer agent fees – R6		706,013
Trustees’ and officers’ fees and benefits		51,859
Registration and filing fees		194,119
Reports to shareholders		303,763
Professional services fees		109,375
Other		54,914
Total expenses		27,251,948
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(2,056,283	)
Net expenses		25,195,665
Net investment income		200,049,243
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(420,499,631	)
Affiliated investment securities		13,138
Foreign currencies		(1,870,571	)
Forward foreign currency contracts		1,601,287
Futures contracts		686,404
Option contracts written		(336,494	)
Swap agreements		(4,996,293	)
		(425,402,160	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		206,255,771
Affiliated investment securities		(254,722	)
Foreign currencies		37,862
Forward foreign currency contracts		(422,143	)
Futures contracts		(7,083,779	)
Option contracts written		(393,198	)
		198,139,791
Net realized and unrealized gain (loss)		(227,262,369	)
Net increase (decrease) in net assets resulting from operations	$	(27,213,126	)

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

31 Invesco Core Plus Bond Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	200,049,243		$	136,115,494
Net realized gain (loss)		(425,402,160	)		(345,598,105	)
Change in net unrealized appreciation (depreciation)		198,139,791			(612,669,926	)
Net increase (decrease) in net assets resulting from operations		(27,213,126	)		(822,152,537	)
Distributions to shareholders from distributable earnings:
Class A		(53,845,475	)		(46,793,655	)
Class C		(1,892,008	)		(1,969,609	)
Class R		(1,111,448	)		(880,664	)
Class Y		(44,669,184	)		(45,692,099	)
Class R5		(665,367	)		(506,235	)
Class R6		(112,518,988	)		(101,570,665	)
Total distributions from distributable earnings		(214,702,470	)		(197,412,927	)
Share transactions–net:
Class A		72,965,788			(38,051,571	)
Class C		(5,633,396	)		(21,448,475	)
Class R		2,945,593			1,636,528
Class Y		99,521,145			(215,267,957	)
Class R5		1,083,557			3,366,309
Class R6		126,964,986			(30,369,092	)
Net increase (decrease) in net assets resulting from share transactions		297,847,673			(300,134,258	)
Net increase (decrease) in net assets		55,932,077			(1,319,699,722	)
Net assets:
Beginning of year		4,666,744,345			5,986,444,067
End of year	$	4,722,676,422		$	4,666,744,345

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

32 Invesco Core Plus Bond Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee  waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 08/31/23		$9.45		$0.38		$(0.44	)		$(0.06	)		$(0.41	)		$-			$-			$(0.41	)		$8.98		(0.59	)%		$1,215,588		0.74	%		0.83	%		4.19	%		461	%
Year ended 08/31/22		11.39		0.24		(1.83	)		(1.59	)		(0.24	)		(0.11	)		-			(0.35	)		9.45		(14.19	)		1,203,731		0.75			0.81			2.30			321
Year ended 08/31/21		11.61		0.19		0.17			0.36			(0.22	)		(0.36	)		-			(0.58	)		11.39		3.18			1,497,641		0.74			0.79			1.70			366
Year ended 08/31/20		11.13		0.29		0.51			0.80			(0.32	)		-			-			(0.32	)		11.61		7.29			1,364,591		0.75			0.82			2.55			329
Year ended 08/31/19		10.53		0.36		0.62			0.98			(0.32	)		-			(0.06	)		(0.38	)		11.13		9.57			1,079,416		0.74			0.84			3.41			250
Class C
Year ended 08/31/23		9.45		0.31		(0.44	)		(0.13	)		(0.34	)		-			-			(0.34	)		8.98		(1.34	)		47,344		1.49			1.58			3.44			461
Year ended 08/31/22		11.38		0.16		(1.81	)		(1.65	)		(0.17	)		(0.11	)		-			(0.28	)		9.45		(14.76	)		55,695		1.50			1.56			1.55			321
Year ended 08/31/21		11.61		0.11		0.16			0.27			(0.14	)		(0.36	)		-			(0.50	)		11.38		2.32			90,811		1.49			1.54			0.95			366
Year ended 08/31/20		11.12		0.20		0.52			0.72			(0.23	)		-			-			(0.23	)		11.61		6.59			107,350		1.50			1.57			1.80			329
Year ended 08/31/19		10.53		0.28		0.61			0.89			(0.24	)		-			(0.06	)		(0.30	)		11.12		8.67			87,046		1.49			1.59			2.66			250
Class R
Year ended 08/31/23		9.45		0.36		(0.44	)		(0.08	)		(0.39	)		-			-			(0.39	)		8.98		(0.84	)		27,489		0.99			1.08			3.94			461
Year ended 08/31/22		11.38		0.21		(1.81	)		(1.60	)		(0.22	)		(0.11	)		-			(0.33	)		9.45		(14.33	)		25,914		1.00			1.06			2.05			321
Year ended 08/31/21		11.61		0.16		0.16			0.32			(0.19	)		(0.36	)		-			(0.55	)		11.38		2.83			29,466		0.99			1.04			1.45			366
Year ended 08/31/20		11.12		0.26		0.52			0.78			(0.29	)		-			-			(0.29	)		11.61		7.12			23,193		1.00			1.07			2.30			329
Year ended 08/31/19		10.53		0.33		0.61			0.94			(0.29	)		-			(0.06	)		(0.35	)		11.12		9.21			17,598		0.99			1.09			3.16			250
Class Y
Year ended 08/31/23		9.46		0.41		(0.44	)		(0.03	)		(0.44	)		-			-			(0.44	)		8.99		(0.33	)		1,007,180		0.49			0.58			4.44			461
Year ended 08/31/22		11.40		0.27		(1.83	)		(1.56	)		(0.27	)		(0.11	)		-			(0.38	)		9.46		(13.95	)		961,066		0.50			0.56			2.55			321
Year ended 08/31/21		11.62		0.22		0.17			0.39			(0.25	)		(0.36	)		-			(0.61	)		11.40		3.43			1,407,185		0.49			0.54			1.95			366
Year ended 08/31/20		11.14		0.31		0.51			0.82			(0.34	)		-			-			(0.34	)		11.62		7.56			1,170,121		0.50			0.57			2.80			329
Year ended 08/31/19		10.54		0.39		0.62			1.01			(0.35	)		-			(0.06	)		(0.41	)		11.14		9.84			892,952		0.49			0.59			3.66			250
Class R5
Year ended 08/31/23		9.45		0.41		(0.45	)		(0.04	)		(0.43	)		-			-			(0.43	)		8.98		(0.34	)		14,364		0.49			0.53			4.44			461
Year ended 08/31/22		11.38		0.26		(1.81	)		(1.55	)		(0.27	)		(0.11	)		-			(0.38	)		9.45		(13.89	)		14,000		0.50			0.52			2.55			321
Year ended 08/31/21		11.61		0.22		0.16			0.38			(0.25	)		(0.36	)		-			(0.61	)		11.38		3.35			13,274		0.49			0.51			1.95			366
Year ended 08/31/20		11.12		0.31		0.52			0.83			(0.34	)		-			-			(0.34	)		11.61		7.65			11,555		0.50			0.54			2.80			329
Year ended 08/31/19		10.53		0.39		0.61			1.00			(0.35	)		-			(0.06	)		(0.41	)		11.12		9.75			7,586		0.49			0.54			3.66			250
Class R6
Year ended 08/31/23		9.45		0.41		(0.45	)		(0.04	)		(0.44	)		-			-			(0.44	)		8.97		(0.41	)		2,410,711		0.45			0.46			4.48			461
Year ended 08/31/22		11.38		0.27		(1.81	)		(1.54	)		(0.28	)		(0.11	)		-			(0.39	)		9.45		(13.85	)		2,406,339		0.45			0.45			2.60			321
Year ended 08/31/21		11.60		0.23		0.17			0.40			(0.26	)		(0.36	)		-			(0.62	)		11.38		3.51			2,948,067		0.41			0.42			2.03			366
Year ended 08/31/20		11.12		0.32		0.51			0.83			(0.35	)		-			-			(0.35	)		11.60		7.62			2,746,570		0.45			0.45			2.85			329
Year ended 08/31/19		10.52		0.39		0.62			1.01			(0.35	)		-			(0.06	)		(0.41	)		11.12		9.91			2,159,063		0.44			0.45			3.71			250

^(a)  Calculated using average shares outstanding.

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

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

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

33 Invesco Core Plus Bond Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

The 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.

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

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

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

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

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

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

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

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

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

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

34 Invesco Core Plus Bond Fund

securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

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

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

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

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

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

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

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

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

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

35 Invesco Core Plus Bond Fund

compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $1,660 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.

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

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

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

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

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

L. 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.

M. Call Options Purchased and Written - The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

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

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

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

N. Put Options Purchased and Written - The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or

36 Invesco Core Plus Bond Fund

futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

O. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the

37 Invesco Core Plus Bond Fund

terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of August 31, 2023, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

P. Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

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

R. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions. S. Other Risks - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 500 million	0.450%
Next $500 million	0.425%
Next $1.5 billion	0.400%
Next $2.5 billion	0.375%
Over $5 billion	0.350%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.40%.

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. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.75%, 1.50%, 1.00%, 0.50%, 0.50% and 0.50%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $345,265 and reimbursed class level expenses of $916,079, $38,729, $20,001, $717,456, $4,138 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

38 Invesco Core Plus Bond Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $116,393 in front-end sales commissions from the sale of Class A shares and $15,326 and $1,905 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

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

	Level 1				Level 2			Level 3			Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	–			$	2,097,368,979		$	21,812,370		$	2,119,181,349
U.S. Government Sponsored Agency Mortgage-Backed Securities			–				1,334,672,805			–			1,334,672,805
Asset-Backed Securities			–				1,133,775,479			27,772,619			1,161,548,098
U.S. Treasury Securities			–				414,905,965			–			414,905,965
Preferred Stocks			49,276,448				37,547,261			–			86,823,709
Agency Credit Risk Transfer Notes			–				38,291,427			–			38,291,427
Non-U.S. Dollar Denominated Bonds & Notes			–				13,991,744			–			13,991,744
Municipal Obligations			–				6,861,570			–			6,861,570
Exchange-Traded Funds			5,141,302				–			–			5,141,302
Common Stocks & Other Equity Interests			4,886				–			0			4,886
Money Market Funds			704,675,636				383,399,565			–			1,088,075,201
Options Purchased			1,366,470				–			–			1,366,470
Total Investments in Securities			760,464,742				5,460,814,795			49,584,989			6,270,864,526
Other Investments - Assets*
Investments Matured			–				226,587			–			226,587
Futures Contracts			4,552,145				–			–			4,552,145
Forward Foreign Currency Contracts			–				230,642			–			230,642
			4,552,145				457,229			–			5,009,374
Other Investments - Liabilities*
Futures Contracts			(7,701,646	)			–			–			(7,701,646	)
Total Other Investments			(3,149,501	)			457,229			–			(2,692,272	)
Total Investments		$	757,315,241			$	5,461,272,024		$	49,584,989		$	6,268,172,254

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

NOTE 4–Derivative Investments

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

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

39 Invesco Core Plus Bond Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2023:

	Value
	Currency		Equity			Interest
Derivative Assets	Risk		Risk			Rate Risk			Total
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	–	$	–		$	4,552,145		$	4,552,145
Unrealized appreciation on forward foreign currency contracts outstanding		230,642		–			–			230,642
Options purchased, at value – Exchange-Traded(b)		–		1,366,470			–			1,366,470
Total Derivative Assets		230,642		1,366,470			4,552,145			6,149,257
Derivatives not subject to master netting agreements		–		(1,366,470	)		(4,552,145	)		(5,918,615	)
Total Derivative Assets subject to master netting agreements	$	230,642	$	–		$	–		$	230,642

	Value
	Interest
Derivative Liabilities	Rate Risk
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(7,701,646	)
Derivatives not subject to master netting agreements		7,701,646
Total Derivative Liabilities subject to master netting agreements	$	–

^(a)  The daily variation margin receivable (payable) at period end is recorded in the Statement of Assets and Liabilities.

^(b)  Options purchased, at value as reported in the Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2023.

	Financial
	Derivative				Collateral
	Assets				(Received)/Pledged
	Forward Foreign		Net Value of						Net
Counterparty	Currency Contracts		Derivatives		Non-Cash		Cash		Amount
Goldman Sachs International		$ 74,442		$ 74,442		$–		$–		$ 74,442
State Street Bank & Trust Co.		156,200		156,200		–		–		156,200
Total		$230,642		$230,642		$–		$–		$230,642

Effect of Derivative Investments for the year ended August 31, 2023

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

	Location of Gain (Loss) on Statement of Operations
	Credit			Currency			Equity			Interest
	Risk			Risk			Risk			Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	1,601,287		$	-		$	-		$	1,601,287
Futures contracts		-			-			-			686,404			686,404
Options purchased(a)		-			-			(325,703	)		-			(325,703	)
Options written		-			-			(336,494	)		-			(336,494	)
Swap agreements		(4,996,293	)		-			-			-			(4,996,293	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(422,143	)		-			-			(422,143	)
Futures contracts		-			-			-			(7,083,779	)		(7,083,779	)
Options purchased(a)		-			-			2,539,005			-			2,539,005
Options written		-			-			(393,198	)		-			(393,198	)
Total	$	(4,996,293	)	$	1,179,144		$	1,483,610		$	(6,397,375	)	$	(8,730,914	)

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

40 Invesco Core Plus Bond Fund

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

	Forward Foreign Currency Contracts		Futures Contracts		Equity Options Purchased		Index Options Purchased		Equity Options Written		Index Options Written		Swap Agreements
Average notional value		$23,630,567		$1,191,405,434		$42,473,850		$61,304,792		$60,898,500		$36,747,214		$196,374,000
Average contracts		-		-		8,474		143		9,369		83		-

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $14,615.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

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

	2023		2022
Ordinary income*	$	214,702,470	$	142,328,512
Long-term capital gain		-		55,084,415
Total distributions	$	214,702,470	$	197,412,927

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	927,052
Net unrealized appreciation (depreciation) – investments		(275,428,524	)
Net unrealized appreciation (depreciation) – foreign currencies		(19,939	)
Temporary book/tax differences		(104,690	)
Capital loss carryforward		(790,092,514	)
Shares of beneficial interest		5,787,395,037
Total net assets	$	4,722,676,422

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities, derivative instruments and straddles.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

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

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$483,863,797		$306,228,717		$790,092,514

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

41 Invesco Core Plus Bond Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $3,802,855,187 and $4,132,588,922, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$  22,536,083
Aggregate unrealized (depreciation) of investments	(297,964,607	)
Net unrealized appreciation (depreciation) of investments	$(275,428,524	)

Cost of investments for tax purposes is $6,543,600,778.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, amortization and accretion on debt securities, dollar rolls and paydowns, on August 31, 2023, undistributed net investment income was decreased by $845,297 and undistributed net realized gain (loss) was increased by $845,297.This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended August 31, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		28,785,198		$	262,484,547			19,627,235		$	206,578,400
Class C		1,172,591			10,736,154			903,781			9,532,418
Class R		889,433			8,136,487			760,428			7,968,829
Class Y		66,119,597			606,456,207			57,895,532			608,845,308
Class R5		244,753			2,245,682			723,728			7,544,397
Class R6		54,450,561			497,141,060			44,723,131			472,163,860
Issued as reinvestment of dividends:
Class A		5,166,836			47,116,744			3,959,645			41,638,848
Class C		176,852			1,612,433			161,155			1,708,395
Class R		121,152			1,104,496			83,451			876,070
Class Y		3,201,829			29,212,939			2,948,242			31,219,691
Class R5		72,971			664,906			48,507			505,837
Class R6		11,856,400			107,986,171			9,392,012			98,511,714
Automatic conversion of Class C shares to Class A shares:
Class A		424,180			3,868,465			511,438			5,340,987
Class C		(424,224	)		(3,868,465	)		(511,675	)		(5,340,987	)
Reacquired:
Class A		(26,363,942	)		(240,503,968	)		(28,299,228	)		(291,609,806	)
Class C		(1,545,819	)		(14,113,518	)		(2,639,087	)		(27,348,301	)
Class R		(691,090	)		(6,295,390	)		(690,586	)		(7,208,371	)
Class Y		(58,844,200	)		(536,148,001	)		(82,739,710	)		(855,332,956	)
Class R5		(199,271	)		(1,827,031	)		(456,933	)		(4,683,925	)
Class R6		(52,434,871	)		(478,162,245	)		(58,455,166	)		(601,044,666	)
Net increase (decrease) in share activity		32,178,936		$	297,847,673			(32,054,100	)	$	(300,134,258	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

42 Invesco Core Plus Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Core Plus Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Core Plus Bond Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent, portfolio company investee and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

43 Invesco Core Plus 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, 2023 through August 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses   Paid During   Period2	Annualized    Expense     Ratio
Class A	$1,000.00	$996.90	$3.72	$1,021.48	$3.77	0.74%
Class C	1,000.00	994.30	7.49	1,017.69	7.58	1.49
Class R	1,000.00	996.80	4.98	1,020.21	5.04	0.99
Class Y	1,000.00	999.30	2.47	1,022.74	2.50	0.49
Class R5	1,000.00	999.30	2.47	1,022.74	2.50	0.49
Class R6	1,000.00	998.40	2.27	1,022.94	2.29	0.45

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

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

44 Invesco Core Plus Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Core Plus Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy

and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized

45 Invesco Core Plus Bond Fund

that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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 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 has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from

economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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 considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

46 Invesco Core Plus Bond Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns.

Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Qualified Dividend Income*	5.32	%
Corporate Dividends Received Deduction*	4.45	%
U.S. Treasury Obligations*	6.51	%
Qualified Business Income*	0.00	%
Business Interest Income*	88.59	%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

47 Invesco Core Plus Bond Fund

Trustees and Officers

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

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

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

T-1 Invesco Core Plus Bond Fund

Trustees and Officers–(continued)

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

T-2 Invesco Core Plus Bond Fund

Trustees and Officers–(continued)

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

T-3 Invesco Core Plus Bond Fund

Trustees and Officers–(continued)

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

T-4 Invesco Core Plus Bond Fund

Trustees and Officers–(continued)

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

T-5 Invesco Core Plus Bond Fund

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza Houston, TX 77046-1173	Invesco Advisers, Inc. 1331 Spring Street, NW, Suite 2500 Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Sidley Austin LLP 787 Seventh Avenue New York, NY 10019	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-6 Invesco Core Plus Bond Fund

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

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∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Annual Report to Shareholders   August 31, 2023

Invesco Discovery Fund

Nasdaq:

A: OPOCX ⬛ C: ODICX ⬛ R: ODINX ⬛ Y: ODIYX ⬛ R5: DIGGX ⬛ R6: ODIIX

 

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
20	Report of Independent Registered Public Accounting Firm
21	Fund Expenses
22	Approval of Investment Advisory and Sub-Advisory Contracts
25	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Discovery Fund (the Fund), at net asset value (NAV), underperformed the Russell 2000 Growth Index.  Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	6.75	%
Class C Shares	5.96
Class R Shares	6.47
Class Y Shares	7.01
Class R5 Shares	7.13
Class R6 Shares	7.15
S&P 500 Indexq	15.94
Russell 2000 Growth Indexq	6.78
Russell 2000 Indexq	4.65
Source(s): qRIMES Technologies Corp.

Market conditions and your Fund

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another

0.75% in September.¹ After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

 US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors

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

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

moving sustainably down toward our objective.”

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

 In this environment, the Fund’s Class A shares at NAV outperformed the Russell 2000 Growth Index during the fiscal year. Strong stock selection in the consumer staples, financials and consumer discretionary sectors was additive to relative performance. This was partially offset by weaker stock selection within the health care and information technology sectors.

 At the stock level, the largest contributors to Fund performance on an absolute basis were e.l.f. Beauty, Lattice Semiconductor and Celsius Holdings.

 e.l.f. Beauty provides cosmetic and skin-care products. The company reported strong fiscal third and fourth quarter results where revenues, EPS (earnings-per-share) and EBITDA (earnings before interest, taxes, depreciation and amortization) all exceeded expectations. Management also raised its fiscal 2023 guidance and initial fiscal 2024 guidance above Wall Street expectations. The company increased its market share, innovation has been strong and the company has been gaining distribution for its value-priced beauty products.

 Lattice Semiconductor designs, develops and markets programmable logic products and related software. Lattice Semiconductor was one of the few semiconductor companies to beat and raise guidance during earnings season late last year. Earlier this year, the company also posted numbers ahead of street consensus estimates due to strong product cycles in the datacenter segment while most semiconductor companies were reducing forward guidance. In addition, the company benefited from an artificial intelligence (AI) upgrade cycle in cloud spending.

 Celsius Holdings, through its subsidiaries, provides thermogenic calorie-burning beverages. The company beat expectations on revenues, earnings, EBITDA and operating margins. Celsius Holdings has been benefiting from its healthier positioning (low sugar, added nutrients) and from an agreement signed in 2022 with Pepsi through which Pepsi took over as Celsius’ distributor.

 The largest individual detractors from absolute Fund performance during the fiscal year were Chart Industries, Repligen and Paylocity.

 Chart Industries is a global manufacturer of equipment used in the production, storage and end-use of hydrocarbon and industrial gases. Chart Industries declined after the company announced plans to acquire gas handling product and service company Howden from private equity in a deal that would significantly increase the company’s debt

2 Invesco Discovery Fund

when a recession was considered to be looming. We exited our position during the fiscal year.

 Repligen is a healthcare company that supplies equipment used in the drug manufacturing process by pharmaceutical and biotechnology companies. The stock underperformed during the fiscal year due to a slowdown in revenue growth. During and immediately after the COVID-19 pandemic, pharma/ biotech companies purchased equipment from suppliers like Repligen at elevated rates which built inventory. The process of working down this inventory by Repligen’s customers has taken longer than expected which caused the slowdown in revenue growth in the past year. This dynamic has also affected Repligen’s peers, not to mention many other parts of the global economy as supply chains reset. We believe Repligen has a great management team and isn’t losing market share but given this broader industry destocking issue we did reduce our position during the fiscal year.

 Paylocity provides cloud-based payroll and human capital management software solutions. The stock succumbed to general weakness in software growth stocks at the end of the calendar year even though the company’s fundamentals were completely intact. We exited our position during the fiscal year.

 At the end of the fiscal year, the Fund’s largest overweight positions relative to the Russell 2000 Growth Index were in the information technology, financials and energy sectors. The Fund’s largest underweight exposures relative to the Russell 2000 Growth Index were in the health care, real estate and utilities sectors.

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

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

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

Portfolio manager(s):

Ash Shah

Ronald Zibelli, Jr. - Lead

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

these insights may help you understand our investment management philosophy.

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

3 Invesco Discovery Fund

Your Fund’s Long-Term Performance

 

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

Fund and index data from 8/31/13

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Discovery Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (9/11/86)	10.39	%
10 Years	9.90
5 Years	6.30
1 Year	0.87
Class C Shares
Inception (10/2/95)	8.03	%
10 Years	9.86
5 Years	6.70
1 Year	4.96
Class R Shares
Inception (3/1/01)	8.08	%
10 Years	10.24
5 Years	7.23
1 Year	6.47
Class Y Shares
Inception (6/1/94)	9.17	%
10 Years	10.79
5 Years	7.77
1 Year	7.01
Class R5 Shares
10 Years	10.68	%
5 Years	7.82
1 Year	7.13
Class R6 Shares
Inception (1/27/12)	12.72	%
10 Years	10.98
5 Years	7.93
1 Year	7.15

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

 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.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.

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

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

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

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

5 Invesco Discovery Fund

Supplemental Information

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

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

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

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

About indexes used in this report

∎ The Russell 2000^® Growth Index is an unmanaged index considered representative of small-cap growth stocks. The Russell 2000 Growth Index is a trademark/ service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎ The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

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

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

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

Liquidity Risk Management Program

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

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

At a meeting held on March 17, 2023, the Committee presented a report to the

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

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

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

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

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

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Discovery Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Information Technology	23.87%
Industrials	20.71
Health Care	18.04
Consumer Discretionary	11.89
Financials	7.55
Energy	6.37
Consumer Staples	5.03
Materials	3.72
Communication Services	1.16
Money Market Funds Plus Other Assets Less Liabilities	1.66

Top 10 Equity Holdings*

		% of total net assets
1.	Kinsale Capital Group, Inc.	2.47%
2.	Lattice Semiconductor Corp.	2.40
3.	Hamilton Lane, Inc., Class A	2.36
4.	elf Beauty, Inc.	2.35
5.	Clean Harbors, Inc.	2.23
6.	Celsius Holdings, Inc.	2.13
7.	Saia, Inc.	2.04
8.	Comfort Systems USA, Inc.	1.80
9.	Shockwave Medical, Inc.	1.59
10.	Manhattan Associates, Inc.	1.58

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

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco Discovery Fund

Schedule of Investments^(a)

August 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–98.34%
Aerospace & Defense–2.75%
Curtiss-Wright Corp.		285,749	$	59,432,934
Hexcel Corp.		609,399		44,668,947
				104,101,881
Application Software–7.63%
Altair Engineering, Inc., Class A(b)		595,365		39,579,865
Braze, Inc., Class A(b)		688,625		31,855,793
CCC Intelligent Solutions Holdings, Inc.(b)		2,767,722		29,614,625
Confluent, Inc., Class A(b)		1,087,497		35,985,276
DoubleVerify Holdings, Inc.(b)		708,781		23,963,886
Manhattan Associates, Inc.(b)		294,292		59,629,445
Samsara, Inc., Class A(b)		967,290		26,465,054
Sprout Social, Inc., Class A(b)		357,732		19,152,971
Workiva, Inc.(b)		206,220		23,065,707
				289,312,622
Asset Management & Custody Banks–2.36%
Hamilton Lane, Inc., Class A		963,436		89,397,226
Automotive Parts & Equipment–1.32%
Visteon Corp.(b)		358,902		49,984,282
Biotechnology–1.55%
Cytokinetics, Inc.(b)		385,034		13,453,088
Halozyme Therapeutics, Inc.(b)		396,774		16,886,702
ImmunoGen, Inc.(b)		345,130		5,466,859
Karuna Therapeutics, Inc.(b)		83,862		15,745,929
Ultragenyx Pharmaceutical, Inc.(b)		195,733		7,201,017
				58,753,595
Broadline Retail–0.95%
Global-e Online Ltd. (Israel)(b)		675,355		26,764,319
Savers Value Village, Inc.(b)		372,503		9,219,449
				35,983,768
Building Products–2.14%
AAON, Inc.		573,136		36,141,988
AZEK Co., Inc. (The)(b)		573,697		19,511,435
Trex Co., Inc.(b)		356,508		25,443,976
				81,097,399
Cargo Ground Transportation–2.04%
Saia, Inc.(b)		181,650		77,419,230
Casinos & Gaming–2.09%
DraftKings, Inc., Class A(b)		753,191		22,332,113
Red Rock Resorts, Inc., Class A		1,298,295		57,034,099
				79,366,212
Construction & Engineering–3.21%
Comfort Systems USA, Inc.		369,148		68,133,646
EMCOR Group, Inc.		163,308		36,621,819
MasTec, Inc.(b)		171,043		17,017,068
				121,772,533
Construction Materials–0.86%
Eagle Materials, Inc.		171,890		32,542,215

	Shares		Value
Education Services–1.44%
Duolingo, Inc.(b)		370,893	$	54,580,614
Electrical Components & Equipment–2.90%
Atkore, Inc.(b)		203,973		31,405,723
Nextracker, Inc., Class A(b)		695,206		29,282,077
Vertiv Holdings Co.		1,245,662		49,066,626
				109,754,426
Electronic Equipment & Instruments–2.60%
Badger Meter, Inc.		241,658		40,134,561
Novanta, Inc.(b)		349,041		58,282,866
				98,417,427
Environmental & Facilities Services–3.40%
Casella Waste Systems, Inc., Class A(b)		566,564		44,628,246
Clean Harbors, Inc.(b)		498,048		84,339,449
				128,967,695
Footwear–1.24%
Deckers Outdoor Corp.(b)		52,528		27,792,040
On Holding AG, Class A (Switzerland)(b)		662,282		19,093,590
				46,885,630
Health Care Equipment–5.42%
Axonics, Inc.(b)		765,057		43,837,766
Glaukos Corp.(b)		130,202		9,783,378
Inspire Medical Systems, Inc.(b)		254,396		57,717,365
iRhythm Technologies, Inc.(b)		146,095		15,101,840
Shockwave Medical, Inc.(b)		273,223		60,215,617
TransMedics Group, Inc.(b)		283,093		18,579,394
				205,235,360
Health Care Facilities–3.70%
Acadia Healthcare Co., Inc.(b)		687,258		52,987,592
Encompass Health Corp.		594,058		42,201,880
Surgery Partners, Inc.(b)		1,237,274		44,863,555
				140,053,027
Health Care Services–1.19%
Privia Health Group, Inc.(b)		921,756		24,196,095
RadNet, Inc.(b)		625,829		20,908,947
				45,105,042
Health Care Supplies–1.80%
Haemonetics Corp.(b)		315,508		28,310,533
Lantheus Holdings, Inc.(b)		241,740		16,544,685
Merit Medical Systems, Inc.(b)		360,532		23,535,529
				68,390,747
Health Care Technology–0.60%
Evolent Health, Inc., Class A(b)		894,254		22,812,420
Homebuilding–2.72%
Meritage Homes Corp.		142,344		19,791,510
Taylor Morrison Home Corp., Class A(b)		907,016		42,992,558
TopBuild Corp.(b)		138,773		40,255,272
				103,039,340

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

8 Invesco Discovery Fund

	Shares		Value
Industrial Machinery & Supplies & Components–0.90%
Esab Corp.		474,443	$	34,240,551
Internet Services & Infrastructure–0.41%
DigitalOcean Holdings, Inc.(b)		567,187		15,342,408
Investment Banking & Brokerage–1.23%
Evercore, Inc., Class A		333,117		46,653,036
Life Sciences Tools & Services–2.61%
10X Genomics, Inc., Class A(b)		528,931		27,425,072
Medpace Holdings, Inc.(b)		217,517		58,788,320
Repligen Corp.(b)		72,596		12,625,170
				98,838,562
Managed Health Care–0.38%
Progyny, Inc.(b)		388,314		14,499,645
Movies & Entertainment–1.16%
World Wrestling Entertainment, Inc., Class A		455,266		43,955,932
Oil & Gas Equipment & Services–3.03%
TechnipFMC PLC (United Kingdom)		2,948,731		56,143,838
Weatherford International PLC(b)		663,810		58,760,461
				114,904,299
Oil & Gas Exploration & Production–3.34%
Matador Resources Co.		902,957		57,337,770
Northern Oil and Gas, Inc.		912,105		38,153,352
SM Energy Co.		737,798		31,216,233
				126,707,355
Personal Care Products–2.90%
BellRing Brands, Inc.(b)		504,845		20,951,067
elf Beauty, Inc.(b)		642,114		89,067,633
				110,018,700
Pharmaceuticals–0.79%
Intra-Cellular Therapies, Inc.(b)		447,092		24,822,548
Revance Therapeutics, Inc.(b)		295,886		5,216,470
				30,039,018
Property & Casualty Insurance–2.47%
Kinsale Capital Group, Inc.		234,690		93,554,475
Research & Consulting Services–1.19%
KBR, Inc.		732,474		45,061,800
Restaurants–2.13%
CAVA Group, Inc.(c)		285,461		12,677,323
Shake Shack, Inc., Class A(b)		291,758		20,423,060
Wingstop, Inc.		297,064		47,720,361
				80,820,744
Semiconductor Materials & Equipment–2.93%
Axcelis Technologies, Inc.(b)		307,499		59,085,933
Nova Ltd. (Israel)(b)		240,453		31,004,010
Onto Innovation, Inc.(b)		149,557		20,785,432
				110,875,375
Semiconductors–6.94%
Allegro MicroSystems, Inc. (Japan)(b)		548,074		20,963,831
Diodes, Inc.(b)		352,672		28,866,203
Lattice Semiconductor Corp.(b)		935,558		90,992,371

	Shares		Value
Semiconductors–(continued)
MACOM Technology Solutions Holdings, Inc.(b)		461,634	$	39,035,771
Power Integrations, Inc.		327,035		27,477,481
Rambus, Inc.(b)		692,730		39,118,463
Silicon Laboratories, Inc.(b)		123,298		16,627,968
				263,082,088
Soft Drinks & Non-alcoholic Beverages–2.13%
Celsius Holdings, Inc.(b)		412,016		80,771,617
Specialty Chemicals–0.91%
Livent Corp.(b)		1,607,433		34,511,586
Steel–1.95%
ATI, Inc.(b)		1,125,223		51,006,358
Commercial Metals Co.		407,113		22,916,391
				73,922,749
Systems Software–3.36%
CyberArk Software Ltd.(b)		311,744		51,761,974
Gitlab, Inc., Class A(b)		777,751		36,842,065
Monday.com Ltd.(b)		217,360		38,568,358
				127,172,397
Trading Companies & Distributors–2.18%
Applied Industrial Technologies, Inc.		234,022		36,125,976
H&E Equipment Services, Inc.		1,022,621		46,345,184
				82,471,160
Transaction & Payment Processing Services–1.49%
Flywire Corp.(b)		1,082,111		37,419,398
Remitly Global, Inc.(b)		368,690		9,272,554
Shift4 Payments, Inc., Class A(b)		170,292		9,670,883
				56,362,835
Total Common Stocks & Other Equity Interests (Cost $2,864,624,187)				3,726,779,023
Money Market Funds–1.52%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(d)(e)		20,168,870		20,168,870
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(d)(e)		14,393,681		14,395,120
Invesco Treasury Portfolio, Institutional Class, 5.25%(d)(e)		23,050,137		23,050,137
Total Money Market Funds (Cost $57,613,836)				57,614,127
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $2,922,238,023)				3,784,393,150
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.35%
Invesco Private Government Fund, 5.30%(d)(e)(f)		3,676,446		3,676,446
Invesco Private Prime Fund, 5.51%(d)(e)(f)		9,453,716		9,453,716
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,130,454)				13,130,162
TOTAL INVESTMENTS IN SECURITIES–100.21% (Cost $2,935,368,477)				3,797,523,312
OTHER ASSETS LESS LIABILITIES–(0.21)%				(7,811,121	)
NET ASSETS–100.00%			$	3,789,712,191

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

9 Invesco Discovery Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

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

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

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 41,276,475		$ 488,782,871		$ (509,890,476	)		$  -			$   -			$20,168,870		$1,300,012
Invesco Liquid Assets Portfolio, Institutional Class		27,605,645		349,130,621		(362,331,475	)		(8,966	)		(705	)		14,395,120		933,456
Invesco Treasury Portfolio, Institutional Class		47,173,115		558,608,995		(582,731,973	)		-			-			23,050,137		1,482,038
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		579,616		15,344,046		(12,247,216	)		-			-			3,676,446		9,394	*
Invesco Private Prime Fund		1,490,441		31,145,126		(23,181,801	)		(292	)		242			9,453,716		20,393	*
Total		$118,125,292		$1,443,011,659		$(1,490,382,941	)		$(9,258	)		$(463)			$70,744,289		$3,745,293

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

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

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

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

10 Invesco Discovery Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $ 2,864,624,187)*	$	3,726,779,023
Investments in affiliated money market funds, at value (Cost $ 70,744,290)		70,744,289
Cash		1,000,000
Receivable for:
Investments sold		23,916,739
Fund shares sold		1,745,606
Dividends		1,477,524
Investment for trustee deferred compensation and retirement plans		141,696
Other assets		94,585
Total assets		3,825,899,462
Liabilities:
Payable for:
Investments purchased		18,748,964
Fund shares reacquired		2,417,466
Collateral upon return of securities loaned		13,130,454
Accrued fees to affiliates		1,568,978
Accrued trustees’ and officers’ fees and benefits		39,975
Accrued other operating expenses		94,433
Trustee deferred compensation and retirement plans		187,001
Total liabilities		36,187,271
Net assets applicable to shares outstanding	$	3,789,712,191
Net assets consist of:
Shares of beneficial interest	$	3,152,321,915
Distributable earnings		637,390,276
	$	3,789,712,191

Net Assets:
Class A	$	1,394,517,185
Class C	$	28,808,287
Class R	$	40,864,418
Class Y	$	1,490,868,274
Class R5	$	1,364,337
Class R6	$	833,289,690
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		17,283,666
Class C		729,707
Class R		589,920
Class Y		14,961,189
Class R5		16,628
Class R6		8,081,190
Class A:
Net asset value per share	$	80.68
Maximum offering price per share
(Net asset value of $80.68 ÷ 94.50%)	$	85.38
Class C:
Net asset value and offering price per share	$	39.48
Class R:
Net asset value and offering price per share	$	69.27
Class Y:
Net asset value and offering price per share	$	99.65
Class R5:
Net asset value and offering price per share	$	82.05
Class R6:
Net asset value and offering price per share	$	103.11

* At August 31, 2023, security with a value of $12,383,532 was on loan to brokers.

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

11 Invesco Discovery Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Dividends	$	16,111,831
Dividends from affiliated money market funds (includes net securities lending income of $ 48,337)		3,763,843
Total investment income		19,875,674
Expenses:
Advisory fees		21,487,572
Administrative services fees		515,579
Custodian fees		22,971
Distribution fees:
Class A		3,226,484
Class C		296,881
Class R		199,428
Transfer agent fees – A, C, R and Y		4,778,284
Transfer agent fees – R5		582
Transfer agent fees – R6		207,904
Trustees’ and officers’ fees and benefits		56,333
Registration and filing fees		235,182
Reports to shareholders		243,591
Professional services fees		74,672
Other		45,240
Total expenses		31,390,703
Less: Fees waived and/or expense offset arrangement(s)		(161,164	)
Net expenses		31,229,539
Net investment income (loss)		(11,353,865	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(884,698	)
Affiliated investment securities		(463	)
		(885,161	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		257,804,102
Affiliated investment securities		(9,258	)
		257,794,844
Net realized and unrealized gain		256,909,683
Net increase in net assets resulting from operations	$	245,555,818

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

12 Invesco Discovery Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income (loss)	$	(11,353,865	)	$	(15,846,365	)
Net realized gain (loss)		(885,161	)		(99,418,822	)
Change in net unrealized appreciation (depreciation)		257,794,844			(1,093,338,447	)
Net increase (decrease) in net assets resulting from operations		245,555,818			(1,208,603,634	)
Distributions to shareholders from distributable earnings:
Class A		–			(354,060,785	)
Class C		–			(15,739,383	)
Class R		–			(11,989,177	)
Class Y		–			(268,868,549	)
Class R5		–			(2,650,365	)
Class R6		–			(81,370,610	)
Total distributions from distributable earnings		–			(734,678,869	)
Share transactions–net:
Class A		(120,045,922	)		220,367,991
Class C		(5,877,866	)		6,122,111
Class R		(3,108,459	)		4,679,546
Class Y		(138,581,797	)		523,205,689
Class R5		126,866			(10,267,213	)
Class R6		199,582,949			259,920,043
Net increase (decrease) in net assets resulting from share transactions		(67,904,229	)		1,004,028,167
Net increase (decrease) in net assets		177,651,589			(939,254,336	)
Net assets:
Beginning of year		3,612,060,602			4,551,314,938
End of year	$	3,789,712,191		$	3,612,060,602

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

13 Invesco Discovery Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Year ended 08/31/23		$ 75.57		$  (0.36)			$  5.47			$  5.11			$     -			$ 80.68		6.76	%(e)		$1,394,517		1.03	%(e)		1.03	%(e)		(0.48	)%(e)		83	%
Year ended 08/31/22		124.56		(0.49	)		(27.15	)		(27.64	)		(21.35	)		75.57		(26.13	)(e)		1,425,847		1.02	(e)		1.02	(e)		(0.54	)(e)		84
Year ended 08/31/21		101.13		(0.85	)		36.59			35.74			(12.31	)		124.56		37.24	(e)		2,090,984		1.01	(e)		1.01	(e)		(0.74	)(e)		61
Year ended 08/31/20		84.02		(0.59	)		22.93			22.34			(5.23	)		101.13		28.07	(e)		1,656,602		1.05	(e)		1.05	(e)		(0.71	)(e)		76
Eleven months ended 08/31/19		94.78		(0.50	)		1.69			1.19			(11.95	)		84.02		4.57			1,432,064		1.08	(f)		1.08	(f)		(0.70	)(f)		83
Year ended 09/30/18		81.76		(0.65	)		23.33			22.68			(9.66	)		94.78		30.77			1,442,859		1.07			1.07			(0.76	)		91
Class C
Year ended 08/31/23		37.26		(0.46	)		2.68			2.22			-			39.48		5.96			28,808		1.79			1.79			(1.24	)		83
Year ended 08/31/22		73.13		(0.63	)		(13.89	)		(14.52	)		(21.35	)		37.26		(26.68	)		33,135		1.78			1.78			(1.30	)		84
Year ended 08/31/21		64.09		(1.03	)		22.38			21.35			(12.31	)		73.13		36.20			56,388		1.78			1.78			(1.51	)		61
Year ended 08/31/20		55.50		(0.79	)		14.61			13.82			(5.23	)		64.09		27.08			74,315		1.82			1.82			(1.48	)		76
Eleven months ended 08/31/19		67.90		(0.70	)		0.25			(0.45	)		(11.95	)		55.50		3.84			78,075		1.84	(f)		1.84	(f)		(1.47	)(f)		83
Year ended 09/30/18		61.61		(0.94	)		16.89			15.95			(9.66	)		67.90		29.78			159,027		1.83			1.83			(1.52	)		91
Class R
Year ended 08/31/23		65.06		(0.48	)		4.69			4.21			-			69.27		6.47			40,864		1.29			1.29			(0.74	)		83
Year ended 08/31/22		110.57		(0.64	)		(23.52	)		(24.16	)		(21.35	)		65.06		(26.31	)		41,445		1.28			1.28			(0.80	)		84
Year ended 08/31/21		91.16		(1.03	)		32.75			31.72			(12.31	)		110.57		36.89			64,908		1.28			1.28			(1.01	)		61
Year ended 08/31/20		76.43		(0.74	)		20.70			19.96			(5.23	)		91.16		27.72			53,981		1.32			1.32			(0.98	)		76
Eleven months ended 08/31/19		87.70		(0.62	)		1.30			0.68			(11.95	)		76.43		4.32			53,737		1.33	(f)		1.33	(f)		(0.96	)(f)		83
Year ended 09/30/18		76.52		(0.81	)		21.65			20.84			(9.66	)		87.70		30.43			54,734		1.33			1.33			(1.02	)		91
Class Y
Year ended 08/31/23		93.12		(0.22	)		6.75			6.53			-			99.65		7.01			1,490,868		0.79			0.79			(0.24	)		83
Year ended 08/31/22		147.99		(0.33	)		(33.19	)		(33.52	)		(21.35	)		93.12		(25.94	)		1,532,285		0.78			0.78			(0.30	)		84
Year ended 08/31/21		117.95		(0.69	)		43.04			42.35			(12.31	)		147.99		37.56			1,769,717		0.78			0.78			(0.51	)		61
Year ended 08/31/20		96.93		(0.46	)		26.71			26.25			(5.23	)		117.95		28.37			1,316,860		0.82			0.82			(0.48	)		76
Eleven months ended 08/31/19		106.92		(0.38	)		2.34			1.96			(11.95	)		96.93		4.80			882,530		0.84	(f)		0.84	(f)		(0.47	)(f)		83
Year ended 09/30/18		90.84		(0.51	)		26.25			25.74			(9.66	)		106.92		31.07			791,784		0.84			0.84			(0.53	)		91
Class R5
Year ended 08/31/23		76.48		(0.09	)		5.66			5.57			-			82.05		7.28			1,364		0.68			0.68			(0.13	)		83
Year ended 08/31/22		125.62		(0.28	)		(27.51	)		(27.79	)		(21.35	)		76.48		(26.01	)		1,139		0.71			0.71			(0.23	)		84
Year ended 08/31/21		101.62		(0.52	)		36.83			36.31			(12.31	)		125.62		37.67			15,580		0.72			0.72			(0.45	)		61
Year ended 08/31/20		84.11		(0.27	)		23.01			22.74			(5.23	)		101.62		28.54			15,413		0.68			0.68			(0.34	)		76
Period ended 08/31/19(g)		77.56		(0.08	)		6.63			6.55			-			84.11		8.44			11		0.71	(f)		0.71	(f)		(0.34	)(f)		83
Class R6
Year ended 08/31/23		96.23		(0.10	)		6.98			6.88			-			103.11		7.15			833,290		0.66			0.66			(0.11	)		83
Year ended 08/31/22		152.02		(0.19	)		(34.25	)		(34.44	)		(21.35	)		96.23		(25.85	)		578,210		0.65			0.65			(0.17	)		84
Year ended 08/31/21		120.70		(0.50	)		44.13			43.63			(12.31	)		152.02		37.78			553,738		0.63			0.63			(0.36	)		61
Year ended 08/31/20		98.92		(0.30	)		27.31			27.01			(5.23	)		120.70		28.58			329,915		0.65			0.65			(0.31	)		76
Eleven months ended 08/31/19		108.66		(0.25	)		2.46			2.21			(11.95	)		98.92		4.96			269,645		0.67	(f)		0.67	(f)		(0.30	)(f)		83
Year ended 09/30/18		92.03		(0.35	)		26.64			26.29			(9.66	)		108.66		31.29			254,704		0.67			0.67			(0.36	)		91

^(a)  Calculated using average shares outstanding.

^(b)  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)  Does not include estimated acquired fund fees from underlying funds of 0.00% for the eleven months ended August 31, 2019 and the years ended September 30, 2019 and 2018, respectively.

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

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended August 31, 2023 and 2022 and 0.23% for the years ended August 31, 2021 and 2020.

^(f)  Annualized.

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

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

14 Invesco Discovery Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

15 Invesco Discovery Fund

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

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

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

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

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security.

  Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund.

  Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $4,105 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

16 Invesco Discovery Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $ 200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $700 million		0.600	%
Next $3.5 billion		0.580	%
Over $5 billion		0.550	%

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

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.60%.

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

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $100,493.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $56,688 in front-end sales commissions from the sale of Class A shares and $618 and $442 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $98,862 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

17 Invesco Discovery Fund

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

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

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	3,726,779,023	$	–		$–	$	3,726,779,023
Money Market Funds		57,614,127		13,130,162		–		70,744,289
Total Investments	$	3,784,393,150	$	13,130,162		$–	$	3,797,523,312

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $60,671.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

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

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

	2023		2022
Ordinary income*		$–	$	22,727,558
Long-term capital gain		–		711,951,311
Total distributions		$–	$	734,678,869

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

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation – investments	$	847,162,483
Temporary book/tax differences		(217,249	)
Late-Year ordinary loss deferral		(7,476,991	)
Capital loss carryforward		(202,077,967	)
Shares of beneficial interest		3,152,321,915
Total net assets	$	3,789,712,191

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

18 Invesco Discovery Fund

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

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	202,077,967		$–	$	202,077,967

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $2,924,652,399 and $2,952,341,376, respectively. Cost of investments, including any derivatives,on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$930,726,303
Aggregate unrealized (depreciation) of investments	(83,563,820	)
Net unrealized appreciation of investments	$847,162,483

Cost of investments for tax purposes is $ 2,950,360,829.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on August 31, 2023, undistributed net investment income (loss) was increased by $14,526,501, undistributed net realized gain (loss) was decreased by $161,274 and shares of beneficial interest was decreased by $14,365,227. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	August 31, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		820,338		$	62,017,183			1,208,272		$	116,489,369
Class C		83,171			3,101,262			85,337			3,993,568
Class R		58,327			3,778,805			101,434			8,019,432
Class Y		4,789,861			445,426,604			8,720,576			964,036,930
Class R5		6,070			462,884			19,628			2,068,656
Class R6		3,484,168			336,163,469			2,733,589			296,912,306
Issued as reinvestment of dividends:
Class A		-			-			3,477,493			341,211,448
Class C		-			-			315,765			15,355,670
Class R		-			-			141,026			11,932,191
Class Y		-			-			1,887,533			227,806,408
Class R5		-			-			26,687			2,648,184
Class R6		-			-			633,504			78,934,555
Automatic conversion of Class C shares to Class A shares:
Class A		38,869			2,932,479			53,151			4,874,729
Class C		(79,150	)		(2,932,479	)		(104,647	)		(4,874,729	)
Reacquired:
Class A		(2,442,321	)		(184,995,584	)		(2,659,455	)		(242,207,555	)
Class C		(163,560	)		(6,046,649	)		(178,287	)		(8,352,398	)
Class R		(105,466	)		(6,887,264	)		(192,450	)		(15,272,077	)
Class Y		(6,283,418	)		(584,008,401	)		(6,111,474	)		(668,637,649	)
Class R5		(4,332	)		(336,018	)		(155,453	)		(14,984,053	)
Class R6		(1,411,452	)		(136,580,520	)		(1,001,122	)		(115,926,818	)
Net increase (decrease) in share activity		(1,208,895	)	$	(67,904,229	)		9,001,107		$	1,004,028,167

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 22% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

19 Invesco Discovery Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Discovery Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Discovery Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the four years in the period ended August 31, 2023 and the eleven months ended August 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the four years in the period ended August 31, 2023 and the period May 24, 2019 (commencement date) through August 31, 2019 for Class R5.

The financial statements of Oppenheimer Discovery Fund (subsequently renamed Invesco Discovery Fund) as of and for the year ended September 30, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

20 Invesco Discovery Fund

Calculating your ongoing Fund expenses

Example

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value  (03/01/23)	Ending Account Value  (08/31/23)1	Expenses   Paid During    Period2	Ending Account Value  (08/31/23)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,053.40	$5.33	$1,020.01	$5.24	1.03%
Class C	1,000.00	1,049.50	9.25	1,016.18	9.10	1.79
Class R	1,000.00	1,052.10	6.67	1,018.70	6.56	1.29
Class Y	1,000.00	1,054.70	4.09	1,021.22	4.02	0.79
Class R5	1,000.00	1,055.40	3.52	1,021.78	3.47	0.68
Class R6	1,000.00	1,055.30	3.42	1,021.88	3.36	0.66

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

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

21 Invesco Discovery Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Discovery Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below

22 Invesco Discovery Fund

the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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 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 has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

 The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief.

23 Invesco Discovery Fund

The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 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.

24 Invesco Discovery Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

25 Invesco Discovery Fund

Trustees and Officers

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

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

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

T-1 Invesco Discovery Fund

Trustees and Officers–(continued)

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

T-2 Invesco Discovery Fund

Trustees and Officers–(continued)

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

T-3 Invesco Discovery Fund

Trustees and Officers–(continued)

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

T-4 Invesco Discovery Fund

Trustees and Officers–(continued)

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

T-5 Invesco Discovery Fund

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Discovery Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Annual Report to Shareholders August 31, 2023

Invesco Equally-Weighted S&P 500 Fund

Nasdaq:

A: VADAX ∎ C: VADCX ∎ R: VADRX ∎ Y: VADDX ∎ R6: VADFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
16	Financial Statements
19	Financial Highlights
20	Notes to Financial Statements
26	Report of Independent Registered Public Accounting Firm
27	Fund Expenses
28	Approval of Investment Advisory and Sub-Advisory Contracts
31	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Equally-Weighted S&P 500 Fund (the Fund), at net asset value (NAV), underperformed the S&P 500 Equal Weight Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.11	%
Class C Shares	7.30
Class R Shares	7.82
Class Y Shares	8.38
Class R6 Shares	8.48
S&P 500 Index▼ (Broad Market Index)	15.94
S&P 500 Equal Weight Index▼ (Style-Specific Index)	8.67
Lipper Multi-Cap Core Funds Index∎ (Peer Group Index)	14.61
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

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

 US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond

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

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

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

 The Fund generally invests in each common stock represented in the S&P 500 Equal Weight Index, which is an equally weighted version of the S&P 500 Index. The S&P 500 Index is a stock market index that includes common stocks of 500 companies in proportion to their market capitalization.

 During the fiscal year, on an absolute basis, holdings in the industrials, information technology (IT) and consumer discretionary sectors contributed most significantly to the Fund’s return. On an absolute basis, holdings in the utilities, real estate, and financials sectors detracted most significantly from the Fund’s return during the fiscal year.

 Leading contributors to the Fund’s performance for the fiscal year included NVIDIA, Royal Caribbean and Meta Platforms. NVIDIA, an information technology company, was a primary beneficiary of investor enthusiasm for artificial intelligence. The stock price surged as first-quarter revenue numbers significantly outperformed analyst estimates and management revised its three-month sales forecast to more than 50% above analyst projections. Royal Caribbean, a consumer discretionary company, reported booking volumes notably higher than those in the last corresponding pre-pandemic period while also achieving meaningful gains in pricing, resulting in management revising full-year earnings guidance upwards significantly. Meta Platforms, an IT company, was another notable beneficiary of the artificial intelligence theme. The stock price also rose after the company announced it had been able to achieve significant cost improvements due to reductions in headcount in late 2022 and early 2023.

 Top detractors from the Fund’s performance for the fiscal year were SVB Financial, First Republic Bank, and Signature Bank. SVB Financial, a financials company, led the way for a regional bank selloff in March as it faced a liquidity crisis due to unrealized losses on its held-to-maturity debt portfolio and the failure of its attempt to raise additional capital. First Republic Bank, a financials company, saw the rapid withdrawal of deposits as banking customers were unsettled by the failure of SVB Financial and Signature Bank, resulting in seizure by the FDIC and a subsequent sale to JPMorgan Chase. Signature Bank, a financials company, was also seized by the government in March after a run on the bank caused it to lose a fifth of its deposits in a single day. We sold our position in all 3 banks before the end of the fiscal year.

 Please note that the Fund’s strategy is principally implemented through equity investments, but the Fund also may use derivative instruments, including S&P 500 futures contracts, to gain exposure to the equity market. During the fiscal year, the Fund invested in

2 Invesco Equally-Weighted S&P 500 Fund

S&P 500 futures contracts, which generated a positive return and added to the Fund’s absolute performance. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

 Thank you for your investment in Invesco Equally-Weighted S&P 500 Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

Portfolio manager(s):

Pratik Doshi

Peter Hubbard

Michael Jeanette

Tony Seisser

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

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

 

 

3 Invesco Equally-Weighted S&P 500 Fund

Your Fund’s Long-Term Performance

 

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

Fund and index data from 8/31/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

*Includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the index that occurred on April 24, 2020.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Equally-Weighted S&P 500 Fund

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	8.68	%
10 Years	10.00
5 Years	7.35
1 Year	2.16
Class C Shares
Inception (7/28/97)	8.67	%
10 Years	9.98
5 Years	7.77
1 Year	6.32
Class R Shares
Inception (3/31/08)	9.72	%
10 Years	10.34
5 Years	8.30
1 Year	7.82
Class Y Shares
Inception (7/28/97)	9.18	%
10 Years	10.89
5 Years	8.84
1 Year	8.38
Class R6 Shares
Inception (9/24/12)	11.93	%
10 Years	11.02
5 Years	8.96
1 Year	8.48

Returns above include the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been lower.

 Effective June 1, 2010, Class A, Class C, Class R, Class W and Class I shares of the predecessor fund, Morgan Stanley Equally-Weighted S&P 500 Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class C, Class R, Class A and Class Y shares, respectively, of Invesco Equally-Weighted S&P 500 Fund. Returns shown above, prior to June 1, 2010, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C and Class R and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

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

5 Invesco Equally-Weighted S&P 500 Fund

Supplemental Information

Invesco Equally-Weighted S&P 500 Fund’s investment objective is total return through growth of capital and current income.

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

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

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

About indexes used in this report

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

∎ The S&P 500^® Equal Weight Index is the equally-weighted version of the S&P 500^® Index, which is considered representative of the US stock market.

∎ The Lipper Multi-Cap Core Funds Index is an unmanaged index considered representative of multi-cap core funds tracked by Lipper.

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

Liquidity Risk Management Program

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

  As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash

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

  At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the

  impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Equally-Weighted S&P 500 Fund

Fund Information

 

Portfolio Composition

By sector		% of total net assets
Industrials			15.38	%
Financials			14.32
Information Technology			13.21
Health Care			12.70
Consumer Discretionary			10.39
Consumer Staples			7.12
Real Estate			6.00
Materials			5.83
Utilities			5.53
Energy			5.05
Communication Services			3.97
Money Market Funds Plus Other Assets Less Liabilities			0.50
Top 10 Equity Holdings*
		% of total net assets
1.	Old Dominion Freight Line, Inc.		0.27	%
2.	Charter Communications, Inc., Class A		0.26
3.	APA Corp.		0.25
4.	Domino’s Pizza, Inc.		0.25
5.	Catalent, Inc.		0.25
6.	NVIDIA Corp.		0.25
7.	Carrier Global Corp.		0.25
8.	Global Payments, Inc.		0.25
9.	Digital Realty Trust, Inc.		0.24
10.	Marathon Petroleum Corp.		0.24

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

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco Equally-Weighted S&P 500 Fund

Schedule of Investments^(a)

August 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–99.50%
Advertising–0.32%
Interpublic Group of Cos., Inc. (The)		307,601	$   10,030,869
Omnicom Group, Inc.		129,011	10,451,181
			20,482,050
Aerospace & Defense–2.18%
Axon Enterprise, Inc.(b)		62,571	13,321,992
Boeing Co. (The)(b)		56,096	12,567,187
General Dynamics Corp.		57,428	13,015,482
Howmet Aerospace, Inc.		265,351	13,126,914
Huntington Ingalls Industries, Inc.		56,617	12,473,857
L3Harris Technologies, Inc.		64,639	11,511,560
Lockheed Martin Corp.		26,346	11,812,229
Northrop Grumman Corp.		26,835	11,621,970
RTX Corp.		122,726	10,559,345
Textron, Inc.		186,709	14,509,156
TransDigm Group, Inc.(b)		15,238	13,772,866
			138,292,558
Agricultural & Farm Machinery–0.21%
Deere & Co.		32,176	13,222,405
Agricultural Products & Services–0.45%
Archer-Daniels-Midland Co.		168,048	13,326,207
Bunge Ltd.		130,210	14,885,607
			28,211,814
Air Freight & Logistics–0.80%
C.H. Robinson Worldwide, Inc.		135,855	12,285,368
Expeditors International of
Washington, Inc.		105,717	12,338,231
FedEx Corp.		54,479	14,220,109
United Parcel Service, Inc., Class B		71,501	12,112,269
			50,955,977
Apparel Retail–0.45%
Ross Stores, Inc.		118,019	14,375,895
TJX Cos., Inc. (The)		153,607	14,205,575
			28,581,470
Apparel, Accessories & Luxury Goods–0.54%
Ralph Lauren Corp.(c)		103,897	12,117,507
Tapestry, Inc.		285,552	9,514,593
VF Corp.		637,897	12,604,845
			34,236,945
Application Software–2.32%
Adobe, Inc.(b)		26,851	15,018,838
ANSYS, Inc.(b)		37,447	11,940,725
Autodesk, Inc.(b)		60,531	13,434,250
Cadence Design Systems, Inc.(b)		53,163	12,782,512
Fair Isaac Corp.(b)		15,735	14,233,724
Intuit, Inc.		28,248	15,305,049
PTC, Inc.(b)		87,972	12,946,839
Roper Technologies, Inc.		26,982	13,465,637
Salesforce, Inc.(b)		56,617	12,538,401
Synopsys, Inc.(b)		27,782	12,748,882

	Shares		Value
Application Software–(continued)
Tyler Technologies, Inc.(b)		31,364	$   12,496,358
			146,911,215
Asset Management & Custody Banks–1.55%
Ameriprise Financial, Inc.		38,780	13,091,352
Bank of New York Mellon Corp. (The)		274,369	12,310,937
BlackRock, Inc.		17,812	12,478,019
Franklin Resources, Inc.		462,276	12,361,260
Invesco Ltd.(d)		755,279	12,024,042
Northern Trust Corp.		162,905	12,392,183
State Street Corp.		164,933	11,337,495
T. Rowe Price Group, Inc.		106,493	11,951,709
			97,946,997
Automobile Manufacturers–0.55%
Ford Motor Co.		887,206	10,761,809
General Motors Co.(e)		336,467	11,275,009
Tesla, Inc.(b)		49,878	12,872,514
			34,909,332
Automotive Parts & Equipment–0.40%
Aptiv PLC(b)		124,403	12,620,684
BorgWarner, Inc.		305,382	12,444,317
			25,065,001
Automotive Retail–0.61%
AutoZone, Inc.(b)		5,158	13,056,600
CarMax, Inc.(b)(c)		154,678	12,634,099
O’Reilly Automotive, Inc.(b)		13,440	12,629,568
			38,320,267
Biotechnology–1.58%
AbbVie, Inc.		88,220	12,964,811
Amgen, Inc.		55,724	14,284,290
Biogen, Inc.(b)		39,466	10,551,630
Gilead Sciences, Inc.		156,044	11,934,245
Incyte Corp.(b)		199,709	12,887,222
Moderna, Inc.(b)		98,898	11,182,397
Regeneron Pharmaceuticals, Inc.(b)		16,329	13,495,755
Vertex Pharmaceuticals, Inc.(b)		36,485	12,709,185
			100,009,535
Brewers–0.18%
Molson Coors Beverage Co., Class B		183,422	11,645,463
Broadcasting–0.37%
Fox Corp., Class A(c)		246,336	8,143,868
Fox Corp., Class B		125,098	3,817,991
Paramount Global, Class B(c)		757,155	11,425,469
			23,387,328
Broadline Retail–0.56%
Amazon.com, Inc.(b)		98,762	13,630,144
eBay, Inc.		266,104	11,916,137
Etsy, Inc.(b)		133,606	9,829,393
			35,375,674

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

8 Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Building Products–1.26%
A.O. Smith Corp.		177,210	$   12,847,725
Allegion PLC		108,213	12,315,721
Carrier Global Corp.(c)		269,099	15,459,738
Johnson Controls International PLC		191,942	11,336,094
Masco Corp.		225,912	13,331,067
Trane Technologies PLC		69,172	14,198,245
			79,488,590
Cable & Satellite–0.48%
Charter Communications, Inc., Class A(b)		37,111	16,259,071
Comcast Corp., Class A		303,013	14,168,888
			30,427,959
Cargo Ground Transportation–0.48%
J.B. Hunt Transport Services, Inc.		71,690	13,469,117
Old Dominion Freight Line, Inc.		39,813	17,014,882
			30,483,999
Casinos & Gaming–0.80%
Caesars Entertainment, Inc.(b)		251,344	13,889,269
Las Vegas Sands Corp.		208,451	11,435,622
MGM Resorts International(c)		294,948	12,971,813
Wynn Resorts Ltd.		119,266	12,091,187
			50,387,891
Commodity Chemicals–0.42%
Dow, Inc.		235,605	12,854,609
LyondellBasell Industries N.V., Class A		136,938	13,525,366
			26,379,975
Communications Equipment–1.05%
Arista Networks, Inc.(b)		75,008	14,643,812
Cisco Systems, Inc.		245,474	14,077,934
F5, Inc.(b)		83,051	13,592,126
Juniper Networks, Inc.		403,783	11,758,161
Motorola Solutions, Inc.		43,851	12,434,828
			66,506,861
Computer & Electronics Retail–0.20%
Best Buy Co., Inc.		162,018	12,386,276
Construction & Engineering–0.22%
Quanta Services, Inc.		66,675	13,993,082
Construction Machinery & Heavy Transportation Equipment–0.85%
Caterpillar, Inc.		51,867	14,581,370
Cummins, Inc.		53,789	12,373,621
PACCAR, Inc.		158,665	13,056,543
Wabtec Corp.		123,071	13,847,949
			53,859,483
Construction Materials–0.40%
Martin Marietta Materials, Inc.		28,532	12,736,970
Vulcan Materials Co.		58,993	12,875,222
			25,612,192
Consumer Electronics–0.19%
Garmin Ltd.		115,722	12,268,846
Consumer Finance–0.69%
American Express Co.		70,989	11,215,552
Capital One Financial Corp.		109,339	11,195,220

	Shares		Value
Consumer Finance–(continued)
Discover Financial Services		106,800	$    9,619,476
Synchrony Financial		361,834	11,680,002
			43,710,250
Consumer Staples Merchandise Retail–0.95%
Costco Wholesale Corp.		23,566	12,944,333
Dollar General Corp.		79,649	11,031,387
Dollar Tree, Inc.(b)		92,512	11,319,768
Target Corp.		95,993	12,147,914
Walmart, Inc.		79,628	12,948,309
			60,391,711
Copper–0.20%
Freeport-McMoRan, Inc.		321,726	12,840,085
Data Center REITs–0.45%
Digital Realty Trust, Inc.		116,933	15,402,415
Equinix, Inc.		16,392	12,808,381
			28,210,796
Data Processing & Outsourced Services–0.23%
Broadridge Financial Solutions, Inc.		79,239	14,755,094
Distillers & Vintners–0.41%
Brown-Forman Corp., Class B		189,465	12,529,320
Constellation Brands, Inc., Class A		50,455	13,146,555
			25,675,875
Distributors–0.59%
Genuine Parts Co.		78,233	12,026,759
LKQ Corp.		224,497	11,792,827
Pool Corp.(c)		37,346	13,653,698
			37,473,284
Diversified Banks–1.75%
Bank of America Corp.		416,474	11,940,309
Citigroup, Inc.		252,385	10,420,977
Comerica, Inc.		289,692	13,937,082
Fifth Third Bancorp		461,575	12,254,816
JPMorgan Chase & Co.		86,449	12,650,082
KeyCorp		1,141,405	12,932,119
PNC Financial Services Group, Inc. (The)		94,549	11,414,901
U.S. Bancorp		370,975	13,551,717
Wells Fargo & Co.		289,347	11,947,138
			111,049,141
Diversified Support Services–0.40%
Cintas Corp.		25,374	12,792,809
Copart, Inc.(b)		284,354	12,747,590
			25,540,399
Drug Retail–0.15%
Walgreens Boots Alliance, Inc.		387,976	9,819,673
Electric Utilities–3.16%
Alliant Energy Corp.		229,010	11,489,432
American Electric Power Co., Inc.		145,677	11,421,077
Constellation Energy Corp.		130,670	13,610,587
Duke Energy Corp.		133,197	11,827,893
Edison International		180,009	12,393,620
Entergy Corp.		120,171	11,446,288
Evergy, Inc.		205,222	11,281,053

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

9 Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Electric Utilities–(continued)
Eversource Energy		173,230	$   11,055,538
Exelon Corp.		304,147	12,202,378
FirstEnergy Corp.		315,727	11,388,273
NextEra Energy, Inc.		164,577	10,993,744
NRG Energy, Inc.		357,694	13,431,410
PG&E Corp.(b)		722,169	11,771,355
Pinnacle West Capital Corp.(c)		150,887	11,659,038
PPL Corp.		454,519	11,326,613
Southern Co. (The)		171,066	11,586,300
Xcel Energy, Inc.		192,123	10,975,987
			199,860,586
Electrical Components & Equipment–1.06%
AMETEK, Inc.		81,111	12,938,016
Eaton Corp. PLC		65,083	14,993,171
Emerson Electric Co.		144,777	14,224,340
Generac Holdings, Inc.(b)(c)		104,395	12,403,170
Rockwell Automation, Inc.		39,902	12,452,616
			67,011,313
Electronic Components–0.41%
Amphenol Corp., Class A		155,825	13,771,813
Corning, Inc.		371,879	12,205,069
			25,976,882
Electronic Equipment & Instruments–0.77%
Keysight Technologies, Inc.(b)		75,448	10,057,218
Teledyne Technologies, Inc.(b)		31,098	13,008,294
Trimble, Inc.(b)		243,270	13,328,763
Zebra Technologies Corp., Class A(b)		44,383	12,205,769
			48,600,044
Electronic Manufacturing Services–0.20%
TE Connectivity Ltd.		95,236	12,608,294
Environmental & Facilities Services–0.57%
Republic Services, Inc.		85,068	12,260,851
Rollins, Inc.		298,780	11,822,724
Waste Management, Inc.		74,933	11,747,996
			35,831,571
Fertilizers & Agricultural Chemicals–0.76%
CF Industries Holdings, Inc.		179,346	13,822,196
Corteva, Inc.		215,986	10,909,453
FMC Corp.		115,405	9,951,373
Mosaic Co. (The)(e)		347,497	13,500,259
			48,183,281
Financial Exchanges & Data–1.79%
Cboe Global Markets, Inc.		88,060	13,183,463
CME Group, Inc., Class A		65,951	13,366,949
FactSet Research Systems, Inc.		30,661	13,380,767
Intercontinental Exchange, Inc.		110,860	13,080,371
MarketAxess Holdings, Inc.		44,063	10,616,098
Moody’s Corp.		36,337	12,238,302
MSCI, Inc.		25,726	13,985,168
Nasdaq, Inc.		210,794	11,062,469
S&P Global, Inc.		31,745	12,407,851
			113,321,438

	Shares		Value
Food Distributors–0.18%
Sysco Corp.		168,048	$   11,704,543
Food Retail–0.19%
Kroger Co. (The)		264,028	12,248,259
Footwear–0.18%
NIKE, Inc., Class B		115,154	11,712,313
Gas Utilities–0.19%
Atmos Energy Corp.		103,896	12,046,741
Gold–0.18%
Newmont Corp.		294,023	11,590,387
Health Care Distributors–0.78%
Cardinal Health, Inc.		140,489	12,268,904
Cencora, Inc.		68,400	12,037,032
Henry Schein, Inc.(b)		162,841	12,463,850
McKesson Corp.		30,946	12,759,655
			49,529,441
Health Care Equipment–3.11%
Abbott Laboratories		119,877	12,335,343
Baxter International, Inc.		290,451	11,792,311
Becton, Dickinson and Co.		48,470	13,544,941
Boston Scientific Corp.(b)		237,718	12,822,509
DexCom, Inc.(b)		98,039	9,899,978
Edwards Lifesciences Corp.(b)		144,949	11,084,250
GE HealthCare Technologies, Inc.		158,109	11,138,779
Hologic, Inc.(b)		156,767	11,716,766
IDEXX Laboratories, Inc.(b)		27,037	13,826,992
Insulet Corp.(b)		43,061	8,255,224
Intuitive Surgical, Inc.(b)		38,977	12,187,328
Medtronic PLC		145,589	11,865,504
ResMed, Inc.		57,089	9,110,834
STERIS PLC		58,896	13,521,933
Stryker Corp.		43,437	12,316,561
Teleflex, Inc.		51,423	10,939,729
Zimmer Biomet Holdings, Inc.		89,628	10,676,487
			197,035,469
Health Care Facilities–0.39%
HCA Healthcare, Inc.		44,852	12,437,460
Universal Health Services, Inc., Class B		89,385	12,040,159
			24,477,619
Health Care REITs–0.57%
Healthpeak Properties, Inc.		589,184	12,125,407
Ventas, Inc.		266,628	11,646,311
Welltower, Inc.		150,311	12,457,775
			36,229,493
Health Care Services–0.98%
Cigna Group (The)		45,848	12,665,968
CVS Health Corp.		169,875	11,070,754
DaVita, Inc.(b)		125,053	12,807,928
Laboratory Corp. of America Holdings		65,629	13,657,395
Quest Diagnostics, Inc.		90,600	11,913,900
			62,115,945
Health Care Supplies–0.63%
Align Technology, Inc.(b)		40,041	14,820,776

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

10 Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Health Care Supplies–(continued)
Cooper Cos., Inc. (The)		35,216	$   13,029,568
DENTSPLY SIRONA, Inc.		317,288	11,768,212
			39,618,556
Home Furnishings–0.20%
Mohawk Industries, Inc.(b)		127,847	12,962,407
Home Improvement Retail–0.43%
Home Depot, Inc. (The)		40,997	13,541,309
Lowe’s Cos., Inc.		58,293	13,435,371
			26,976,680
Homebuilding–0.83%
D.R. Horton, Inc.		106,922	12,725,857
Lennar Corp., Class A		106,745	12,712,262
NVR, Inc.(b)(c)		2,095	13,360,506
PulteGroup, Inc.		169,332	13,895,384
			52,694,009
Hotel & Resort REITs–0.17%
Host Hotels & Resorts, Inc.(c)		687,547	10,856,367
Hotels, Resorts & Cruise Lines–1.47%
Booking Holdings, Inc.(b)		4,678	14,525,330
Carnival Corp.(b)		931,261	14,732,549
Expedia Group, Inc.(b)		110,338	11,959,536
Hilton Worldwide Holdings, Inc.		86,131	12,803,373
Marriott International, Inc., Class A		68,097	13,858,421
Norwegian Cruise Line Holdings Ltd.(b)(c)		709,971	11,764,219
Royal Caribbean Cruises Ltd.(b)(c)		133,635	13,221,847
			92,865,275
Household Appliances–0.19%
Whirlpool Corp.		85,810	12,009,968
Household Products–0.96%
Church & Dwight Co., Inc.		129,545	12,536,070
Clorox Co. (The)		77,813	12,173,844
Colgate-Palmolive Co.		160,736	11,809,274
Kimberly-Clark Corp.		90,634	11,676,378
Procter & Gamble Co. (The)		83,176	12,837,384
			61,032,950
Housewares & Specialties–0.24%
Newell Brands, Inc.		1,437,524	15,209,004
Human Resource & Employment Services–1.04%
Automatic Data Processing, Inc.		56,640	14,421,110
Ceridian HCM Holding, Inc.(b)(c)		192,153	13,934,936
Paychex, Inc.		109,144	13,340,671
Paycom Software, Inc.		40,007	11,795,664
Robert Half, Inc.		167,632	12,398,063
			65,890,444
Independent Power Producers & Energy Traders–0.17%
AES Corp. (The)		606,780	10,879,565
Industrial Conglomerates–0.60%
3M Co.		122,024	13,016,300
General Electric Co.		114,678	13,126,044
Honeywell International, Inc.		61,601	11,577,292
			37,719,636

	Shares		Value
Industrial Gases–0.41%
Air Products and Chemicals, Inc.		43,757	$   12,929,756
Linde PLC		33,791	13,078,469
			26,008,225
Industrial Machinery & Supplies & Components–2.49%
Dover Corp.		86,369	12,808,523
Fortive Corp.		178,873	14,104,136
IDEX Corp.		58,929	13,341,526
Illinois Tool Works, Inc.(c)		51,325	12,695,239
Ingersoll Rand, Inc.		195,168	13,585,644
Nordson Corp.		52,510	12,819,791
Otis Worldwide Corp.		142,310	12,174,621
Parker-Hannifin Corp.		34,229	14,270,070
Pentair PLC		206,020	14,474,965
Snap-on, Inc.		45,557	12,236,610
Stanley Black & Decker, Inc.		144,092	13,599,403
Xylem, Inc.		111,113	11,504,640
			157,615,168
Industrial REITs–0.20%
Prologis, Inc.		100,489	12,480,734
Insurance Brokers–1.03%
Aon PLC, Class A		38,783	12,929,864
Arthur J. Gallagher & Co.		58,927	13,581,495
Brown & Brown, Inc.		190,383	14,107,380
Marsh & McLennan Cos., Inc.		68,388	13,334,976
Willis Towers Watson PLC		54,010	11,167,108
			65,120,823
Integrated Oil & Gas–0.60%
Chevron Corp.		76,736	12,362,170
Exxon Mobil Corp.		113,513	12,621,510
Occidental Petroleum Corp.		205,499	12,903,282
			37,886,962
Integrated Telecommunication Services–0.37%
AT&T, Inc.		764,276	11,303,642
Verizon Communications, Inc.		343,676	12,021,787
			23,325,429
Interactive Home Entertainment–0.61%
Activision Blizzard, Inc.		151,657	13,950,928
Electronic Arts, Inc.		96,794	11,613,344
Take-Two Interactive Software, Inc.(b)		90,951	12,933,232
			38,497,504
Interactive Media & Services–0.65%
Alphabet, Inc., Class A(b)		53,484	7,282,916
Alphabet, Inc., Class C(b)		46,007	6,319,062
Match Group, Inc.(b)		293,105	13,737,831
Meta Platforms, Inc., Class A(b)		46,010	13,613,899
			40,953,708
Internet Services & Infrastructure–0.40%
Akamai Technologies, Inc.(b)		131,815	13,852,438
VeriSign, Inc.(b)		55,167	11,463,151
			25,315,589
Investment Banking & Brokerage–0.80%
Charles Schwab Corp. (The)		221,640	13,110,006
Goldman Sachs Group, Inc. (The)		36,278	11,888,663

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

11 Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Investment Banking & Brokerage–(continued)
Morgan Stanley		141,402	$   12,040,380
Raymond James Financial, Inc.		127,406	13,325,394
			50,364,443
IT Consulting & Other Services–1.22%
Accenture PLC, Class A		39,487	12,784,706
Cognizant Technology Solutions Corp., Class A		196,458	14,068,357
DXC Technology Co.(b)		466,700	9,679,358
EPAM Systems, Inc.(b)		57,683	14,939,320
Gartner, Inc.(b)		35,380	12,371,679
International Business Machines Corp.		90,098	13,229,089
			77,072,509
Leisure Products–0.23%
Hasbro, Inc.		202,193	14,557,896
Life & Health Insurance–1.27%
Aflac, Inc.		176,746	13,179,949
Globe Life, Inc.		112,946	12,601,385
Lincoln National Corp.		527,714	13,541,141
MetLife, Inc.		226,289	14,333,146
Principal Financial Group, Inc.		170,755	13,269,371
Prudential Financial, Inc.		144,178	13,649,331
			80,574,323
Life Sciences Tools & Services–2.42%
Agilent Technologies, Inc.		105,278	12,746,007
Bio-Rad Laboratories, Inc., Class A(b)		33,765	13,512,753
Bio-Techne Corp.		155,428	12,185,555
Charles River Laboratories International, Inc.(b)(c)		61,667	12,753,969
Danaher Corp.		51,792	13,724,880
Illumina, Inc.(b)		60,727	10,033,315
IQVIA Holdings, Inc.(b)		59,007	13,136,728
Mettler-Toledo International, Inc.(b)		9,435	11,449,184
Revvity, Inc.		109,733	12,842,053
Thermo Fisher Scientific, Inc.		23,525	13,105,778
Waters Corp.(b)		48,902	13,731,682
West Pharmaceutical Services, Inc.		35,001	14,241,907
			153,463,811
Managed Health Care–0.92%
Centene Corp.(b)		176,670	10,891,705
Elevance Health, Inc.		25,927	11,459,993
Humana, Inc.		23,747	10,962,328
Molina Healthcare, Inc.(b)		42,872	13,295,465
UnitedHealth Group, Inc.		24,696	11,769,620
			58,379,111
Metal, Glass & Plastic Containers–0.20%
Ball Corp.(c)		231,841	12,623,742
Movies & Entertainment–0.75%
Live Nation Entertainment, Inc.(b)(c)		144,863	12,245,269
Netflix, Inc.(b)		29,023	12,586,695
Walt Disney Co. (The)(b)		132,604	11,096,303
Warner Bros Discovery, Inc.(b)		880,795	11,573,646
			47,501,913
Multi-Family Residential REITs–1.12%
AvalonBay Communities, Inc.		64,735	11,899,588

	Shares		Value
Multi-Family Residential REITs–(continued)
Camden Property Trust		107,650	$   11,585,293
Equity Residential		184,198	11,941,556
Essex Property Trust, Inc.		52,028	12,402,955
Mid-America Apartment Communities, Inc.		79,019	11,475,929
UDR, Inc.		286,491	11,430,991
			70,736,312
Multi-line Insurance–0.61%
American International Group, Inc.		214,315	12,541,714
Assurant, Inc.		97,117	13,531,312
Hartford Financial Services Group, Inc. (The)		170,922	12,275,618
			38,348,644
Multi-Sector Holdings–0.21%
Berkshire Hathaway, Inc., Class B(b)		36,357	13,095,791
Multi-Utilities–1.83%
Ameren Corp.		146,235	11,592,049
CenterPoint Energy, Inc.		421,078	11,743,865
CMS Energy Corp.		200,860	11,286,323
Consolidated Edison, Inc.		130,390	11,599,494
Dominion Energy, Inc.		229,614	11,145,464
DTE Energy Co.		109,398	11,309,565
NiSource, Inc.(c)		449,989	12,041,706
Public Service Enterprise Group, Inc.		196,394	11,995,746
Sempra		165,068	11,591,075
WEC Energy Group, Inc.		135,552	11,402,634
			115,707,921
Office REITs–0.42%
Alexandria Real Estate Equities, Inc.		101,088	11,760,578
Boston Properties, Inc.(c)		225,286	15,042,346
			26,802,924
Oil & Gas Equipment & Services–0.70%
Baker Hughes Co., Class A		406,205	14,700,559
Halliburton Co.		376,939	14,557,384
Schlumberger N.V.		256,474	15,121,707
			44,379,650
Oil & Gas Exploration & Production–2.20%
APA Corp.		364,867	15,995,769
ConocoPhillips		117,338	13,966,742
Coterra Energy, Inc.		496,142	13,986,243
Devon Energy Corp.		244,440	12,488,440
Diamondback Energy, Inc.		92,155	13,987,286
EOG Resources, Inc.		104,862	13,487,350
EQT Corp.(c)		316,218	13,666,942
Hess Corp.		89,378	13,808,901
Marathon Oil Corp.		517,630	13,639,551
Pioneer Natural Resources Co.		59,523	14,162,307
			139,189,531
Oil & Gas Refining & Marketing–0.69%
Marathon Petroleum Corp.		107,869	15,400,457
Phillips 66		123,432	14,090,997
Valero Energy Corp.		107,507	13,965,160
			43,456,614

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

12 Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Oil & Gas Storage & Transportation–0.86%
Kinder Morgan, Inc.		715,807	$   12,326,197
ONEOK, Inc.		203,713	13,282,088
Targa Resources Corp.		172,154	14,848,282
Williams Cos., Inc. (The)		401,125	13,850,846
			54,307,413
Other Specialized REITs–0.40%
Iron Mountain, Inc.(c)		217,410	13,814,232
VICI Properties, Inc.		377,405	11,639,170
			25,453,402
Other Specialty Retail–0.55%
Bath & Body Works, Inc.		288,662	10,642,968
Tractor Supply Co.(c)		56,120	12,262,220
Ulta Beauty, Inc.(b)		28,777	11,943,318
			34,848,506
Packaged Foods & Meats–2.10%
Campbell Soup Co.		264,717	11,038,699
Conagra Brands, Inc.		354,573	10,594,641
General Mills, Inc.		148,119	10,021,732
Hershey Co. (The)		47,652	10,238,509
Hormel Foods Corp.		298,268	11,510,162
JM Smucker Co. (The)		79,379	11,505,986
Kellogg Co.		181,510	11,075,740
Kraft Heinz Co. (The)		330,537	10,937,469
Lamb Weston Holdings, Inc.		107,289	10,451,021
McCormick & Co., Inc.		134,446	11,035,328
Mondelez International, Inc., Class A		167,058	11,904,553
Tyson Foods, Inc., Class A		242,013	12,892,033
			133,205,873
Paper & Plastic Packaging Products & Materials–1.24%
Amcor PLC		1,217,803	11,861,401
Avery Dennison Corp.		75,008	14,130,007
International Paper Co.		384,792	13,436,937
Packaging Corp. of America		93,197	13,895,673
Sealed Air Corp.		315,645	11,697,804
WestRock Co.		411,692	13,466,445
			78,488,267
Passenger Airlines–0.95%
Alaska Air Group, Inc.(b)		250,569	10,516,381
American Airlines Group, Inc.(b)		782,929	11,532,544
Delta Air Lines, Inc.		310,342	13,307,465
Southwest Airlines Co.		398,112	12,580,339
United Airlines Holdings, Inc.(b)		241,773	12,042,713
			59,979,442
Personal Care Products–0.38%
Estee Lauder Cos., Inc. (The), Class A		69,055	11,085,399
Kenvue, Inc.		561,440	12,941,192
			24,026,591
Pharmaceuticals–1.89%
Bristol-Myers Squibb Co.		188,121	11,597,660
Catalent, Inc.(b)(c)		314,100	15,695,577
Eli Lilly and Co.		27,330	15,146,286
Johnson & Johnson		76,184	12,317,429
Merck & Co., Inc.		110,109	11,999,679
Organon & Co.		614,736	13,499,602

	Shares		Value
Pharmaceuticals–(continued)
Pfizer, Inc.		312,810	$   11,067,218
Viatris, Inc.		1,299,596	13,970,657
Zoetis, Inc.		74,746	14,239,860
			119,533,968
Property & Casualty Insurance–1.58%
Allstate Corp. (The)		108,880	11,738,353
Arch Capital Group Ltd.(b)		170,636	13,115,083
Chubb Ltd.		63,773	12,810,082
Cincinnati Financial Corp.		119,594	12,651,849
Loews Corp.		205,435	12,755,459
Progressive Corp. (The)		93,126	12,429,527
Travelers Cos., Inc. (The)		69,420	11,192,587
W.R. Berkley Corp.		213,153	13,185,645
			99,878,585
Publishing–0.22%
News Corp., Class A		483,804	10,396,948
News Corp., Class B		149,141	3,281,102
			13,678,050
Rail Transportation–0.57%
CSX Corp.		377,289	11,394,128
Norfolk Southern Corp.		56,389	11,560,309
Union Pacific Corp.		61,051	13,466,019
			36,420,456
Real Estate Services–0.40%
CBRE Group, Inc., Class A(b)		154,423	13,133,676
CoStar Group, Inc.(b)		152,112	12,471,663
			25,605,339
Regional Banks–1.17%
Citizens Financial Group, Inc.		430,141	12,099,866
Huntington Bancshares, Inc.		1,113,261	12,346,065
M&T Bank Corp.		96,047	12,010,677
Regions Financial Corp.		660,000	12,104,400
Truist Financial Corp.		373,589	11,413,144
Zions Bancorporation N.A.(c)		394,889	14,018,560
			73,992,712
Reinsurance–0.20%
Everest Group Ltd.		35,376	12,759,416
Research & Consulting Services–0.84%
Equifax, Inc.		54,460	11,256,882
Jacobs Solutions, Inc.		104,880	14,139,921
Leidos Holdings, Inc.		147,029	14,336,798
Verisk Analytics, Inc.		55,572	13,460,650
			53,194,251
Restaurants–1.18%
Chipotle Mexican Grill, Inc.(b)		5,974	11,509,747
Darden Restaurants, Inc.(c)		75,290	11,708,348
Domino’s Pizza, Inc.		40,897	15,843,498
McDonald’s Corp.		42,506	11,950,562
Starbucks Corp.		124,440	12,125,434
Yum! Brands, Inc.		91,354	11,819,380
			74,956,969
Retail REITs–0.96%
Federal Realty Investment Trust		126,797	12,418,498

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

13 Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Retail REITs–(continued)
Kimco Realty Corp.		627,348	$   11,881,971
Realty Income Corp.		200,134	11,215,510
Regency Centers Corp.		201,119	12,509,602
Simon Property Group, Inc.		110,119	12,497,405
			60,522,986
Self-Storage REITs–0.36%
Extra Space Storage, Inc.		84,361	10,855,573
Public Storage		42,497	11,745,321
			22,600,894
Semiconductor Materials & Equipment–1.09%
Applied Materials, Inc.		89,555	13,680,422
Enphase Energy, Inc.(b)		69,826	8,835,084
KLA Corp.		26,179	13,138,455
Lam Research Corp.		20,096	14,115,430
SolarEdge Technologies, Inc.(b)(c)		43,177	7,019,285
Teradyne, Inc.(c)		116,075	12,521,010
			69,309,686
Semiconductors–3.04%
Advanced Micro Devices, Inc.(b)		97,584	10,316,581
Analog Devices, Inc.		66,811	12,144,904
Broadcom, Inc.		15,151	13,982,706
First Solar, Inc.(b)		63,491	12,007,418
Intel Corp.		388,967	13,668,300
Microchip Technology, Inc.		152,245	12,459,731
Micron Technology, Inc.		186,309	13,030,451
Monolithic Power Systems, Inc.		24,289	12,659,670
NVIDIA Corp.		31,442	15,518,199
NXP Semiconductors N.V. (China)		65,893	13,555,508
ON Semiconductor Corp.(b)		136,938	13,482,916
Qorvo, Inc.(b)		123,934	13,309,272
QUALCOMM, Inc.		102,280	11,714,128
Skyworks Solutions, Inc.		116,664	12,686,043
Texas Instruments, Inc.		71,459	12,009,400
			192,545,227
Single-Family Residential REITs–0.19%
Invitation Homes, Inc.		355,503	12,119,097
Soft Drinks & Non-alcoholic Beverages–0.78%
Coca-Cola Co. (The)		201,591	12,061,190
Keurig Dr Pepper, Inc.		389,339	13,101,257
Monster Beverage Corp.(b)		212,929	12,224,254
PepsiCo, Inc.		66,850	11,893,952
			49,280,653
Specialty Chemicals–1.59%
Albemarle Corp.(c)		55,284	10,985,484
Celanese Corp.(c)		107,280	13,555,901
DuPont de Nemours, Inc.		174,970	13,453,443
Eastman Chemical Co.		151,469	12,876,380
Ecolab, Inc.		68,685	12,624,990
International Flavors & Fragrances, Inc.		155,805	10,976,462
PPG Industries, Inc.		87,278	12,372,529
Sherwin-Williams Co. (The)		50,632	13,757,727
			100,602,916
Steel–0.43%
Nucor Corp.		83,752	14,413,719

	Shares		Value
Steel–(continued)
Steel Dynamics, Inc.		122,861	$   13,095,754
			27,509,473
Systems Software–1.22%
Fortinet, Inc.(b)		179,241	10,792,101
Gen Digital, Inc.		684,074	13,852,499
Microsoft Corp.		37,303	12,226,431
Oracle Corp.		110,971	13,359,799
Palo Alto Networks, Inc.(b)(c)		55,384	13,474,927
ServiceNow, Inc.(b)		22,827	13,441,222
			77,146,979
Technology Distributors–0.24%
CDW Corp.		71,522	15,101,870
Technology Hardware, Storage & Peripherals–1.25%
Apple, Inc.		67,364	12,655,675
Hewlett Packard Enterprise Co.		772,020	13,116,620
HP, Inc.		409,067	12,153,380
NetApp, Inc.		174,870	13,412,529
Seagate Technology Holdings PLC		200,200	14,172,158
Western Digital Corp.(b)		306,441	13,789,845
			79,300,207
Telecom Tower REITs–0.55%
American Tower Corp.		65,083	11,800,850
Crown Castle, Inc.		106,969	10,750,384
SBA Communications Corp., Class A		54,391	12,212,411
			34,763,645
Timber REITs–0.21%
Weyerhaeuser Co.		410,998	13,460,185
Tobacco–0.39%
Altria Group, Inc.		269,575	11,920,607
Philip Morris International, Inc.		131,658	12,647,067
			24,567,674
Trading Companies & Distributors–0.63%
Fastenal Co.		222,570	12,815,580
United Rentals, Inc.		31,335	14,932,381
W.W. Grainger, Inc.		17,256	12,323,200
			40,071,161
Transaction & Payment Processing Services–1.67%
Fidelity National Information Services, Inc.		223,019	12,457,841
Fiserv, Inc.(b)		104,351	12,667,168
FleetCor Technologies, Inc.(b)		50,926	13,838,122
Global Payments, Inc.		121,792	15,429,829
Jack Henry & Associates, Inc.		77,207	12,104,514
Mastercard, Inc., Class A		33,016	13,623,722
PayPal Holdings, Inc.(b)		192,002	12,002,045
Visa, Inc., Class A(c)		54,509	13,391,771
			105,515,012
Water Utilities–0.18%
American Water Works Co., Inc.(c)		83,119	11,531,930

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

14 Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Wireless Telecommunication Services–0.20%
T-Mobile US, Inc.(b)		92,800	$   12,644,000
Total Common Stocks & Other Equity Interests (Cost $3,286,154,898)			6,299,996,085
Money Market Funds–0.40%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(d)(f)		8,944,423	8,944,423
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(d)(f)		6,386,790	6,387,428
Invesco Treasury Portfolio, Institutional Class, 5.25%(d)(f)		10,222,198	10,222,198
Total Money Market Funds (Cost $25,554,049)			25,554,049
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $3,311,708,947)			6,325,550,134

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.45%
Invesco Private Government Fund, 5.30%(d)(f)(g)		61,093,654	$   61,093,654
Invesco Private Prime Fund, 5.51%(d)(f)(g)		157,097,966	157,097,966
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $218,198,672)			218,191,620
TOTAL INVESTMENTS IN SECURITIES–103.35% (Cost $3,529,907,619)			6,543,741,754
OTHER ASSETS LESS LIABILITIES–(3.35)%			(212,397,304)
NET ASSETS–100.00%			$6,331,344,450

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

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

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

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value August 31, 2023		Dividend Income
Invesco Ltd.	$	11,939,169	$	1,819,694	$	(1,444,894)	$	337,141	$	(627,068)	$	12,024,042	$	566,511
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		12,303,927		268,024,152		(271,383,656)		-		-		8,944,423		445,035
Invesco Liquid Assets Portfolio, Institutional Class		8,934,612		191,445,823		(193,989,447)		(4,092)		532		6,387,428		325,931
Invesco Treasury Portfolio, Institutional Class		14,061,631		306,313,317		(310,152,750)		-		-		10,222,198		508,802
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		69,150,158		1,172,942,754		(1,180,999,258)		-		-		61,093,654		3,781,308*
Invesco Private Prime Fund		192,849,474		2,604,995,668		(2,640,659,032)		(16,284)		(71,860)		157,097,966		10,329,581*
Total	$	309,238,971	$	4,545,541,408	$	(4,598,629,037)	$	316,765	$	(698,396)	$	255,769,711	$	15,957,168

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

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

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

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

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
CME E-Mini Standard & Poor’s MidCap 400 Index		66		September-2023	$	17,481,420	$	(137,540	)		$(137,540)
E-Mini S&P 500 Index		84		September-2023		18,967,200		(30,691	)		(30,691	)
Total Futures Contracts							$	(168,231	)		$(168,231)

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

15 Invesco Equally-Weighted S&P 500 Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $3,277,455,384)*	$	6,287,972,043
Investments in affiliates, at value (Cost $252,452,235)		255,769,711
Cash		308,526
Receivable for:
Fund shares sold		2,304,337
Dividends		11,601,523
Investment for trustee deferred compensation and retirement plans		154,310
Other assets		375,250
Total assets		6,558,485,700
Liabilities:
Other investments:
Variation margin payable – futures contracts		37,248
Payable for:
Fund shares reacquired		4,740,690
Collateral upon return of securities loaned		218,198,672
Accrued fees to affiliates		3,046,823
Accrued trustees’ and officers’ fees and benefits		4,500
Accrued other operating expenses		883,475
Trustee deferred compensation and retirement plans		229,842
Total liabilities		227,141,250
Net assets applicable to shares outstanding	$	6,331,344,450
Net assets consist of:
Shares of beneficial interest	$	3,168,025,151
Distributable earnings		3,163,319,299
	$	6,331,344,450

Net Assets:
Class A	$	2,838,398,107
Class C	$	539,236,611
Class R	$	175,269,869
Class Y	$	2,188,759,626
Class R6	$	589,680,237
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		41,587,240
Class C		8,456,721
Class R		2,594,493
Class Y		31,546,192
Class R6		8,474,683
Class A:
Net asset value per share	$	68.25
Maximum offering price per share (Net asset value of $68.25 ÷ 94.50%)	$	72.22
Class C:
Net asset value and offering price per share	$	63.76
Class R:
Net asset value and offering price per share	$	67.55
Class Y:
Net asset value and offering price per share	$	69.38
Class R6:
Net asset value and offering price per share	$	69.58

* At August 31, 2023, securities with an aggregate value of $213,407,897 were on loan to brokers.

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

16 Invesco Equally-Weighted S&P 500 Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Dividends (net of foreign withholding taxes of $40,326)	$	121,154,364
Dividends from affiliates (includes net securities lending income of $541,098)		2,387,377
Total investment income		123,541,741
Expenses:
Advisory fees		6,704,748
Administrative services fees		883,191
Custodian fees		41,246
Distribution fees:
Class A		6,834,573
Class C		6,125,915
Class R		806,143
Transfer agent fees – A, C, R and Y		7,153,317
Transfer agent fees – R6		169,867
Trustees’ and officers’ fees and benefits		68,366
Registration and filing fees		202,116
Licensing fees		1,428,936
Reports to shareholders		265,218
Professional services fees		108,719
Other		70,060
Total expenses		30,862,415
Less: Fees waived and/or expense offset arrangement(s)		(60,837	)
Net expenses		30,801,578
Net investment income		92,740,163
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		148,962,723
Affiliated investment securities		(698,396	)
Futures contracts		5,828,423
		154,092,750
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		247,306,517
Affiliated investment securities		316,765
Futures contracts		(445,128	)
		247,178,154
Net realized and unrealized gain		401,270,904
Net increase in net assets resulting from operations	$	494,011,067

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

17 Invesco Equally-Weighted S&P 500 Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	92,740,163		$	85,151,233
Net realized gain		154,092,750			646,429,618
Change in net unrealized appreciation (depreciation)		247,178,154			(1,346,080,060	)
Net increase (decrease) in net assets resulting from operations		494,011,067			(614,499,209	)
Distributions to shareholders from distributable earnings:
Class A		(209,942,045	)		(277,149,514	)
Class C		(52,192,427	)		(81,017,860	)
Class R		(12,121,490	)		(13,741,102	)
Class Y		(178,908,251	)		(248,365,021	)
Class R6		(43,715,271	)		(60,065,331	)
Total distributions from distributable earnings		(496,879,484	)		(680,338,828	)
Share transactions–net:
Class A		163,416,324			236,948,870
Class C		(140,098,319	)		(96,841,788	)
Class R		28,083,354			27,584,873
Class Y		(59,477,222	)		39,955,023
Class R6		25,417,946			(241,730,990	)
Net increase (decrease) in net assets resulting from share transactions		17,342,083			(34,084,012	)
Net increase (decrease) in net assets		14,473,666			(1,328,922,049	)
Net assets:
Beginning of year		6,316,870,784			7,645,792,833
End of year	$	6,331,344,450		$	6,316,870,784

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

18 Invesco Equally-Weighted S&P 500 Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 08/31/23		$68.51		$0.96		$ 4.20			$ 5.16			$(0.87	)		$(4.55	)		$(5.42	)		$68.25		8.10	%		$2,838,398		0.52	%		0.52	%		1.44	%		20	%
Year ended 08/31/22		82.72		0.90		(7.40	)		(6.50	)		(0.93	)		(6.78	)		(7.71	)		68.51		(8.85	)		2,670,328		0.53			0.53			1.18			24
Year ended 08/31/21		62.02		0.82		24.05			24.87			(0.99	)		(3.18	)		(4.17	)		82.72		41.81			2,971,521		0.52			0.52			1.13			23
Year ended 08/31/20		60.01		0.99		3.88			4.87			(1.03	)		(1.83	)		(2.86	)		62.02		8.08	(d)		2,182,945		0.53			0.53			1.67			26
Year ended 08/31/19		64.04		0.92		(1.38	)		(0.46	)		(0.82	)		(2.75	)		(3.57	)		60.01		(0.09	)		2,235,827		0.52			0.52			1.55			22
Class C
Year ended 08/31/23		64.65		0.43		3.94			4.37			(0.71	)		(4.55	)		(5.26	)		63.76		7.29			539,237		1.27			1.27			0.69			20
Year ended 08/31/22		78.47		0.31		(7.00	)		(6.69	)		(0.35	)		(6.78	)		(7.13	)		64.65		(9.53	)		689,583		1.28			1.28			0.43			24
Year ended 08/31/21		58.96		0.30		22.86			23.16			(0.47	)		(3.18	)		(3.65	)		78.47		40.82	(e)		945,674		1.21	(e)		1.21	(e)		0.44	(e)		23
Year ended 08/31/20		57.18		0.52		3.66			4.18			(0.57	)		(1.83	)		(2.40	)		58.96		7.27	(d)		879,154		1.28			1.28			0.92			26
Year ended 08/31/19		61.18		0.46		(1.31	)		(0.85	)		(0.40	)		(2.75	)		(3.15	)		57.18		(0.83	)		1,083,024		1.27			1.27			0.80			22
Class R
Year ended 08/31/23		67.97		0.78		4.17			4.95			(0.82	)		(4.55	)		(5.37	)		67.55		7.82			175,270		0.77			0.77			1.19			20
Year ended 08/31/22		82.12		0.70		(7.34	)		(6.64	)		(0.73	)		(6.78	)		(7.51	)		67.97		(9.08	)		146,993		0.78			0.78			0.93			24
Year ended 08/31/21		61.60		0.63		23.88			24.51			(0.81	)		(3.18	)		(3.99	)		82.12		41.44			147,581		0.77			0.77			0.88			23
Year ended 08/31/20		59.63		0.83		3.84			4.67			(0.87	)		(1.83	)		(2.70	)		61.60		7.80	(d)		127,559		0.78			0.78			1.42			26
Year ended 08/31/19		63.64		0.77		(1.36	)		(0.59	)		(0.67	)		(2.75	)		(3.42	)		59.63		(0.33	)		135,225		0.77			0.77			1.30			22
Class Y
Year ended 08/31/23		69.44		1.14		4.28			5.42			(0.93	)		(4.55	)		(5.48	)		69.38		8.38			2,188,760		0.27			0.27			1.69			20
Year ended 08/31/22		83.74		1.10		(7.50	)		(6.40	)		(1.12	)		(6.78	)		(7.90	)		69.44		(8.64	)		2,248,749		0.28			0.28			1.43			24
Year ended 08/31/21		62.74		1.01		24.32			25.33			(1.15	)		(3.18	)		(4.33	)		83.74		42.15			2,671,007		0.27			0.27			1.38			23
Year ended 08/31/20		60.67		1.15		3.93			5.08			(1.18	)		(1.83	)		(3.01	)		62.74		8.35	(d)		2,106,008		0.28			0.28			1.92			26
Year ended 08/31/19		64.71		1.08		(1.40	)		(0.32	)		(0.97	)		(2.75	)		(3.72	)		60.67		0.18			2,902,956		0.27			0.27			1.80			22
Class R6
Year ended 08/31/23		69.59		1.21		4.28			5.49			(0.95	)		(4.55	)		(5.50	)		69.58		8.48			589,680		0.18			0.18			1.78			20
Year ended 08/31/22		83.90		1.18		(7.51	)		(6.33	)		(1.20	)		(6.78	)		(7.98	)		69.59		(8.54	)		561,218		0.19			0.19			1.52			24
Year ended 08/31/21		62.86		1.09		24.36			25.45			(1.23	)		(3.18	)		(4.41	)		83.90		42.30			910,010		0.16			0.16			1.49			23
Year ended 08/31/20		60.78		1.22		3.94			5.16			(1.25	)		(1.83	)		(3.08	)		62.86		8.47	(d)		740,456		0.16			0.16			2.04			26
Year ended 08/31/19		64.83		1.15		(1.40	)		(0.25	)		(1.05	)		(2.75	)		(3.80	)		60.78		0.29			1,024,706		0.16			0.16			1.91			22

^(a)  Calculated using average shares outstanding.

^(b)  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)  Amount includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the Index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been 6.49%, 5.61%, 6.21%, 6.78% and 6.90% for Class A, Class C, Class R, Class Y and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.93% and 0.94% for the years ended August 31, 2021 and 2018, respectively.

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

19 Invesco Equally-Weighted S&P 500 Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Equally-Weighted S&P 500 Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

20 Invesco Equally-Weighted S&P 500 Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action

21 Invesco Equally-Weighted S&P 500 Fund

letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $27,035 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $2 billion		0.120%
Over $ 2 billion		0.100%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.11%.

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

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $34,802.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class C shares and Class R shares to reimburse IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will reimburse annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% of Class C average daily net assets and up to 0.50% of Class R average daily net assets. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $497,507 in front-end sales commissions from the sale of Class A shares and $8,007 and $25,181 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $209,816 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

22 Invesco Equally-Weighted S&P 500 Fund

NOTE 3–Additional Valuation Information

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

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

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

	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	6,299,996,085		$	–		$–	$6,299,996,085
Money Market Funds		25,554,049			218,191,620		–	243,745,669
Total Investments in Securities		6,325,550,134			218,191,620		–	6,543,741,754
Other Investments - Liabilities*
Futures Contracts		(168,231	)		–		–	(168,231)
Total Investments	$	6,325,381,903		$	218,191,620		$–	$6,543,573,523

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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, 2023:

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(168,231	)
Derivatives not subject to master netting agreements		168,231
Total Derivative Liabilities subject to master netting agreements	$	–

(^a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended August 31, 2023

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain:
Futures contracts		$5,828,423
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(445,128)
Total		$5,383,295

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

	Futures Contracts
Average notional value	$	35,062,744

23 Invesco Equally-Weighted S&P 500 Fund

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $26,035.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

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

	2023		2022
Ordinary income*	$	93,259,970	$	298,055,277
Long-term capital gain		403,619,514		382,283,551
Total distributions	$	496,879,484	$	680,338,828

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	75,102,076
Undistributed long-term capital gain		131,038,411
Net unrealized appreciation – investments		2,957,367,601
Temporary book/tax differences		(188,789	)
Shares of beneficial interest		3,168,025,151
Total net assets	$	6,331,344,450

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

The Fund does not have a capital loss carryforward as of August 31, 2023.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $1,254,918,092 and $1,623,355,006, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,063,232,531
Aggregate unrealized (depreciation) of investments		(105,864,930	)
Net unrealized appreciation of investments	$	2,957,367,601

Cost of investments for tax purposes is $3,586,205,922.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REITs, on August 31, 2023, undistributed net investment income was increased by $1,739, undistributed net realized gain was increased by $45,560 and shares of beneficial interest was decreased by $47,299. This reclassification had no effect on the net assets of the Fund.

24 Invesco Equally-Weighted S&P 500 Fund

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	August 31, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		3,550,290		$	236,640,132			3,615,028		$	274,289,380
Class C		757,037			47,474,545			766,506			55,091,421
Class R		732,338			48,409,714			594,426			44,284,491
Class Y		7,498,069			509,845,358			6,133,992			468,254,247
Class R6		1,356,154			91,833,344			1,634,835			125,913,809
Issued as reinvestment of dividends:
Class A		2,911,314			185,392,475			3,207,507			246,176,187
Class C		798,907			47,782,627			1,022,234			74,428,870
Class R		190,686			12,039,940			180,083			13,736,685
Class Y		2,129,933			137,636,274			2,427,964			188,555,664
Class R6		641,704			41,563,154			727,726			56,595,240
Automatic conversion of Class C shares to Class A shares:
Class A		2,184,788			145,496,726			1,572,192			118,007,098
Class C		(2,328,673	)		(145,496,726	)		(1,661,097	)		(118,007,098	)
Reacquired:
Class A		(6,039,107	)		(404,113,009	)		(5,336,814	)		(401,523,795	)
Class C		(1,437,750	)		(89,858,765	)		(1,511,113	)		(108,354,981	)
Class R		(491,237	)		(32,366,300	)		(408,831	)		(30,436,303	)
Class Y		(10,464,322	)		(706,958,854	)		(8,074,992	)		(616,854,888	)
Class R6		(1,588,235	)		(107,978,552	)		(5,143,568	)		(424,240,039	)
Net increase (decrease) in share activity		401,896		$	17,342,083			(253,922	)	$	(34,084,012	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

25 Invesco Equally-Weighted S&P 500 Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Equally-Weighted S&P 500 Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Equally-Weighted S&P 500 Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

26 Invesco Equally-Weighted S&P 500 Fund

Calculating your ongoing Fund expenses

Example

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending   Account Value   (08/31/23)	Expenses  Paid During  Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,030.40	$2.66	$1,022.58	$2.65	0.52%
Class C	1,000.00	1,026.40	6.49	1,018.80	6.46	1.27
Class R	1,000.00	1,028.90	3.94	1,021.32	3.92	0.77
Class Y	1,000.00	1,031.50	1.38	1,023.84	1.38	0.27
Class R6	1,000.00	1,032.00	0.92	1,024.30	0.92	0.18

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

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

27 Invesco Equally-Weighted S&P 500 Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Equally-Weighted S&P 500 Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board noted a delay in rebalancing to the Fund’s underlying index that occurred in 2020, and considered information regarding steps Invesco Advisers took to remediate the impact of that delay, including making a pay-in to the Fund and enhancing compliance controls. The Board received information regarding

Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Capital Management LLC currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the S&P 500^® Equal Weight Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the

28 Invesco Equally-Weighted S&P 500 Fund

best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund seeks to track the investment results of the Index, and that the Fund’s performance will typically lag the Index due to the fees associated with the Fund. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund’s peer group includes funds that are actively managed or may track a different index than the Fund. The Board considered that the Fund is passively managed and discussed reasons for differences in the Fund’s performance versus its peers. The Board also considered that the Fund underwent a change in portfolio management in 2020, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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 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 there were only five funds (including the Fund) in the expense group. The Board requested and considered additional information from management regarding the Fund’s actual management fees in light of current asset levels.

 The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds

relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed affiliated exchange traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services

Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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. 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

29 Invesco Equally-Weighted S&P 500 Fund

also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

30 Invesco Equally-Weighted S&P 500 Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

 The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

 The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$403,619,514
Qualified Dividend Income*	75.30%
Corporate Dividends Received Deduction*	72.82%
U.S. Treasury Obligations*	0.00%
Qualified Business Income*	5.15%
Business Interest Income*	0.00%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$12,567,354

31 Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers

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

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

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

T-1 Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers–(continued)

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

T-2 Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers–(continued)

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

T-3 Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers–(continued)

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

T-4 Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers–(continued)

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

T-5 Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Equally-Weighted S&P 500 Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Annual Report to Shareholders August 31, 2023

Invesco Equity and Income Fund

Nasdaq:

A: ACEIX ∎ C: ACERX ∎ R: ACESX ∎ Y: ACETX ∎ R5: ACEKX ∎ R6: IEIFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
18	Financial Statements
21	Financial Highlights
22	Notes to Financial Statements
29	Report of Independent Registered Public Accounting Firm
30	Fund Expenses
31	Approval of Investment Advisory and Sub-Advisory Contracts
34	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Equity and Income Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Value Index, the Fund’s broad market benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	5.26	%
Class C Shares	4.43
Class R Shares	4.87
Class Y Shares	5.54
Class R5 Shares	5.48
Class R6 Shares	5.56
Russell 1000 Value Index▼ (Broad Market Index)	8.59
Bloomberg U.S. Government/Credit Index▼ (Style-Specific Index)	-0.87
Lipper Mixed-Asset Target Allocation Growth Funds Index∎ (Peer Group Index)	8.86
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

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

 US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors

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

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

moving sustainably down toward our objective.”

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

 Within the Russell 1000 Value Index, nine out of eleven sectors posted gains for the fiscal year. Industrials, information technology (IT) and communication had the highest returns, while utilities and real estate declined.

 In the equity portion of the Fund, stock selection in the IT sector was a positive contributor to relative performance during the fiscal year, due in part to Lam Research. The stock traded higher amid improving investor sentiment for semiconductors, as the cyclical slowdown in the industry appeared to be nearing an end. Despite a difficult environment for chipmakers, the company has executed well, and we maintained our position in the company at fiscal year-end.

 Stock selection and an underweight in utilities and real estate also aided relative performance, as these were the weakest sectors within the benchmark for the fiscal year.

 Stock selection in consumer discretionary also contributed to the Fund’s relative return, due largely to TJX Companies. The company, which owns off price retailers T.J. Maxx, Marshall’s and Home Goods, reported better-than-expected profit margins and earnings due to strong same store sales at T.J. Maxx and Marshall’s. The company has a more flexible business model than traditional retailers, which in our opinion, has been an advantage in a difficult retail environment. We maintained our position in the stock at fiscal year-end.

 Stock selection in financials was the largest detractor from relative performance for the fiscal year, as the failure of several regional banks in March weighed on the overall banking industry and Fund holdings such as Bank of America, Citizens Financial and PNC Financial Services. Charles Schwab was also affected by the banking crisis as investors became concerned about the company’s banking operation’s access to capital. While Charles Schwab’s deposits have exposure to bond losses, we believe the company has adequate liquidity and reserves to meet client withdrawals. Unrelated to banks, electronic payments firm PayPal was a significant detractor in financials. The company reported strong earnings but reduced its margin outlook for the full fiscal year due to growth in its Braintree unit, which includes Venmo. While the Braintree segment is taking share, it has lower profit margins than the flagship business. We maintained our positions in these holdings at fiscal year-end.

 Stock selection in energy also detracted from relative performance, due primarily to Devon Energy, an oil and gas producer based in Oklahoma. The company faced a challenging environment as natural gas prices were low for most of the fiscal year, and oil prices

2 Invesco Equity and Income Fund

traded in a narrow range for much the period. Additionally, higher costs and investor concerns about productivity declines in its Permian assets weighed on the stock. We held this stock at fiscal year-end.

 Stock selection in the communication services sector was another detractor from relative performance, due primarily to media giant Walt Disney. The company reported earnings that were generally in line with expectations, but the company is losing subscribers from its Disney+ streaming platform. The stock sold off amid investor concerns about long-term growth and profitability in that segment of the business. We maintained our position in Walt Disney at fiscal year-end, as we believe the company’s diversified revenue stream should be able to withstand a period of declining subscriber growth.

 The Fund holds investment-grade bonds and convertible securities as a source of income and to provide a measure of stability amid market volatility. Both asset classes underperformed the Russell 1000 Value Index and detracted from the Fund’s relative performance during the fiscal year.

 The Fund held currency-forward contracts for the purpose of hedging currency exposure of non-US-based companies held in the Fund. These derivatives were not for speculative purposes or leverage, and these positions had negligible impact on the Fund’s relative performance for the fiscal year.

 Within the equity portion of the Fund, the team increased the Fund’s exposure to communication services and IT and reduced exposure to consumer discretionary and financials. At fiscal year-end, the Fund’s largest absolute sector exposures were in financials, health care and IT. The largest overweight exposures relative to the Russell 1000 Value Index were in communication services, IT and energy, while the largest underweights were in utilities, materials and consumer staples.

 As always, we thank you for your investment in Invesco Equity and Income Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

Portfolio manager(s):

Chuck Burge

Brian Jurkash - Lead

Sergio Marcheli

Matthew Titus - Lead

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

completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

 

3 Invesco Equity and Income Fund

Your Fund’s Long-Term Performance

 

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

Fund and index data from 8/31/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Equity and Income Fund

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (8/3/60)	9.73	%
10 Years	6.56
5 Years	4.58
1 Year	-0.55
Class C Shares
Inception (7/6/93)	8.60	%
10 Years	6.54
5 Years	4.98
1 Year	3.45
Class R Shares
Inception (10/1/02)	7.45	%
10 Years	6.90
5 Years	5.50
1 Year	4.87
Class Y Shares
Inception (12/22/04)	6.96	%
10 Years	7.44
5 Years	6.03
1 Year	5.54
Class R5 Shares
Inception (6/1/10)	8.80	%
10 Years	7.50
5 Years	6.09
1 Year	5.48
Class R6 Shares
Inception (9/24/12)	8.28	%
10 Years	7.59
5 Years	6.17
1 Year	5.56

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

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

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

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

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

5 Invesco Equity and Income Fund

Supplemental Information

Invesco Equity and Income Fund’s investment objective is current income and, secondarily, capital appreciation.

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

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

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

About indexes used in this report

∎ The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/ servicemark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎ The Bloomberg U.S. Government/Credit Index is a broad-based benchmark that includes investment-grade, US dollar-denominated, fixed-rate Treasuries and government-related and corporate securities.

∎ The Lipper Mixed-Asset Target Allocation Growth Funds Index is an unmanaged index considered representative of mixed-asset target allocation growth funds tracked by Lipper.

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

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

Liquidity Risk Management Program

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

senior representatives from relevant business groups at Invesco.

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

  Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

  At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Equity and Income Fund

Fund Information

 

Portfolio Composition

By security type		% of total net assets
Common Stocks & Other Equity Interests			64.25	%
U.S. Dollar Denominated Bonds & Notes			20.01
U.S. Treasury Securities			10.28
Security Types Each Less Than 1% of Portfolio			0.73
Money Market Funds Plus Other Assets Less Liabilities			4.73
Top 10 Equity Holdings*
		% of total net assets
1.	Wells Fargo & Co.		2.37	%
2.	CBRE Group, Inc., Class A		1.86
3.	ConocoPhillips		1.85
4.	Bank of America Corp.		1.68
5.	Exxon Mobil Corp.		1.67
6.	Alphabet, Inc., Class A		1.56
7.	American International Group, Inc.		1.37
8.	Johnson & Johnson		1.35
9.	Cisco Systems, Inc.		1.30
10.	Sanofi		1.29

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

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco Equity and Income Fund

Schedule of Investments^(a)

August 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–64.25%
Aerospace & Defense–1.69%
RTX Corp.		1,188,805	$   102,284,782
Textron, Inc.		1,227,911	95,420,964
			197,705,746
Air Freight & Logistics–0.68%
FedEx Corp.		306,439	79,986,708
Apparel Retail–0.70%
TJX Cos., Inc. (The)		887,016	82,031,240
Application Software–1.42%
Salesforce, Inc.(b)		357,698	79,215,799
Splunk, Inc.(b)		714,225	86,606,924
			165,822,723
Asset Management & Custody Banks–1.01%
KKR & Co., Inc., Class A(c)		1,890,771	118,759,326
Automobile Manufacturers–0.87%
General Motors Co.		3,032,409	101,616,026
Broadline Retail–1.17%
Amazon.com, Inc.(b)		992,221	136,936,420
Building Products–1.15%
Johnson Controls International PLC		2,282,627	134,811,951
Cable & Satellite–1.71%
Charter Communications, Inc., Class A(b)(c)		224,726	98,456,955
Comcast Corp., Class A		2,185,106	102,175,557
			200,632,512
Casinos & Gaming–0.74%
Las Vegas Sands Corp.		1,578,575	86,600,624
Communications Equipment–1.29%
Cisco Systems, Inc.		2,640,834	151,451,830
Consumer Finance–0.63%
American Express Co.		466,950	73,773,430
Distillers & Vintners–0.81%
Diageo PLC (United Kingdom)		2,321,488	95,165,765
Distributors–0.60%
Genuine Parts Co.		454,048	69,800,799
Diversified Banks–4.76%
Bank of America Corp.		6,852,873	196,471,869
PNC Financial Services Group, Inc. (The)		687,539	83,006,583
Wells Fargo & Co.		6,725,181	277,682,724
			557,161,176
Electric Utilities–1.65%
American Electric Power Co., Inc.		870,591	68,254,335
Exelon Corp.		1,573,868	63,143,584

	Shares		Value
Electric Utilities–(continued)
FirstEnergy Corp.		1,720,131	$    62,045,125
			193,443,044
Electrical Components & Equipment–0.63%
Emerson Electric Co.		753,713	74,052,302
Electronic Manufacturing Services–0.63%
TE Connectivity Ltd.		558,400	73,926,576
Fertilizers & Agricultural Chemicals–0.48%
Corteva, Inc.		1,113,227	56,229,096
Food Distributors–1.35%
Sysco Corp.(c)		1,310,866	91,301,817
US Foods Holding Corp.(b)		1,635,187	66,110,610
			157,412,427
Gold–0.49%
Barrick Gold Corp. (Canada)		3,523,099	57,109,435
Health Care Equipment–1.76%
GE HealthCare Technologies, Inc.		808,107	56,931,138
Medtronic PLC		1,478,959	120,535,158
Zimmer Biomet Holdings, Inc.		237,506	28,291,715
			205,758,011
Health Care Facilities–0.44%
Universal Health Services, Inc., Class B		378,181	50,940,981
Health Care Services–1.61%
Cigna Group (The)		413,960	114,360,590
CVS Health Corp.		1,133,884	73,895,220
			188,255,810
Industrial Machinery & Supplies & Components–1.85%
Parker-Hannifin Corp.		354,524	147,801,056
Stanley Black & Decker, Inc.		721,993	68,141,699
			215,942,755
Insurance Brokers–0.98%
Willis Towers Watson PLC		553,459	114,433,183
Integrated Oil & Gas–2.78%
Chevron Corp.		365,170	58,828,887
Exxon Mobil Corp.		1,760,830	195,786,688
Shell PLC (Netherlands)		2,305,389	70,487,164
			325,102,739
Interactive Media & Services–2.63%
Alphabet, Inc., Class A(b)		1,341,995	182,739,459
Meta Platforms, Inc., Class A(b)		421,090	124,596,320
			307,335,779
Investment Banking & Brokerage–1.73%
Charles Schwab Corp. (The)		1,347,698	79,716,337
Goldman Sachs Group, Inc. (The)		375,024	122,899,115
			202,615,452

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

8 Invesco Equity and Income Fund

	Shares		Value
IT Consulting & Other Services–0.82%
Cognizant Technology Solutions Corp., Class A		1,343,209	$    96,187,196
Managed Health Care–1.31%
Centene Corp.(b)		1,691,162	104,260,137
Elevance Health, Inc.		110,431	48,811,607
			153,071,744
Movies & Entertainment–0.74%
Walt Disney Co. (The)(b)		1,037,170	86,790,386
Multi-line Insurance–1.37%
American International Group, Inc.		2,732,715	159,918,482
Oil & Gas Exploration & Production–3.31%
ConocoPhillips		1,816,585	216,228,113
Devon Energy Corp.(c)		1,134,146	57,943,519
Pioneer Natural Resources Co.		476,997	113,491,896
			387,663,528
Oil & Gas Refining & Marketing–0.69%
Phillips 66		705,594	80,550,611
Packaged Foods & Meats–0.66%
Kraft Heinz Co. (The)		2,322,459	76,850,168
Pharmaceuticals–5.34%
Bristol-Myers Squibb Co.(c)		1,910,956	117,810,437
GSK PLC		3,100,180	54,382,451
Johnson & Johnson		975,715	157,753,601
Merck & Co., Inc.		987,520	107,619,930
Pfizer, Inc.		1,044,577	36,957,134
Sanofi		1,418,336	150,927,446
			625,450,999
Rail Transportation–0.76%
CSX Corp.		2,954,980	89,240,396
Real Estate Services–1.86%
CBRE Group, Inc., Class A(b)		2,555,720	217,363,986
Regional Banks–0.48%
Citizens Financial Group, Inc.		2,010,863	56,565,576
Semiconductor Materials & Equipment–0.69%
Lam Research Corp.		114,451	80,390,382
Semiconductors–2.02%
Intel Corp.		2,304,944	80,995,732
Micron Technology, Inc.		1,021,133	71,418,042
NXP Semiconductors N.V. (China)		405,818	83,484,879
			235,898,653
Specialty Chemicals–0.69%
DuPont de Nemours, Inc.		1,056,495	81,233,901
Systems Software–0.72%
Oracle Corp.		695,510	83,732,449
Tobacco–1.23%
Philip Morris International, Inc.		1,502,236	144,304,790
Trading Companies & Distributors–1.27%
Ferguson PLC(c)		921,405	148,862,192

	Shares		Value
Transaction & Payment Processing Services–1.10%
Fiserv, Inc.(b)		870,772	$   105,703,013
PayPal Holdings, Inc.(b)		360,055	22,507,038
			128,210,051
Wireless Telecommunication Services–0.95%
T-Mobile US, Inc.(b)		813,222	110,801,497
Total Common Stocks & Other Equity Interests (Cost $5,756,226,996)			7,517,900,853
	Principal Amount
U.S. Dollar Denominated Bonds & Notes–20.01%
Advertising–0.05%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026	$	5,660,000	5,418,132
Aerospace & Defense–0.20%
Boeing Co. (The), 5.81%, 05/01/2050		16,525,000	16,100,057
Lockheed Martin Corp., 4.15%, 06/15/2053(c)		5,231,000	4,417,595
RTX Corp., 4.45%, 11/16/2038		3,239,000	2,869,754
			23,387,406
Agricultural Products & Services–0.03%
Ingredion, Inc., 6.63%, 04/15/2037		3,940,000	4,005,567
Air Freight & Logistics–0.05%
FedEx Corp., 4.90%, 01/15/2034		4,310,000	4,167,412
United Parcel Service, Inc., 3.40%, 11/15/2046		2,608,000	1,958,920
			6,126,332
Alternative Carriers–0.50%
Liberty Latin America Ltd. (Puerto Rico), Conv., 2.00%, 07/15/2024		28,911,000	27,682,282
Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026(d)		16,590,000	15,118,467
Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030(d)		16,603,000	15,638,366
			58,439,115
Application Software–1.10%
Dropbox, Inc., Conv., 0.00%, 03/01/2026(e)		51,429,000	49,294,697
Salesforce, Inc., 2.70%, 07/15/2041		10,414,000	7,444,922
Splunk, Inc., Conv., 1.13%, 06/15/2027		76,768,000	67,747,760
Workday, Inc., 3.50%, 04/01/2027(c)		5,033,000	4,758,917
			129,246,296
Asset Management & Custody Banks–0.31%
Apollo Management Holdings L.P., 4.00%, 05/30/2024(d)		4,260,000	4,193,159
BlackRock, Inc., 4.75%, 05/25/2033		14,671,000	14,262,713

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

9 Invesco Equity and Income Fund

	Principal Amount		Value
Asset Management & Custody Banks–(continued)
Brookfield Corp. (Canada), 4.00%, 01/15/2025	$	4,515,000	$     4,392,354
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044(d)		3,217,000	2,788,581
KKR Group Finance Co. XII LLC, 4.85%, 05/17/2032(d)		11,051,000	10,364,579
			36,001,386
Automobile Manufacturers–0.08%
General Motors Co., 6.60%, 04/01/2036		4,317,000	4,342,748
Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032(c)		5,448,000	4,767,206
			9,109,954
Biotechnology–1.38%
AbbVie, Inc.,
4.50%, 05/14/2035		7,233,000	6,808,431
4.05%, 11/21/2039		13,812,000	11,847,788
4.85%, 06/15/2044		5,815,000	5,323,290
Alnylam Pharmaceuticals, Inc., Conv., 1.00%, 09/15/2027(d)		35,337,000	34,453,575
Amgen, Inc., 5.25%, 03/02/2025		7,947,000	7,918,079
Halozyme Therapeutics, Inc., Conv.,
0.25%, 03/01/2027		49,785,000	43,532,004
1.00%, 08/15/2028		5,938,000	5,886,043
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026		16,496,000	17,867,230
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		19,256,000	28,036,736
			161,673,176
Brewers–0.25%
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide, Inc. (Belgium),
4.70%, 02/01/2036		10,870,000	10,411,079
4.90%, 02/01/2046		6,301,000	5,866,434
Heineken N.V. (Netherlands), 3.50%, 01/29/2028(c)(d)		9,734,000	9,191,811
Molson Coors Beverage Co., 4.20%, 07/15/2046		4,057,000	3,217,675
			28,686,999
Broadcasting–0.06%
Discovery Communications LLC, 4.90%, 03/11/2026(c)		3,773,000	3,709,299
Paramount Global, 4.00%, 01/15/2026		3,773,000	3,624,173
			7,333,472
Broadline Retail–0.09%
Amazon.com, Inc., 2.88%, 05/12/2041		13,606,000	10,221,473
Cable & Satellite–1.16%
Cable One, Inc., Conv.,
0.00%, 03/15/2026(e)		51,123,000	42,278,721
1.13%, 03/15/2028		26,544,000	20,080,536

	Principal Amount		Value
Cable & Satellite–(continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025	$	5,660,000	$     5,562,954
Comcast Corp.,
3.15%, 03/01/2026(c)		11,319,000	10,813,176
4.15%, 10/15/2028(c)		9,915,000	9,564,898
3.90%, 03/01/2038		8,010,000	6,838,317
2.89%, 11/01/2051		3,128,000	2,007,494
2.94%, 11/01/2056		4,539,000	2,826,985
Cox Communications, Inc., 2.95%, 10/01/2050(d)		2,044,000	1,215,816
Liberty Broadband Corp., Conv., 3.13%, 04/06/2026(d)(f)		33,219,000	34,962,997
			136,151,894
Commercial & Residential Mortgage Finance–0.06%
Aviation Capital Group LLC, 4.88%, 10/01/2025(d)		7,745,000	7,467,224
Commodity Chemicals–0.04%
LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027(d)		4,638,000	4,978,786
Computer & Electronics Retail–0.10%
Dell International LLC/EMC Corp.,
6.02%, 06/15/2026		10,992,000	11,110,628
8.35%, 07/15/2046		69,000	84,709
			11,195,337
Consumer Finance–0.33%
American Express Co.,
3.38%, 05/03/2024		24,770,000	24,375,506
3.63%, 12/05/2024		3,423,000	3,334,701
General Motors Financial Co., Inc., 5.25%, 03/01/2026(c)		5,467,000	5,385,881
Synchrony Financial, 3.95%, 12/01/2027		5,795,000	5,184,004
			38,280,092
Consumer Staples Merchandise Retail–0.16%
Dollar General Corp., 4.25%, 09/20/2024		18,724,000	18,437,050
Diversified Banks–1.03%
Bank of America Corp.,
3.25%, 10/21/2027(c)		5,705,000	5,317,828
2.57%, 10/20/2032(g)		8,683,000	6,962,813
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(c)(d)		6,875,000	6,805,765
Citigroup, Inc.,
3.67%, 07/24/2028(g)		5,405,000	5,029,124
6.68%, 09/13/2043		8,000,000	8,409,052
5.30%, 05/06/2044(c)		2,765,000	2,519,556
4.75%, 05/18/2046		4,145,000	3,479,326
HSBC Holdings PLC (United Kingdom), 2.63%, 11/07/2025(g)		18,945,000	18,177,224

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

10 Invesco Equity and Income Fund

	Principal Amount		Value
Diversified Banks–(continued)
JPMorgan Chase & Co.,
3.20%, 06/15/2026	$	4,365,000	$     4,138,421
3.51%, 01/23/2029(g)		11,170,000	10,303,425
4.26%, 02/22/2048(g)		5,355,000	4,499,621
3.90%, 01/23/2049(g)		11,170,000	8,792,696
Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024(d)		545,000	539,367
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		7,450,000	6,726,898
Societe Generale S.A. (France), 5.00%, 01/17/2024(d)		7,365,000	7,315,044
U.S. Bancorp, Series W, 3.10%, 04/27/2026(c)		3,245,000	3,046,508
Wells Fargo & Co.,
3.55%, 09/29/2025		6,840,000	6,564,938
4.10%, 06/03/2026		4,515,000	4,332,752
4.65%, 11/04/2044(c)		9,115,000	7,548,024
			120,508,382
Diversified Financial Services–0.05%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.85%, 10/29/2041		4,009,000	2,980,098
Blackstone Holdings Finance Co. LLC, 5.00%, 06/15/2044(d)		3,975,000	3,396,068
			6,376,166
Diversified Metals & Mining–0.02%
Rio Tinto Finance (USA) Ltd. (Australia), 7.13%, 07/15/2028		2,175,000	2,376,901
Diversified REITs–0.07%
CubeSmart L.P., 2.50%, 02/15/2032(c)		10,561,000	8,334,332
Drug Retail–0.07%
CVS Pass-Through Trust, 6.04%, 12/10/2028		4,390,852	4,410,639
Walgreens Boots Alliance, Inc., 4.50%, 11/18/2034(c)		4,519,000	3,951,735
			8,362,374
Electric Utilities–1.13%
Electricite de France S.A. (France), 4.88%, 01/22/2044(d)		9,110,000	7,562,247
FirstEnergy Corp., Conv., 4.00%, 05/01/2026(d)		49,904,000	48,609,161
Georgia Power Co., Series B, 3.70%, 01/30/2050		3,665,000	2,717,545
National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032(c)		9,898,000	8,119,705
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027(c)		5,572,000	5,254,688
PPL Capital Funding, Inc., Conv., 2.88%, 03/15/2028(d)		50,089,000	46,682,948
PPL Electric Utilities Corp., 6.25%, 05/15/2039		355,000	379,946

	Principal Amount		Value
Electric Utilities–(continued)
Xcel Energy, Inc.,
0.50%, 10/15/2023	$	5,750,000	$     5,715,462
3.50%, 12/01/2049		10,280,000	7,167,048
			132,208,750
Electrical Components & Equipment–0.02%
Rockwell Automation, Inc., 1.75%, 08/15/2031		2,729,000	2,172,443
Financial Exchanges & Data–0.02%
Nasdaq, Inc., 5.95%, 08/15/2053(c)		2,575,000	2,567,786
Health Care Equipment–0.49%
Becton, Dickinson and Co., 4.88%, 05/15/2044		3,739,000	3,183,505
Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025		42,831,000	39,618,675
Medtronic, Inc., 4.38%, 03/15/2035		2,601,000	2,462,858
Tandem Diabetes Care, Inc., Conv., 1.50%, 05/01/2025(d)		12,393,000	11,634,999
			56,900,037
Health Care REITs–0.16%
Welltower OP LLC, Conv., 2.75%, 05/15/2028(d)		17,592,000	18,181,332
Health Care Services–0.14%
Cigna Group (The), 4.80%, 08/15/2038		3,240,000	2,989,180
CVS Health Corp., 3.38%, 08/12/2024		3,740,000	3,654,106
Laboratory Corp. of America Holdings, 4.70%, 02/01/2045		2,694,000	2,310,410
NXP B.V./NXP Funding LLC (China), 5.35%, 03/01/2026		7,660,000	7,615,134
			16,568,830
Health Care Supplies–0.06%
Lantheus Holdings, Inc., Conv., 2.63%, 12/15/2027(d)		6,306,000	7,287,214
Health Care Technology–0.08%
NextGen Healthcare, Inc., Conv., 3.75%, 11/15/2027(d)		9,190,000	9,419,750
Home Improvement Retail–0.03%
Lowe’s Cos., Inc., 4.25%, 04/01/2052		4,741,000	3,755,290
Homebuilding–0.02%
M.D.C. Holdings, Inc., 6.00%, 01/15/2043		2,117,000	1,852,796
Hotels, Resorts & Cruise Lines–0.45%
Airbnb, Inc., Conv., 0.00%, 03/15/2026(e)		52,169,000	45,856,551
Booking Holdings, Inc., Conv., 0.75%, 05/01/2025		4,265,000	7,192,070
			53,048,621

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

11 Invesco Equity and Income Fund

	Principal Amount		Value
Industrial Conglomerates–0.13%
Honeywell International, Inc., 4.50%, 01/15/2034	$	16,007,000	$    15,464,360
Industrial Machinery & Supplies & Components–0.26%
John Bean Technologies Corp., Conv., 0.25%, 05/15/2026		33,206,000	30,632,535
Insurance Brokers–0.02%
Willis North America, Inc., 3.60%, 05/15/2024		2,470,000	2,429,940
Integrated Oil & Gas–0.37%
BP Capital Markets America, Inc., 2.94%, 06/04/2051		10,062,000	6,574,873
Chevron Corp., 2.95%, 05/16/2026		9,807,000	9,349,499
Exxon Mobil Corp.,
2.71%, 03/06/2025(c)		5,658,000	5,457,893
3.04%, 03/01/2026		11,316,000	10,814,790
Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025		11,316,000	10,959,960
			43,157,015
Integrated Telecommunication Services–0.34%
AT&T, Inc.,
4.30%, 02/15/2030		3,526,000	3,288,833
3.50%, 09/15/2053		7,328,000	4,827,076
3.55%, 09/15/2055		4,562,000	2,979,822
3.80%, 12/01/2057		3,619,000	2,442,840
Telefonica Emisiones S.A.U. (Spain),
4.67%, 03/06/2038		3,505,000	2,901,174
5.21%, 03/08/2047		6,725,000	5,639,980
Verizon Communications, Inc.,
3.38%, 02/15/2025(c)		13,206,000	12,817,096
3.40%, 03/22/2041(c)		5,788,000	4,301,023
			39,197,844
Interactive Home Entertainment–0.03%
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027		3,559,000	3,374,399
Interactive Media & Services–0.41%
Meta Platforms, Inc., 5.60%, 05/15/2053(c)		14,968,000	15,040,311
Snap, Inc., Conv., 0.75%, 08/01/2026		33,200,000	29,977,033
TripAdvisor, Inc., Conv., 0.25%, 04/01/2026		3,197,000	2,691,895
			47,709,239
Internet Services & Infrastructure–0.24%
Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		31,379,000	28,664,717
Investment Banking & Brokerage–1.74%
Goldman Sachs Group, Inc. (The),
4.25%, 10/21/2025(c)		5,807,000	5,637,440
2.91%, 07/21/2042(g)		3,205,000	2,215,676
GS Finance Corp.,
Series 0003, Conv., 0.50%, 04/11/2028		62,573,000	67,453,694
0.00%, 07/19/2029(d)(e)		62,330,000	60,503,731
1.00%, 07/30/2029		62,338,000	61,203,448

	Principal Amount		Value
Investment Banking & Brokerage–(continued)
Morgan Stanley, 4.00%, 07/23/2025	$	6,870,000	$     6,668,119
			203,682,108
Life & Health Insurance–0.63%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		8,671,000	8,322,365
Athene Global Funding, 2.75%, 06/25/2024(d)		2,890,000	2,807,764
Brighthouse Financial, Inc., 3.85%, 12/22/2051		18,342,000	11,543,272
Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026(d)		20,728,000	18,636,130
Guardian Life Global Funding, 2.90%, 05/06/2024(d)		7,450,000	7,301,950
Jackson National Life Global Funding, 3.25%, 01/30/2024(d)		4,885,000	4,826,038
Nationwide Financial Services, Inc., 5.30%, 11/18/2044(d)		4,250,000	3,650,005
Pacific Life Global Funding II, 5.50%, 08/28/2026(d)		13,319,000	13,370,177
Prudential Financial, Inc., 3.91%, 12/07/2047		4,898,000	3,804,435
			74,262,136
Life Sciences Tools & Services–0.17%
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024(c)		21,232,000	20,248,031
Managed Health Care–0.04%
UnitedHealth Group, Inc., 3.50%, 08/15/2039		5,806,000	4,742,527
Movies & Entertainment–0.32%
Liberty Media Corp-Liberty Formula One, Conv., 2.25%, 08/15/2027		3,159,000	3,277,441
TWDC Enterprises 18 Corp., 3.00%, 02/13/2026		3,773,000	3,594,127
Warnermedia Holdings, Inc.,
3.79%, 03/15/2025		16,392,000	15,873,375
5.05%, 03/15/2042		7,965,000	6,554,975
5.14%, 03/15/2052(c)		9,886,000	7,886,183
			37,186,101
Multi-line Insurance–0.05%
Liberty Mutual Group, Inc., 3.95%, 05/15/2060(d)		9,030,000	6,091,171
Multi-Utilities–0.08%
NiSource, Inc., 4.38%, 05/15/2047		6,015,000	4,941,042
Sempra, 3.80%, 02/01/2038(c)		5,871,000	4,786,733
			9,727,775
Oil & Gas Exploration & Production–0.30%
Cameron LNG LLC, 3.70%, 01/15/2039(d)		6,519,000	5,252,183
ConocoPhillips Co., 4.15%, 11/15/2034		2,403,000	2,181,586

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

12 Invesco Equity and Income Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Northern Oil and Gas, Inc., Conv., 3.63%, 04/15/2029(d)	$	21,570,000	$    27,234,077
			34,667,846
Oil & Gas Refining & Marketing–0.03%
Valero Energy Corp., 4.00%, 06/01/2052(c)		5,068,000	3,723,776
Oil & Gas Storage & Transportation–0.55%
Enbridge, Inc. (Canada), 5.97%, 03/08/2026		4,267,000	4,270,688
Energy Transfer L.P.,
Series 5Y, 4.20%, 09/15/2023		1,638,000	1,637,210
4.90%, 03/15/2035		3,640,000	3,330,877
5.30%, 04/01/2044		8,165,000	6,965,725
5.00%, 05/15/2050		7,684,000	6,332,252
Enterprise Products Operating LLC,
6.45%, 09/01/2040		555,000	593,078
4.25%, 02/15/2048		7,354,000	5,998,657
Kinder Morgan, Inc.,
4.30%, 06/01/2025(c)		9,053,000	8,856,132
5.30%, 12/01/2034		4,203,000	4,001,273
MPLX L.P., 4.50%, 04/15/2038		8,564,000	7,262,852
Spectra Energy Partners L.P., 4.50%, 03/15/2045		5,468,000	4,404,691
Texas Eastern Transmission L.P., 7.00%, 07/15/2032		3,835,000	4,242,997
Williams Cos., Inc. (The), 5.40%, 03/02/2026		7,016,000	7,007,061
			64,903,493
Other Specialized REITs–0.14%
EPR Properties, 4.75%, 12/15/2026		17,525,000	16,112,192
Packaged Foods & Meats–0.01%
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		648,000	631,116
Paper & Plastic Packaging Products & Materials–0.02%
International Paper Co., 6.00%, 11/15/2041		2,855,000	2,894,409
Passenger Airlines–0.29%
American Airlines Pass-Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028		2,493,606	2,279,110
JetBlue Airways Corp., Conv., 0.50%, 04/01/2026		16,208,000	12,814,045
Spirit Airlines, Inc., Conv., 1.00%, 05/15/2026		11,355,000	9,646,072
United Airlines Pass-Through Trust,
Series 2012-1, Class A, 4.15%, 04/11/2024		2,919,924	2,884,523
Series 2014-2, Class A, 3.75%, 09/03/2026		3,167,119	2,984,999
Series 2018-1, Class AA, 3.50%, 03/01/2030		4,145,974	3,728,425
			34,337,174

	Principal Amount		Value
Personal Care Products–0.06%
Kenvue, Inc., 5.05%, 03/22/2053(d)	$	7,142,000	$     6,999,826
Pharmaceuticals–0.43%
Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028(d)		9,800,000	9,313,870
Bristol-Myers Squibb Co., 4.13%, 06/15/2039		6,435,000	5,688,808
Haleon US Capital LLC, 4.00%, 03/24/2052(c)		2,954,000	2,377,734
Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025		31,922,000	29,268,484
Zoetis, Inc., 4.70%, 02/01/2043		4,101,000	3,721,163
			50,370,059
Property & Casualty Insurance–0.14%
Allstate Corp. (The), 3.28%, 12/15/2026		3,260,000	3,082,811
Markel Group, Inc.,
5.00%, 03/30/2043		4,185,000	3,551,821
5.00%, 05/20/2049		5,140,000	4,509,236
Travelers Cos., Inc. (The), 4.60%, 08/01/2043		6,455,000	5,788,824
			16,932,692
Rail Transportation–0.43%
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023		7,363,000	7,363,000
Canadian Pacific Railway Co. (Canada), 3.00%, 12/02/2041		3,965,000	3,294,356
Norfolk Southern Corp.,
3.85%, 01/15/2024		15,482,000	15,364,517
3.40%, 11/01/2049		4,879,000	3,458,567
5.35%, 08/01/2054(c)		5,099,000	4,961,481
Union Pacific Corp.,
3.20%, 05/20/2041(c)		10,131,000	7,736,127
4.15%, 01/15/2045		4,410,000	3,503,140
3.84%, 03/20/2060		5,560,000	4,269,906
			49,951,094
Reinsurance–0.08%
PartnerRe Finance B LLC, 3.70%, 07/02/2029(c)		5,795,000	5,262,059
Reinsurance Group of America, Inc., 4.70%, 09/15/2023		3,711,000	3,708,798
			8,970,857
Renewable Electricity–0.04%
Oglethorpe Power Corp., 4.55%, 06/01/2044		5,806,000	4,556,810
Restaurants–0.06%
Starbucks Corp., 3.55%, 08/15/2029(c)		7,440,000	6,895,607
Retail REITs–0.17%
Kimco Realty OP LLC, 3.20%, 04/01/2032(c)		12,105,000	10,051,211

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

13 Invesco Equity and Income Fund

	Principal Amount		Value
Retail REITs–(continued)
Regency Centers L.P.,
2.95%, 09/15/2029	$	7,960,000	$	6,888,191
4.65%, 03/15/2049		2,970,000		2,411,992
				19,351,394
Self-Storage REITs–0.07%
Extra Space Storage L.P.,
3.50%, 07/01/2026		4,667,000		4,378,602
5.70%, 04/01/2028(c)		3,806,000		3,825,933
				8,204,535
Semiconductors–0.85%
Broadcom, Inc., 3.47%, 04/15/2034(d)		6,975,000		5,702,409
Marvell Technology, Inc., 2.45%, 04/15/2028(c)		12,029,000		10,557,521
Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		51,688,000		55,661,515
Micron Technology, Inc.,
4.66%, 02/15/2030(c)		7,270,000		6,818,802
3.37%, 11/01/2041		1,778,000		1,233,924
Texas Instruments, Inc., 2.63%, 05/15/2024		2,275,000		2,228,568
Wolfspeed, Inc., Conv., 1.88%, 12/01/2029(d)		24,220,000		17,741,150
				99,943,889
Specialty Chemicals–0.01%
Sherwin-Williams Co. (The), 4.50%, 06/01/2047(c)		1,665,000		1,421,071
Systems Software–0.23%
Microsoft Corp., 3.50%, 02/12/2035		4,259,000		3,880,575
Oracle Corp., 3.60%, 04/01/2040		10,910,000		8,263,020
VMware, Inc., 1.00%, 08/15/2024		14,992,000		14,333,395
				26,476,990
Technology Distributors–0.06%
Avnet, Inc., 4.63%, 04/15/2026		7,645,000		7,409,223
Technology Hardware, Storage & Peripherals–0.26%
Apple, Inc., 3.35%, 02/09/2027		3,495,000		3,341,920
Western Digital Corp., Conv., 1.50%, 02/01/2024		27,606,000		27,129,797
				30,471,717
Telecom Tower REITs–0.17%
American Tower Corp., 1.60%, 04/15/2026		8,541,000		7,718,458
Crown Castle, Inc.,
2.50%, 07/15/2031(c)		14,073,000		11,355,092
4.75%, 05/15/2047		470,000		389,020
				19,462,570
Tobacco–0.23%
Altria Group, Inc., 5.80%, 02/14/2039(c)		12,541,000		12,231,063

	Principal Amount		Value
Tobacco–(continued)
Philip Morris International, Inc.,
3.60%, 11/15/2023(c)	$	3,940,000	$	3,924,433
4.88%, 11/15/2043		11,740,000		10,335,338
				26,490,834
Trading Companies & Distributors–0.09%
Air Lease Corp.,
3.00%, 09/15/2023		627,000		626,488
4.25%, 09/15/2024		4,355,000		4,276,331
Aircastle Ltd., 4.40%, 09/25/2023		5,510,000		5,501,255
				10,404,074
Transaction & Payment Processing Services–0.41%
Block, Inc., Conv., 0.13%, 03/01/2025		45,518,000		42,263,463
Fiserv, Inc., 3.80%, 10/01/2023		5,200,000		5,191,627
				47,455,090
Wireless Telecommunication Services–0.26%
America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042(c)		6,610,000		5,658,650
Rogers Communications, Inc. (Canada),
4.50%, 03/15/2043(c)		6,080,000		4,869,831
4.30%, 02/15/2048		8,020,000		6,017,780
T-Mobile USA, Inc.,
2.70%, 03/15/2032		10,676,000		8,698,640
3.40%, 10/15/2052		7,422,000		5,034,707
				30,279,608
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,529,673,912)				2,341,968,539
U.S. Treasury Securities–10.28%
U.S. Treasury Bills–0.02%
4.75% - 5.23%, 04/18/2024(h)(i)		2,061,000		1,992,578
U.S. Treasury Bonds–1.03%
4.50%, 02/15/2036		5,525,000		5,778,805
4.38%, 08/15/2043		57,578,900		57,434,953
3.63%, 05/15/2053		64,005,200		57,739,691
				120,953,449
U.S. Treasury Notes–9.23%
4.75%, 07/31/2025		312,913,000		312,094,047
4.38%, 08/15/2026		227,929,000		226,905,100
4.13%, 07/31/2028		307,741,900		305,962,767
4.00%, 07/31/2030		212,263,000		209,775,543
3.88%, 08/15/2033		25,556,300		25,103,075
				1,079,840,532
Total U.S. Treasury Securities (Cost $1,204,690,926)				1,202,786,559
	Shares
Preferred Stocks–0.55%
Asset Management & Custody Banks–0.20%
AMG Capital Trust II, 5.15%, Conv. Pfd.		483,000		23,884,350

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

14 Invesco Equity and Income Fund

	Shares		Value
Oil & Gas Storage & Transportation–0.35%
El Paso Energy Capital Trust I, 4.75%, Conv. Pfd.		875,900	$	40,624,242
Total Preferred Stocks (Cost $60,254,606)				64,508,592
	Principal Amount
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.13%
Federal Home Loan Mortgage Corp. (FHLMC)–0.07%
6.75%, 03/15/2031	$	7,000,001		8,069,200
5.50%, 02/01/2037		3		3
				8,069,203
Federal National Mortgage Association (FNMA)–0.06%
6.63%, 11/15/2030		6,315,000		7,192,520
7.00%, 07/01/2032		4,175		4,142
				7,196,662
Government National Mortgage Association (GNMA)–0.00%
8.00%, 06/15/2026 to 01/20/2031		4,067		4,087
7.50%, 12/20/2030		412		424
				4,511
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $17,461,928)				15,270,376
Municipal Obligations–0.05%
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB, 6.66%, 04/01/2057 (Cost $4,721,000)		4,721,000		5,285,303

Investment Abbreviations:

Conv.	– Convertible
Pfd.	– Preferred
RB	– Revenue Bonds

	Shares		Value
Money Market Funds–4.46%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(j)(k)		184,477,754	$	184,477,754
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(j)(k)		126,693,858		126,706,527
Invesco Treasury Portfolio, Institutional Class, 5.25%(j)(k)		210,831,719		210,831,719
Total Money Market Funds (Cost $521,954,404)				522,016,000
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.73% (Cost $10,094,983,772)				11,669,736,222
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.21%
Invesco Private Government Fund, 5.30%(j)(k)(l)		39,668,762		39,668,762
Invesco Private Prime Fund, 5.51%(j)(k)(l)		102,005,388		102,005,388
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $141,677,820)				141,674,150
TOTAL INVESTMENTS IN SECURITIES–100.94% (Cost $10,236,661,592)				11,811,410,372
OTHER ASSETS LESS LIABILITIES–(0.94)%				(110,244,036	)
NET ASSETS–100.00%			$	11,701,166,336

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

15 Invesco Equity and Income Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

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

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $497,237,737, which represented 4.25% of the Fund’s Net Assets.

^(e)  Zero coupon bond issued at a discount.

^(f)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(g)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

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

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

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	193,530,051	$	638,079,648	$	(647,131,945	)	$	-		$	-	$	184,477,754	$	8,326,470
Invesco Liquid Assets Portfolio, Institutional Class		133,184,545		455,771,178		(462,237,104	)		(39,918	)		27,826		126,706,527		5,889,613
Invesco Treasury Portfolio, Institutional Class		221,177,201		729,233,883		(739,579,365	)		-			-		210,831,719		9,501,342
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		48,966,219		737,740,242		(747,037,699	)		-			-		39,668,762		1,809,272	*
Invesco Private Prime Fund		125,913,139		1,560,381,366		(1,584,285,602	)		(13,954	)		10,439		102,005,388		4,948,588	*
Total	$	722,771,155	$	4,121,206,317	$	(4,180,271,715	)	$	(53,872	)	$	38,265	$	663,690,150	$	30,475,285

* 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.

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

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

Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 5 Year Notes		100		December-2023	$	(10,692,188	)	$	(86,921	)	$(86,921)
U.S. Treasury 10 Year Notes		221		December-2023		(24,537,906	)		(307,808	)	(307,808)
U.S. Treasury 10 Year Ultra Notes		312		December-2023		(36,226,125	)		(553,989	)	(553,989)
Total Futures Contracts								$	(948,718	)	$(948,718)

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized
Date	Counterparty	Deliver		Receive		Appreciation
Currency Risk
09/29/2023	Bank of New York Mellon (The)	EUR	109,316,171	USD	118,771,364	$97,750
09/29/2023	Bank of New York Mellon (The)	GBP	124,723,952	USD	158,850,545	832,452
09/29/2023	State Street Bank & Trust Co.	EUR	1,096,855	USD	1,191,046	300
09/29/2023	State Street Bank & Trust Co.	GBP	6,947,531	USD	8,842,208	40,085
09/29/2023	State Street Bank & Trust Co.	USD	5,853,203	EUR	5,410,067	19,965
Total Forward Foreign Currency Contracts						$990,552

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

16 Invesco Equity and Income Fund

Abbreviations:
EUR	– Euro
GBP	– British Pound Sterling
USD	– U.S. Dollar

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

17 Invesco Equity and Income Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $9,573,029,368)*	$	11,147,720,222
Investments in affiliated money market funds, at value (Cost $663,632,224)		663,690,150
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		990,552
Foreign currencies, at value (Cost $614)		608
Receivable for:
Investments sold		9,547,814
Fund shares sold		2,324,260
Dividends		20,837,230
Foreign withholding tax claims		1,571,286
Interest		23,693,670
Investment for trustee deferred compensation and retirement plans		964,393
Other assets		116,674
Total assets		11,871,456,859
Liabilities:
Other investments:
Variation margin payable – futures contracts		131,159
Payable for:
Investments purchased		12,119,220
Fund shares reacquired		8,152,895
Collateral upon return of securities loaned		141,677,820
Accrued fees to affiliates		6,871,431
Accrued trustees’ and officers’ fees and benefits		7,046
Accrued other operating expenses		256,737
Trustee deferred compensation and retirement plans		1,074,215
Total liabilities		170,290,523
Net assets applicable to shares outstanding	$	11,701,166,336
Net assets consist of:
Shares of beneficial interest	$	9,730,663,456
Distributable earnings		1,970,502,880
	$	11,701,166,336

Net Assets:
Class A	$	9,563,996,516
Class C	$	230,927,566
Class R	$	103,246,969
Class Y	$	706,187,172
Class R5	$	201,309,557
Class R6	$	895,498,556
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		946,384,459
Class C		23,417,935
Class R		10,141,041
Class Y		69,877,174
Class R5		19,915,408
Class R6		88,624,320
Class A:
Net asset value per share	$	10.11
Maximum offering price per share (Net asset value of $10.11 ÷ 94.50%)	$	10.70
Class C:
Net asset value and offering price per share	$	9.86
Class R:
Net asset value and offering price per share	$	10.18
Class Y:
Net asset value and offering price per share	$	10.11
Class R5:
Net asset value and offering price per share	$	10.11
Class R6:
Net asset value and offering price per share	$	10.10

* At August 31, 2023, securities with an aggregate value of $137,165,388 were on loan to brokers.

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

18 Invesco Equity and Income Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Interest	$	120,390,734
Dividends (net of foreign withholding taxes of $(172,133))		177,725,007
Dividends from affiliated money market funds (includes net securities lending income of $459,683)		24,177,108
Foreign withholding tax claims		1,551,625
Total investment income		323,844,474
Expenses:
Advisory fees		41,477,487
Administrative services fees		1,660,860
Custodian fees		66,078
Distribution fees:
Class A		23,955,494
Class C		2,503,397
Class R		510,262
Transfer agent fees – A, C, R and Y		15,723,987
Transfer agent fees – R5		208,692
Transfer agent fees – R6		259,624
Trustees’ and officers’ fees and benefits		110,374
Registration and filing fees		301,486
Reports to shareholders		613,191
Professional services fees		173,375
Other		181,890
Total expenses		87,746,197
Less: Fees waived and/or expense offset arrangement(s)		(687,982	)
Net expenses		87,058,215
Net investment income		236,786,259
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		521,628,761
Affiliated investment securities		38,265
Foreign currencies		18,853
Forward foreign currency contracts		(10,274,275	)
Futures contracts		5,378,913
		516,790,517
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(152,987,020	)
Affiliated investment securities		(53,872	)
Foreign currencies		74,988
Forward foreign currency contracts		(3,425,470	)
Futures contracts		(1,244,724	)
		(157,636,098	)
Net realized and unrealized gain		359,154,419
Net increase in net assets resulting from operations	$	595,940,678

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

19 Invesco Equity and Income Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	236,786,259		$	163,277,517
Net realized gain		516,790,517			725,789,493
Change in net unrealized appreciation (depreciation)		(157,636,098	)		(1,684,944,417	)
Net increase (decrease) in net assets resulting from operations		595,940,678			(795,877,407	)
Distributions to shareholders from distributable earnings:
Class A		(636,317,908	)		(1,331,277,071	)
Class C		(15,955,994	)		(41,341,537	)
Class R		(6,375,594	)		(12,970,924	)
Class Y		(50,369,784	)		(97,780,944	)
Class R5		(14,865,104	)		(31,158,054	)
Class R6		(59,659,126	)		(116,375,441	)
Total distributions from distributable earnings		(783,543,510	)		(1,630,903,971	)
Share transactions–net:
Class A		61,650,542			798,338,222
Class C		(39,351,727	)		(24,089,966	)
Class R		7,760,427			2,482,302
Class Y		15,704,564			67,528,652
Class R5		(12,905,500	)		20,447,063
Class R6		63,488,724			100,549,556
Net increase in net assets resulting from share transactions		96,347,030			965,255,829
Net increase (decrease) in net assets		(91,255,802	)		(1,461,525,549	)
Net assets:
Beginning of year		11,792,422,138			13,253,947,687
End of year	$	11,701,166,336		$	11,792,422,138

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

20 Invesco Equity and Income Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 08/31/23		$	10.27		$	0.20		$	0.33			$	0.53			$	(0.22	)		$	(0.47	)		$	(0.69	)		$	10.11		5.26	%		$	9,563,997		0.77	%		0.78	%		1.99	%		142	%
Year ended 08/31/22			12.52			0.14			(0.83	)			(0.69	)			(0.16	)			(1.40	)			(1.56	)			10.27		(6.36	)			9,654,157		0.78			0.78			1.25			152
Year ended 08/31/21			9.83			0.13			2.87				3.00				(0.17	)			(0.14	)			(0.31	)			12.52		31.02				10,841,867		0.78			0.78			1.10			127
Year ended 08/31/20			10.12			0.17			0.18				0.35				(0.19	)			(0.45	)			(0.64	)			9.83		3.53				9,034,006		0.78			0.79			1.75			133
Year ended 08/31/19			11.10			0.19			(0.36	)			(0.17	)			(0.21	)			(0.60	)			(0.81	)			10.12		(0.96	)			9,845,902		0.78			0.79			1.87			138
Class C
Year ended 08/31/23			10.03			0.12			0.32				0.44				(0.14	)			(0.47	)			(0.61	)			9.86		4.43	(d)			230,928		1.50	(d)		1.51	(d)		1.26	(d)		142
Year ended 08/31/22			12.25			0.06			(0.81	)			(0.75	)			(0.07	)			(1.40	)			(1.47	)			10.03		(7.01	)			275,540		1.53			1.53			0.50			152
Year ended 08/31/21			9.63			0.04			2.81				2.85				(0.09	)			(0.14	)			(0.23	)			12.25		29.94				362,829		1.53			1.53			0.35			127
Year ended 08/31/20			9.91			0.10			0.19				0.29				(0.12	)			(0.45	)			(0.57	)			9.63		2.87				402,761		1.53			1.54			1.00			133
Year ended 08/31/19			10.89			0.12			(0.36	)			(0.24	)			(0.14	)			(0.60	)			(0.74	)			9.91		(1.75	)(d)			576,794		1.49	(d)		1.50	(d)		1.16	(d)		138
Class R
Year ended 08/31/23			10.35			0.18			0.31				0.49				(0.19	)			(0.47	)			(0.66	)			10.18		4.87				103,247		1.02			1.03			1.74			142
Year ended 08/31/22			12.59			0.11			(0.82	)			(0.71	)			(0.13	)			(1.40	)			(1.53	)			10.35		(6.48	)			96,887		1.03			1.03			1.00			152
Year ended 08/31/21			9.89			0.10			2.88				2.98				(0.14	)			(0.14	)			(0.28	)			12.59		30.61				114,169		1.03			1.03			0.85			127
Year ended 08/31/20			10.17			0.15			0.19				0.34				(0.17	)			(0.45	)			(0.62	)			9.89		3.35				118,249		1.03			1.04			1.50			133
Year ended 08/31/19			11.16			0.17			(0.37	)			(0.20	)			(0.19	)			(0.60	)			(0.79	)			10.17		(1.30	)			148,055		1.03			1.04			1.62			138
Class Y
Year ended 08/31/23			10.27			0.22			0.33				0.55				(0.24	)			(0.47	)			(0.71	)			10.11		5.54				706,187		0.52			0.53			2.24			142
Year ended 08/31/22			12.52			0.17			(0.83	)			(0.66	)			(0.19	)			(1.40	)			(1.59	)			10.27		(6.12	)			702,847		0.53			0.53			1.50			152
Year ended 08/31/21			9.84			0.15			2.87				3.02				(0.20	)			(0.14	)			(0.34	)			12.52		31.22				778,769		0.53			0.53			1.35			127
Year ended 08/31/20			10.12			0.19			0.20				0.39				(0.22	)			(0.45	)			(0.67	)			9.84		3.91				749,507		0.53			0.54			2.00			133
Year ended 08/31/19			11.11			0.22			(0.37	)			(0.15	)			(0.24	)			(0.60	)			(0.84	)			10.12		(0.81	)			987,287		0.53			0.54			2.12			138
Class R5
Year ended 08/31/23			10.28			0.23			0.32				0.55				(0.25	)			(0.47	)			(0.72	)			10.11		5.48				201,310		0.47			0.48			2.29			142
Year ended 08/31/22			12.52			0.18			(0.82	)			(0.64	)			(0.20	)			(1.40	)			(1.60	)			10.28		(5.98	)			218,033		0.48			0.48			1.55			152
Year ended 08/31/21			9.84			0.16			2.86				3.02				(0.20	)			(0.14	)			(0.34	)			12.52		31.28				242,934		0.46			0.46			1.42			127
Year ended 08/31/20			10.12			0.20			0.19				0.39				(0.22	)			(0.45	)			(0.67	)			9.84		3.98				235,461		0.47			0.48			2.06			133
Year ended 08/31/19			11.11			0.22			(0.36	)			(0.14	)			(0.25	)			(0.60	)			(0.85	)			10.12		(0.75	)			397,607		0.47			0.48			2.18			138
Class R6
Year ended 08/31/23			10.27			0.24			0.31				0.55				(0.25	)			(0.47	)			(0.72	)			10.10		5.56				895,499		0.40			0.41			2.36			142
Year ended 08/31/22			12.52			0.18			(0.83	)			(0.65	)			(0.20	)			(1.40	)			(1.60	)			10.27		(6.01	)			844,958		0.41			0.41			1.62			152
Year ended 08/31/21			9.83			0.17			2.87				3.04				(0.21	)			(0.14	)			(0.35	)			12.52		31.50				913,379		0.39			0.39			1.49			127
Year ended 08/31/20			10.12			0.21			0.18				0.39				(0.23	)			(0.45	)			(0.68	)			9.83		3.97				1,001,337		0.38			0.39			2.15			133
Year ended 08/31/19			11.10			0.23			(0.35	)			(0.12	)			(0.26	)			(0.60	)			(0.86	)			10.12		(0.56	)			1,178,312		0.38			0.39			2.27			138

^(a)  Calculated using average shares outstanding.

^(b)  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)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.98% and 0.97% for the years ended August 31, 2023 and August 31, 2019, respectively.

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

21 Invesco Equity and Income Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is current income and, secondarily, capital appreciation.

The 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.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued.

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

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

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

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

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

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

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

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

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

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

22 Invesco Equity and Income Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

F. Foreign Withholding Taxes - The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign withholding tax claims on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the year ended August 31, 2023, the Fund did not enter into any closing agreements.

G. 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.

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

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

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

23 Invesco Equity and Income Fund

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $6,801 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

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

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

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

M. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying 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.

N. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 150 million	0.500%
Next $100 million	0.450%
Next $100 million	0.400%
Over $350 million	0.350%

24 Invesco Equity and Income Fund

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.35%.

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. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $608,848.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class C shares and Class R shares to reimburse IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will reimburse annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% of Class C average daily net assets and up to 0.50% of Class R average daily net assets. The fees are accrued daily and paid monthly. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $1,985,954 in front-end sales commissions from the sale of Class A shares and $70,552 and $8,801 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $168,393 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

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

25 Invesco Equity and Income Fund

	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	7,146,938,027		$	370,962,826		$–	$	7,517,900,853
U.S. Dollar Denominated Bonds & Notes		–			2,341,968,539		–		2,341,968,539
U.S. Treasury Securities		–			1,202,786,559		–		1,202,786,559
Preferred Stocks		64,508,592			–		–		64,508,592
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			15,270,376		–		15,270,376
Municipal Obligations		–			5,285,303		–		5,285,303
Money Market Funds		522,016,000			141,674,150		–		663,690,150
Total Investments in Securities		7,733,462,619			4,077,947,753		–		11,811,410,372
Other Investments - Assets*
Forward Foreign Currency Contracts		–			990,552		–		990,552
Other Investments - Liabilities*
Futures Contracts		(948,718	)		–		–		(948,718	)
Total Other Investments		(948,718	)		990,552		–		41,834
Total Investments	$	7,732,513,901		$	4,078,938,305		$–	$	11,811,452,206

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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, 2023:

	Value
	Currency
Derivative Assets	Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	990,552
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	990,552
	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts -Exchange-Traded(a)	$	(948,718	)
Derivatives not subject to master netting agreements		948,718
Total Derivative Liabilities subject to master netting agreements	$	–

^(a)  The daily variation margin receivable (payable) at period end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2023.

	Financial Derivative Assets				Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Net Value of Derivatives		Non-Cash	Cash	Net Amount
Bank of New York Mellon (The)		$930,202		$930,202	$–	$–	$	930,202
State Street Bank & Trust Co.		60,350		60,350	–	–		60,350
Total		$990,552		$990,552	$–	$–	$	990,552

26 Invesco Equity and Income Fund

Effect of Derivative Investments for the year ended August 31, 2023

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk				Interest Rate Risk				Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(10,274,275	)		$	-			$	(10,274,275	)
Futures contracts		-				5,378,913				5,378,913
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(3,425,470	)			-				(3,425,470	)
Futures contracts		-				(1,244,724	)			(1,244,724	)
Total	$	(13,699,745	)		$	4,134,189			$	(9,565,556	)

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

	Forward
	Foreign Currency		Futures
	Contracts		Contracts
Average notional value	$240,108,950		$	51,026,498

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $79,134.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:

	2023			2022
Ordinary income*	$	253,597,806		$	405,858,992
Long-term capital gain		529,945,704			1,225,044,979
Total distributions	$	783,543,510		$	1,630,903,971

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	49,110,990
Undistributed long-term capital gain		452,667,395
Net unrealized appreciation – investments		1,469,471,308
Net unrealized appreciation – foreign currencies		21,468
Temporary book/tax differences		(768,281	)
Shares of beneficial interest		9,730,663,456
Total net assets	$	11,701,166,336

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities, convertible securities and equity securities .

27 Invesco Equity and Income Fund

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of August 31, 2023.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $2,387,072,814 and $2,869,341,690, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$1,911,404,257
Aggregate unrealized (depreciation) of investments	(441,932,949	)
Net unrealized appreciation of investments	$1,469,471,308

Cost of investments for tax purposes is $10,341,980,898.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of amortization and accretion on debt securities, equalization and partnerships, on August 31, 2023, undistributed net investment income was increased by $5,052,806, undistributed net realized gain was decreased by $16,142,523 and shares of beneficial interest was increased by $11,089,717. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended August 31, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		69,900,060		$	701,533,346			73,356,241		$	821,391,591
Class C		3,088,954			30,306,026			3,295,934			36,084,783
Class R		2,677,098			27,058,482			1,695,763			19,133,379
Class Y		17,421,501			174,851,176			12,557,499			140,194,636
Class R5		1,871,792			18,765,212			1,999,576			22,716,626
Class R6		17,191,072			172,216,566			13,887,919			154,334,421
Issued as reinvestment of dividends:
Class A		59,396,151			591,080,593			111,734,771			1,239,743,507
Class C		1,530,995			14,912,252			3,557,970			38,628,074
Class R		634,222			6,363,235			1,158,750			12,961,497
Class Y		4,083,765			40,588,620			7,468,159			82,862,940
Class R5		1,495,679			14,865,104			2,808,247			31,157,973
Class R6		5,839,481			58,009,168			10,263,875			113,860,992
Automatic conversion of Class C shares to Class A shares:
Class A		3,791,352			37,881,665			4,151,000			46,487,423
Class C		(3,881,540	)		(37,881,665	)		(4,246,518	)		(46,487,423	)
Reacquired:
Class A		(126,443,474	)		(1,268,845,062	)		(115,674,488	)		(1,309,284,299	)
Class C		(4,786,675	)		(46,688,340	)		(4,757,106	)		(52,315,400	)
Class R		(2,535,199	)		(25,661,290	)		(2,555,545	)		(29,612,574	)
Class Y		(20,034,981	)		(199,735,232	)		(13,823,013	)		(155,528,924	)
Class R5		(4,667,747	)		(46,535,816	)		(2,991,721	)		(33,427,536	)
Class R6		(16,656,810	)		(166,737,010	)		(14,867,094	)		(167,645,857	)
Net increase in share activity		9,915,696		$	96,347,030			89,020,219		$	965,255,829

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 50% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

28 Invesco Equity and Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Equity and Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Equity and Income Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

29 Invesco Equity and Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning  Account Value  (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized  Expense Ratio
		Ending  Account Value  (08/31/23)1	Expenses  Paid During  Period2	Ending  Account Value  (08/31/23)	Expenses  Paid During  Period2
Class A	$1,000.00	$1,021.90	$3.92	$1,021.32	$3.92	0.77%
Class C	1,000.00	1,018.30	7.63	1,017.64	7.63	1.50
Class R	1,000.00	1,020.50	5.19	1,020.06	5.19	1.02
Class Y	1,000.00	1,023.20	2.65	1,022.58	2.65	0.52
Class R5	1,000.00	1,023.40	2.40	1,022.84	2.40	0.47
Class R6	1,000.00	1,023.80	2.04	1,023.19	2.04	0.40

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

30 Invesco Equity and Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Equity and Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy

and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period.

31 Invesco Equity and Income Fund

The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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 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 requested and considered additional information from management regarding the Fund’s actual management fees and the levels of the Fund’s breakpoints in light of current asset levels. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

 The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees

payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

 The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by

32 Invesco Equity and Income Fund

Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 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.

33 Invesco Equity and Income Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$542,054,704
Qualified Dividend Income*	75.85	%
Corporate Dividends Received Deduction*	65.88	%
U.S. Treasury Obligations*	19.27	%
Qualified Business Income*	0.00	%
Business Interest Income*	33.40	%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

34 Invesco Equity and Income Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹ Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Equity and Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Equity and Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Equity and Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Equity and Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Equity and Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Equity and Income Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-09913 and 333-36074     Invesco Distributors, Inc. VK-EQI-AR-1          

Annual Report to Shareholders August 31, 2023

Invesco Floating Rate ESG Fund

Nasdaq:

A: AFRAX ∎ C: AFRCX ∎ R: AFRRX ∎ Y: AFRYX ∎ R5: AFRIX ∎ R6: AFRFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
26	Financial Statements
29	Financial Highlights
30	Notes to Financial Statements
39	Report of Independent Registered Public Accounting Firm
40	Fund Expenses
41	Approval of Investment Advisory and Sub-Advisory Contracts
44	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Floating Rate ESG Fund (the Fund), at net asset value (NAV), underperformed the Credit Suisse Leveraged Loan Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.20	%
Class C Shares	7.66
Class R Shares	8.09
Class Y Shares	8.46
Class R5 Shares	8.50
Class R6 Shares	8.73
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	-1.19
Credit Suisse Leveraged Loan Index∎ (Style-Specific Index)	9.08
Lipper Loan Participation Funds Classification Average◆ (Peer Group)	8.08
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg LP; ◆Lipper Inc.

Market conditions and your Fund

During the fiscal year covered by this report, the senior loan market was characterized by persistent inflation, rapidly escalating interest rates, rising energy prices, and a softening, but robust economy. Following a volatile start to the fiscal year, in part due to hawkish US Federal Reserve (Fed) guidance and the resulting risk-off sentiment, the senior loan market went on to rebound for the remainder of the first half of the fiscal year. The second half of the fiscal year began with a broad risk-off sentiment as investors reevaluated the interest rate outlook amid stronger inflation data. Risk aversion accelerated in early March with the failures of Silicon Valley Bank and Signature Bank, as concerns around regional banks and the banking sector more broadly, arose. Increased uncertainty drove market volatility, and although loans have no direct exposure to the banking sector, loans, as a credit risk asset class, also experienced price softening. Despite this, loans still outperformed almost all other asset classes. The last quarter of the fiscal year saw the loan market rebound as improved economic sentiment overshadowed hawkish central bank rhetoric to create a positive backdrop for risk assets. Interest rate expectations repriced higher on the back of the hawkish Fed policy guidance, signaling a longer runway for today’s high carry environment to continue and an expectation of “higher for longer” interest rates. The historically strong carry in loans has powered 2023’s year-to-date return profile, comprising nearly three quarters of the year-to-date total return,¹ and we believe it looks increasingly likely to create a similar return tailwind in 2024.

 Senior loans, as represented by the Credit Suisse Leveraged Loan Index, returned 9.08% during the Fund’s fiscal year.¹ During the fiscal year, BB-, B- and CCC/Split CCC-

rated^† loans returned 9.40%, 12.65% and 9.51%, respectively.¹ Energy was the best performing sector returning 13.35% for the fiscal year, while media/telecommunications was relatively the worst performing sector returning a positive 5.76%.¹ More recently, the senior loan market was up 8.95% calendar year-to-date, having also outperformed high yield by approximately 130 basis points (bps).^1,3

 Throughout the 2022 calendar year, risk assets performed poorly, however loans significantly outperformed most other asset classes with a slight negative return for the full year of -1.06%.¹ The first month of calendar year 2023 reversed this negative trend, leading to a relatively high positive return of 2.57%; however, stronger than expected economic data and broad banking sector returns began to influence performance over the following few months, with loans returning 3.11%¹ during the first quarter. Although starting the next quarter relatively flat, loan returns rebounded towards the end of the fiscal year as improved economic sentiment overshadowed hawkish central bank rhetoric, improving the calendar quarterly return to 3.12%, while also driving the following two months’ returns both above 1.00%.¹ Since the middle of 2022, collateralized loan obligations (CLO) creation has come back in earnest, stabilizing market technicals and acting as a balance to retail outflows, as CLO managers sought to buy assets for new structures, despite a dearth of new issue supply. Overall, this increase in CLO demand, as well as supportive fundamentals and relatively high coupon levels, enabled the loan market to produce only three months of negative returns during the fiscal year covered in this report, two of which were only negative by 10 bps.

 During the fiscal year, the loan market continued to benefit from a supportive funda-

mental backdrop. As of August 31, 2023, the 12-month default rate was 1.55%.² Issuer fundamentals ended the most recent quarter relatively robust, with companies showing a strong ability to service their debt, even in a rising rate environment. Interest coverage ratios, while off their near-term highs are currently 3.0x⁵ and still sufficient to absorb higher rates. Economic data is moderating but still trending higher, with persistent core inflation pushing expectations for a “higher for longer” interest rate environment. This may place incremental pressure on certain issuers but the extent to which this creates distress depends more on the corporate earnings environment. The supply/demand balance has remained supportive and loan investors have continued to reap the benefit of interest rates at 20+ year highs through floating rate coupons. Additionally, leverage levels have remained at their pre-pandemic levels as borrowers have repaired their balance sheets and pushed out their maturities. Debt maturities concerns are at bay as only 3.3% of outstanding loans mature in the next 18 months as of June 30, 2023.⁴ The average price in the senior loan market was $94.54 as of August 31, 2023.¹ Given the price of senior loans at the end of the fiscal year, they provided a 9.93% yield (represented by the yield to 3-year life).¹ Heading into what we presume will be a period of higher but manageable default activity, it is worth noting that historically the loan market has reliably discounted higher likelihood of defaults (particularly during periods of market turbulence) than what ultimately occurred. Loan prices as of August 31, 2023, were still implying a 4.9%¹ default rate in the market, well in excess of the 3.5%⁴ default rate JP Morgan was forecasting for the end of 2023 and well above the 1.55% August 31, 2023 rolling twelve-month default rate.² While it is impossible to predict where and when loan prices will bottom, the market has time and again over-corrected relative to eventual realized defaults in past episodes of market dislocation and current loan investors are being well compensated for the potential risk of credit loss. This is not to suggest the market cannot or will not trade lower but rather highlights one reason that loans may often provide compelling value for investors.³ Despite expectations of an increase in default rates, loans are senior secured with high average recovery rates, which have historically mitigated potential credit loss.⁴ Spreads and yields continue to remain robust, with the average loan coupon still surpassing the average coupon for high-yield bonds for the first time on record.^1,3

 During the fiscal year ending August 31, 2023, QuarterNorth Energy Holding, Robertshaw US Holding and HotelBeds contributed to the Fund’s absolute performance, while Avaya, MLN US HoldCo (dba Mitel) and Crown Finance US detracted from returns.

2 Invesco Floating Rate ESG Fund

 In managing the Fund, we seek to take advantage of market opportunities by decreasing risk in the Fund when we believe senior loans are overbought and increasing risk when we believe they are oversold. We seek to efficiently allocate risk within the portfolio in order to maximize risk-adjusted returns.

 The senior loan asset class behaves differently from many traditional fixed-income investments. The interest income generated by a portfolio of senior loans is usually determined by a fixed-credit spread over the Secured Overnight Financing Rate (SOFR) or a similar reference rate. Because senior loans generally have a very short duration and the coupons, or interest rates, are usually adjusted every 30 to 90 days as the reference rate changes, the yield on the portfolio adjusts with the changing rates. Interest rate risk refers to the tendency for traditional fixed-income prices to decline when interest rates rise. For senior loans, however, interest rates and income are variable, and the prices of loans are therefore less sensitive to interest rate changes than traditional fixed-income bonds. As a result, senior loans can provide a natural hedge against rising interest rates.

 We are monitoring interest rates, the market, macroeconomic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and other central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments and the market price of the Fund’s shares.

 As always, we appreciate your continued participation in Invesco Floating Rate ESG Fund.

1 Source: Credit Suisse Leveraged Loan Index

2 Source: Morningstar LSTA Leveraged Loan Index

3 Source: Credit Suisse High Yield Index

4 Source: JP Morgan Research

5 Source: Pitchbook LCD

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit www.spglobal.com and select Understanding Credit Ratings’ under About Ratings on the homepage.

Portfolio manager(s):

Scott Baskind

Thomas Ewald - Lead

Philip Yarrow

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco Floating Rate ESG Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

1 Source: Bloomberg LP

2 Source: Lipper Inc.

3 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

 The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Floating Rate ESG Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (5/1/97)	3.93	%
10 Years	3.22
5 Years	2.95
1 Year	5.47
Class C Shares
Inception (3/31/00)	3.67	%
10 Years	3.08
5 Years	2.96
1 Year	6.68
Class R Shares
Inception (4/13/06)	3.40	%
10 Years	3.24
5 Years	3.23
1 Year	8.09
Class Y Shares
Inception (10/3/08)	4.94	%
10 Years	3.75
5 Years	3.71
1 Year	8.46
Class R5 Shares
Inception (4/13/06)	3.94	%
10 Years	3.76
5 Years	3.72
1 Year	8.50
Class R6 Shares
Inception (9/24/12)	4.04	%
10 Years	3.82
5 Years	3.81
1 Year	8.73

For periods prior to August 21, 2020, performance is that of the Fund using its previous investment strategy, which did not apply ESG criteria.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 2.50% sales charge and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

5 Invesco Floating Rate ESG Fund

Supplemental Information

Invesco Floating Rate ESG Fund’s investment objective is total return, comprised of current income and capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎ The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, noninvestment-grade loans.

∎ The Lipper Loan Participation Funds Classification Average represents an average of all of the funds in the Lipper Loan Participation Funds classification.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

  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 fre-

quently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

  At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

  The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Committee had established an HLIM for the Fund and the Fund complied with its HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales
charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Floating Rate ESG Fund

Fund Information

 

Portfolio Composition^†

By credit quality	% of total investments
BBB-	1.94%
BB+	0.92
BB	8.55
BB-	8.74
B+	14.59
B	22.26
B-	17.27
CCC+	6.95
CCC	4.30
CCC-	0.26
CC	0.15
D	0.37
Non-Rated	10.54
Equity	3.16

^†Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit spglobal.com and select “Understanding Credit Ratings” under About Ratings on the homepage.

Top Five Debt Issuers*

		% of total net assets
1.	Robertshaw US Holding Corp.		1.37	%
2.	Virgin Media 02 - LG		1.27
3.	PetSmart, Inc.		0.94
4.	Acrisure LLC		0.90
5.	Vertellus		0.88

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco Floating Rate ESG Fund

Schedule of Investments

August 31, 2023

	Interest Rate			Maturity Date			Principal Amount (000)(a)		Value
Variable Rate Senior Loan Interests-86.42%(b)(c)
Aerospace & Defense-2.54%
ADB Safegate (ADBAS/CEP IV) (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.75%)		8.21	%		10/03/2026	EUR		7,531	$	7,561,443
Barnes Group, Inc., Term Loan B(d)		-			08/10/2030		$	1,313		1,317,288
Brown Group Holding LLC (Signature Aviation US Holdings, Inc.)
Incremental Term Loan B-2 (1 mo. SOFR + 3.75%)		9.17	%		07/02/2029			3,026		3,028,192
Term Loan (1 mo. SOFR + 2.50%)		8.18	%		06/07/2028			8,428		8,340,912
Castlelake Aviation Ltd.
Incremental Term Loan (1 mo. SOFR + 2.75%)		8.00	%		10/22/2027			3,555		3,555,193
Term Loan (3 mo. USD LIBOR + 2.75%)		8.30	%		10/22/2026			14,460		14,464,188
Gogo Intermediate Holdings LLC, Term Loan B (1 mo. SOFR + 3.75%)		9.20	%		04/30/2028			981		984,066
KKR Apple Bidco LLC
First Lien Term Loan (1 mo. SOFR + 2.75%)		8.20	%		09/22/2028			10,114		10,017,134
First Lien Term Loan (1 mo. SOFR + 4.00%)		9.33	%		09/22/2028			1,709		1,712,230
Peraton Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		13.23	%		02/01/2029			8,120		7,984,639
Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan B (3 mo. SOFR + 4.00%)		8.99	%		09/13/2029			5,839		5,833,741
Rand Parent LLC (Atlas Air), Term Loan B (1 mo. SOFR + 4.25%)		9.49	%		02/09/2030			3,609		3,507,467
Titan Acquisition Holdings L.P., Term Loan B (1 mo. SOFR + 4.50%)(e)		9.81	%		04/27/2030			3,005		3,012,074
										71,318,567
Air Transport-2.51%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (1 mo. SOFR + 4.75%)		10.34	%		04/20/2028			19,603		20,385,934
Air Canada (Canada), Term Loan (3 mo. USD LIBOR + 3.50%)		9.13	%		08/11/2028			2,850		2,856,961
American Airlines, Inc., Term Loan (1 mo. SOFR + 2.75%)		8.54	%		02/09/2028			14,268		14,218,520
Avolon Borrower 1 (US) LLC
Term Loan B-4 (1 mo. USD LIBOR + 1.50%)		6.91	%		02/12/2027			827		827,550
Term Loan B-6 (1 mo. SOFR + 2.50%)		7.81	%		06/08/2028			2,919		2,925,367
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)		10.76	%		06/21/2027			4,873		5,085,934
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		9.29	%		04/21/2028			19,392		19,471,578
WestJet Airlines Ltd. (Canada), Term Loan (3 mo. SOFR + 3.00%)		8.42	%		12/11/2026			4,851		4,765,687
										70,537,531
Automotive-3.08%
Adient PLC, Term Loan B-1 (1 mo. SOFR + 3.25%)		8.70	%		04/10/2028			8,189		8,210,557
Autokiniton US Holdings, Inc., Term Loan B (1 mo. SOFR + 4.50%)		9.95	%		04/06/2028			8,112		8,081,038
Belron Group S.A., First Lien Term Loan B (3 mo. SOFR + 2.75%)		8.16	%		04/06/2029			3,465		3,472,224
Constellation Auto (CONSTE/BCA) (United Kingdom)
First Lien Term Loan B-1 (3 mo. EURIBOR + 4.00%)		7.78	%		07/28/2028	EUR		2,000		2,033,396
First Lien Term Loan B-2 (6 mo. SONIA + 4.75%)		9.68	%		07/28/2028	GBP		759		883,310
Second Lien Term Loan B-1 (6 mo. SONIA + 7.50%)		12.68	%		07/27/2029	GBP		4,072		3,554,931
DexKo Global, Inc., Incremental Term Loan (1 mo. SOFR + 4.25%)		9.60	%		10/04/2028			5,191		5,082,700
Driven Holdings LLC, Term Loan B (1 mo. SOFR + 3.00%)		8.43	%		12/16/2028			2,000		1,960,000
Engineered Components & Systems LLC (aka CentroMotion), Term Loan B(d)(e)		-			07/25/2030			5,469		5,428,242
First Brands Group Intermediate LLC
Term Loan B (6 mo. SOFR + 5.00%)		10.88	%		03/30/2027			4,492		4,439,803
Term Loan B (1 mo. SOFR + 5.00%)		10.88	%		03/30/2027			10,148		10,027,411
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. SOFR + 4.50%)		9.93	%		11/09/2027			11,107		10,804,687
Mavis Tire Express Services TopCo L.P., First Lien Term Loan (1 mo. SOFR + 4.00%)		9.45	%		05/04/2028			12,067		12,051,620
Panther BF Aggregator 2 L.P. (Canada), Term Loan B (1 mo. SOFR + 3.75%)		9.08	%		05/06/2030			3,807		3,806,811
PowerStop LLC, Term Loan B (3 mo. USD LIBOR + 4.75%)		10.18	%		01/24/2029			8,018		6,667,934
										86,504,664
Beverage & Tobacco-0.67%
Al Aqua Merger Sub, Inc., Term Loan B (1 mo. SOFR + 3.75%)		9.06	%		07/31/2028			15,298		15,270,875
Naked Juice LLC (Tropicana), Second Lien Term Loan (3 mo. SOFR + 6.00%)		11.34	%		01/20/2030			4,430		3,613,273
										18,884,148

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Brokers, Dealers & Investment Houses-0.13%
AqGen Island Intermediate Holdings, Inc., Second Lien Term Loan B (3 mo. USD LIBOR + 6.50%)		12.03	%	08/05/2029		$	99	$	93,765
Zebra Buyer LLC, Term Loan (3 mo. SOFR + 4.00%)		9.24	%	11/01/2028			3,518		3,518,748
									3,612,513
Building & Development-3.86%
Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (1 mo. SOFR + 2.50%)		7.83	%	08/27/2025			2,052		2,045,293
Chariot Buyer LLC, Term Loan B (1 mo. SOFR + 3.25%)		8.68	%	11/03/2028			2,899		2,873,966
Core & Main L.P., Term Loan B (1 mo. SOFR + 2.50%)		7.92	%	07/26/2028			8,064		8,062,661
Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)		10.43	%	04/01/2028			13,701		11,311,669
Flakt Woods (Fusilli Holdco) (France), Term Loan B (3 mo. EURIBOR + 6.00%)		9.61	%	10/12/2023	EUR		1,795		1,800,997
Icebox Holdco III, Inc.
First Lien Term Loan (3 mo. SOFR + 3.75%)		9.25	%	12/22/2028			6,553		6,515,135
Second Lien Term Loan (3 mo. SOFR + 6.75%)(e)		12.25	%	12/21/2029			1,544		1,381,780
IPS Corp./CP Iris Holdco
First Lien Delayed Draw Term Loan(f)		0.00	%	10/02/2028			424		414,840
First Lien Term Loan (1 mo. SOFR + 3.50%)		9.18	%	10/02/2028			2,448		2,395,945
Janus International Group LLC, Term Loan B (1 mo. SOFR + 3.25%)		8.67	%	07/25/2030			2,500		2,503,436
LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. SOFR + 4.75%)		10.18	%	02/16/2029			18,087		16,063,475
Mayfair Mall LLC, Term Loan (1 mo. SOFR + 3.25%)(e)		8.68	%	04/20/2024			2,084		1,896,776
Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. SOFR + 4.50%)		9.84	%	04/29/2029			10,218		10,199,135
Quikrete Holdings, Inc.
First Lien Term Loan (1 mo. SOFR + 2.63%)		8.07	%	02/01/2027			4,176		4,178,619
Term Loan B (1 mo. SOFR + 3.00%)		8.32	%	03/18/2029			10,505		10,525,748
Term Loan B (1 mo. SOFR + 2.75%)(d)		8.20	%	03/19/2029			1,789		1,793,119
Re/Max LLC, Term Loan (1 mo. USD LIBOR + 2.50%)		7.95	%	07/21/2028			7,506		7,309,381
SRS Distribution, Inc.
Term Loan (3 mo. SOFR + 3.50%)		8.93	%	06/02/2028			5,113		5,055,329
Term Loan B (1 mo. USD LIBOR + 3.50%)		8.95	%	06/02/2028			4,811		4,754,294
Standard Industries, Inc., Term Loan B (1 mo. SOFR + 2.25%)		7.93	%	09/22/2028			6,644		6,659,836
Xella (Luxembourg), Term Loan B-4 (3 mo. EURIBOR + 4.18%)		7.77	%	04/12/2028	EUR		723		660,738
									108,402,172
Business Equipment & Services-9.76%
Adevinta ASA (Norway), Term Loan B-2 (3 mo. USD LIBOR + 2.75%)		8.29	%	06/26/2028			3,804		3,809,386
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Incremental Term Loan (1 mo. SOFR + 4.75%)		9.88	%	05/11/2028			9,808		9,733,072
Camelot Finance L.P.
Incremental Term Loan (1 mo. SOFR + 3.00%)		8.45	%	10/30/2026			10,362		10,372,818
Term Loan (1 mo. SOFR + 3.00%)		8.45	%	10/30/2026			7,969		7,979,407
Checkout Holding Corp., Term Loan (3 mo. SOFR + 9.50%)		12.87	%	05/10/2027			387		234,473
Cimpress USA, Inc., Term Loan B (1 mo. SOFR + 3.50%)		8.95	%	05/17/2028			12,250		12,170,091
Constant Contact
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		13.06	%	02/15/2029			1,329		1,099,484
Term Loan B (1 mo. USD LIBOR + 4.00%)		9.56	%	02/10/2028			7,836		7,546,202
Corporation Service Co., Term Loan B (1 mo. SOFR + 3.25%)		8.68	%	11/02/2029			6,967		6,981,938
CRCI Longhorn Holdings, Inc.
First Lien Term Loan (1 mo. SOFR + 3.50%)		8.91	%	08/08/2025			649		648,795
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		12.68	%	08/08/2026			234		222,100
Creation Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 5.50%)		11.01	%	10/05/2028			7,086		6,731,488
Dakota Holding Corp.
First Lien Term Loan (3 mo. SOFR + 3.75%)		8.99	%	04/09/2027			10,199		9,867,898
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		12.29	%	04/07/2028			1,198		1,133,421
Dun & Bradstreet Corp. (The)
Incremental Term Loan B-2 (1 mo. SOFR + 3.25%)		8.32	%	01/18/2029			5,147		5,152,009
Revolver Loan (1 mo. SOFR + 3.00%)(e)		4.06	%	09/11/2025			1,349		1,339,700
Revolver Loan(e)(f)		0.00	%	09/11/2025			7,823		7,770,259
Term Loan B (1 mo. SOFR + 3.00%)		8.17	%	02/06/2026			10,148		10,168,394

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Business Equipment & Services-(continued)
Garda World Security Corp. (Canada)
Term Loan (1 mo. SOFR + 4.25%)		9.57	%	02/01/2029		$	6,531	$	6,532,851
Term Loan B-2 (1 mo. SOFR + 4.25%)		9.67	%	10/30/2026			5,199		5,203,339
GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		9.45	%	05/12/2028			13,856		13,511,283
I-Logic Tech Bidco Ltd. (United Kingdom), Term Loan (3 mo. SOFR + 4.00%)		9.39	%	02/16/2028			1,008		1,002,898
ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan (3 mo. SOFR + 4.75%)		10.09	%	04/01/2028			7,725		7,582,813
Karman Buyer Corp., First Lien Term Loan B-1 (1 mo. SOFR + 4.50%)		10.04	%	10/28/2027			5,237		5,029,002
KronosNet CX Bidco (Comspa Konecta) (Spain), Term Loan B (3 mo. EURIBOR + 5.75%)		9.45	%	09/30/2029	EUR		1,355		1,439,553
Learning Care Group (US) No. 2, Inc., Term Loan (1 mo. SOFR + 4.75%)		10.12	%	08/08/2028			4,343		4,348,534
Monitronics International, Inc., Term Loan (3 mo. SOFR + 7.50%)		13.00	%	06/30/2028			21,322		21,609,690
Orchid Merger Sub II LLC, Term Loan (1 mo. SOFR + 4.75%)		10.14	%	07/27/2027			9,247		6,785,139
Outfront Media Capital LLC, Term Loan (1 mo. SOFR + 1.75%)		7.08	%	11/18/2026			4,003		3,977,055
Prime Security Services Borrower LLC, First Lien Term Loan B-1 (1 mo. SOFR + 2.75%)		8.18	%	09/23/2026			8,635		8,646,880
Prometric Holdings, Inc., Term Loan (3 mo. SOFR + 3.00%)		8.68	%	01/29/2025			124		119,281
QA Group (IndigoCyan) (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)		10.06	%	06/23/2024	GBP		11,289		14,180,117
Red Ventures LLC (New Imagitas, Inc.), Term Loan B (1 mo. SOFR + 3.00%)		8.33	%	02/24/2030			5,736		5,726,824
Sitel Worldwide Corp., Term Loan (1 mo. USD LIBOR + 3.75%)		9.20	%	08/28/2028			10,574		10,475,890
Skillsoft Corp., Term Loan (1 mo. SOFR + 4.75%)		10.68	%	07/14/2028			4,368		4,074,011
Spin Holdco, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		9.23	%	03/04/2028			29,559		24,903,411
Tempo Acquisition LLC, Term Loan B (1 mo. SOFR + 3.00%)		8.33	%	08/31/2028			4,905		4,920,151
Trans Union LLC, First Lien Term Loan (1 mo. SOFR + 2.25%)		7.70	%	11/30/2028			5,411		5,416,640
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 4.75%)(e)		11.28	%	03/20/2027			1,458		1,275,651
Verra Mobility Corp., Term Loan B (1 mo. SOFR + 3.25%)		8.70	%	03/19/2028			10,452		10,465,180
WebHelp (France), Term Loan B (1 mo. SOFR + 4.00%)		8.81	%	08/04/2028			3,061		3,063,474
WEX, Inc., Term Loan B (1 mo. SOFR + 2.25%)		7.70	%	03/31/2028			598		599,624
									273,850,226
Cable & Satellite Television-3.17%
Atlantic Broadband Finance LLC
Incremental Term Loan B-5 (1 mo. SOFR + 2.50%)		7.95	%	09/01/2028			7,125		7,024,227
Term Loan B (1 mo. SOFR + 2.00%)		7.43	%	01/03/2025			1,516		1,516,635
CSC Holdings LLC
Term Loan (1 mo. SOFR + 2.50%)		7.92	%	04/15/2027			4,827		4,374,802
Term Loan B (1 mo. SOFR + 4.50%)		9.81	%	01/15/2028			1,756		1,658,943
Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (1 mo. SOFR + 4.00%)		9.63	%	08/14/2026			10,670		10,069,691
Term Loan B-11 (1 mo. SOFR + 2.75%)		8.38	%	07/31/2025			964		932,125
Term Loan B-12 (1 mo. SOFR + 3.69%)		9.26	%	01/31/2026			7,654		7,239,237
Telenet - LG, Term Loan AR (6 mo. USD LIBOR + 2.00%)		7.43	%	04/30/2028			5,590		5,428,104
UPC - LG
Term Loan AT (1 mo. USD LIBOR + 2.25%)		7.67	%	04/30/2028			116		112,742
Term Loan AX (1 mo. USD LIBOR + 2.93%)		8.35	%	01/31/2029			15,353		14,905,047
Virgin Media 02 - LG (United Kingdom)
Term Loan N (1 mo. SOFR + 2.50%)		7.92	%	01/31/2028			7,875		7,670,136
Term Loan Q (1 mo. SOFR + 3.25%)		8.67	%	01/31/2029			20,909		20,713,648
Term Loan Y (1 mo. SOFR + 3.25%)		8.31	%	03/06/2031			7,442		7,372,636
									89,017,973
Chemicals & Plastics-7.12%
AkzoNobel Chemicals
Incremental Term Loan (1 mo. SOFR + 4.00%)		9.35	%	03/03/2028			3,977		3,972,031
Term Loan (1 mo. SOFR + 4.00%)		9.32	%	04/03/2028			14,906		14,876,019
Aruba Investments, Inc., Second Lien Term Loan (1 mo. SOFR + 7.75%)		13.18	%	11/24/2028			1,711		1,579,829
Ascend Performance Materials Operations LLC, Term Loan (6 mo. SOFR + 4.75%)		9.71	%	08/27/2026			11,191		10,948,315
Axalta Coating Systems U.S. Holdings, Inc.
Term Loan B (1 mo. SOFR + 2.50%)		7.81	%	12/20/2029			1,172		1,176,473
Term Loan B-4 (3 mo. SOFR + 3.00%)		8.24	%	12/20/2029			2,679		2,686,955

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Chemicals & Plastics-(continued)
BES (Discovery Purchaser Corp.)
First Lien Term Loan (3 mo. SOFR + 4.38%)		9.62	%	10/03/2029		$	3,855	$	3,712,698
Second Lien Term Loan (1 mo. SOFR + 7.00%)(e)		12.27	%	08/03/2030			2,903		2,707,401
Charter NEX US, Inc., First Lien Term Loan (1 mo. SOFR + 3.75%)		9.20	%	12/01/2027			9,271		9,227,076
Cyanco Intermediate 2 Corp., Term Loan B (1 mo. SOFR + 4.75%)		10.08	%	07/07/2028			3,447		3,461,517
Eastman Tire Additives (River Buyer, Inc.), First Lien Term Loan (1 mo. SOFR + 5.25%)		10.75	%	11/01/2028			11,415		10,421,408
Flint Group (ColourOz Inv) (Germany)
First Lien Term Loan (3 mo. EURIBOR + 4.25%)		6.59	%	09/21/2023	EUR		5		4,052
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.52% Cash Rate(g)		5.75	%	09/21/2024			60		17,876
Term Loan		-		07/24/2026			6		5,776
Fusion (Fusion UK Holding Ltd. & US HoldCo VAD, Inc.), Term Loan B (3 mo. SOFR + 3.75%)		9.39	%	05/28/2029			2,532		2,513,253
ICP Group Holdings LLC, First Lien Term Loan (1 mo. SOFR + 3.75%)		9.25	%	12/29/2027			5,589		4,538,951
INEOS Enterprises (-Holdings II Ltd./-US Finco LLC) (United Kingdom), Incremental Term Loan B (1 mo. SOFR + 3.75%)		9.27	%	06/22/2030			4,310		4,266,753
INEOS Quattro Holdings Ltd. (United Kingdom)
Term Loan B (1 mo. SOFR + 2.75%)		8.20	%	01/29/2026			4,419		4,400,037
Term Loan B (1 mo. SOFR + 3.75%)(e)		9.18	%	03/03/2030			2,376		2,367,404
INEOS US Finance LLC
Term Loan (1 mo. SOFR + 3.75%)		8.95	%	11/08/2027			7,195		7,176,301
Term Loan (1 mo. SOFR + 2.50%)		7.93	%	11/08/2028			3,644		3,617,706
Term Loan (1 mo. SOFR + 3.50%)(e)		8.93	%	02/09/2030			8,368		8,323,733
Momentive Performance Materials USA, Inc., Term Loan B (1 mo. SOFR + 4.50%)		9.83	%	03/22/2028			6,681		6,639,260
Oxea Corp., Term Loan B-2 (1 mo. SOFR + 3.25%)		8.92	%	10/14/2024			2,811		2,807,673
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. SOFR + 3.75%)		9.32	%	11/03/2025			3,464		3,464,252
Quantix, Incremental Term Loan (3 mo. PRIME + 5.25%)(e)		11.65	%	05/03/2025			14,740		14,739,913
Trinseo Materials Finance, Inc.
Term Loan (1 mo. SOFR + 2.00%)		7.54	%	09/06/2024			942		930,268
Term Loan B (1 mo. SOFR + 2.50%)		7.95	%	03/18/2028			5,655		4,384,950
Tronox Finance LLC
Incremental Term Loan B (1 mo. SOFR + 3.25%)		8.49	%	03/03/2029			10,795		10,676,158
Term Loan(d)		-		08/10/2028			2,849		2,831,318
Univar, Inc., Term Loan B (3 mo. SOFR + 4.50%)		9.82	%	06/22/2030			10,299		10,277,520
Vertellus
Revolver Loan (1 mo. USD LIBOR + 5.75%)(e)		5.75	%	12/22/2025			994		963,130
Revolver Loan(e)(f)		0.00	%	12/22/2025			1,825		1,768,135
Term Loan (1 mo. SOFR + 5.75%)(e)		11.43	%	12/22/2027			22,882		22,172,413
W.R. Grace & Co., Term Loan B (3 mo. USD LIBOR + 3.75%)		9.31	%	09/22/2028			16,300		16,313,207
									199,969,761
Clothing & Textiles-0.82%
ABG Intermediate Holdings 2 LLC
First Lien Term Loan B-1 (1 mo. SOFR + 3.50%)		8.93	%	12/21/2028			14,563		14,586,672
Second Lien Term Loan (1 mo. SOFR + 6.00%)		11.43	%	12/20/2029			1,620		1,636,467
BK LC Lux SPV S.a.r.l. (Birkenstock), Term Loan B (1 mo. SOFR + 3.25%)		8.88	%	04/28/2028			6,770		6,760,386
									22,983,525
Conglomerates-0.44%
APi Group DE, Inc., Incremental Term Loan (1 mo. SOFR + 2.75%)		8.20	%	01/03/2029			4,223		4,240,463
CeramTec (CTEC III GmbH) (Germany), Term Loan B (3 mo. EURIBOR + 3.50%)		7.28	%	03/16/2029	EUR		148		159,775
Safe Fleet Holdings LLC
First Lien Incremental Term Loan (1 mo. SOFR + 5.00%)(e)		10.42	%	02/23/2029			1,442		1,449,310
Second Lien Term Loan (1 mo. SOFR + 6.75%)		12.18	%	02/02/2026			765		731,418
Term Loan B (1 mo. SOFR + 3.75%)		9.17	%	02/17/2029			5,694		5,708,718
									12,289,684
Containers & Glass Products-2.63%
Berlin Packaging LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		9.29	%	03/11/2028			8,637		8,570,475
Brook & Whittle Holding Corp., First Lien Term Loan (3 mo. SOFR + 4.00%)		9.43	%	12/14/2028			7,901		7,182,099
Duran Group (Germany), Term loan C-2 (1 mo. SOFR + 5.50%)(e)		10.33	%	05/31/2026			7,291		7,218,384

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Containers & Glass Products-(continued)
Keter Group B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 4.25%)		7.96	%	10/31/2023	EUR		8,511	$	8,597,528
Term Loan B-3-A (3 mo. EURIBOR + 4.25%)		7.89	%	10/31/2023	EUR		3,817		3,855,084
LABL, Inc. (Multi-Color), Term Loan (1 mo. SOFR + 5.00%)		10.43	%	10/29/2028		$	8,129		8,117,140
Libbey Glass, Inc., Term Loan B (1 mo. SOFR + 6.50%)(e)		11.91	%	11/22/2027			13,498		13,025,740
Logoplaste (Mar Bidco S.a.r.l.) (Portugal), Term Loan B (1 mo. USD LIBOR + 4.30%)		9.49	%	07/07/2028			6,449		6,212,691
Mold-Rite Plastics LLC (Valcour Packaging LLC)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		9.40	%	10/04/2028			6,359		5,091,793
Second Lien Term Loan (6 mo. USD LIBOR + 7.00%)		12.65	%	10/04/2029			1,022		574,919
Refresco Group N.V. (Netherlands), Term Loan B (3 mo. SOFR + 4.25%)		9.61	%	07/12/2029			5,431		5,443,936
									73,889,789
Cosmetics & Toiletries-0.13%
Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%)		8.71	%	06/29/2028	EUR		3,399		3,563,225
Drugs-0.25%
Grifols Worldwide Operations USA, Inc., Term Loan B (3 mo. SOFR + 2.00%)		7.43	%	11/15/2027			193		191,171
Perrigo Investments LLC, Term Loan B (1 mo. SOFR + 2.50%)		7.68	%	04/06/2029			6,823		6,805,830
									6,997,001
Ecological Services & Equipment-0.75%
Anticimex (Sweden)
Term Loan B-1 (3 mo. SOFR + 3.50%)		8.45	%	11/16/2028			3,177		3,161,593
Term Loan B-2 (1 mo. SOFR + 4.75%)(e)		9.84	%	11/16/2028			1,818		1,822,734
Term Loan B-4 (3 mo. SOFR + 4.00%)		8.95	%	11/16/2028			1,143		1,141,041
EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		9.29	%	05/11/2025			5,709		5,691,883
GFL Environmental, Inc. (Canada), Term Loan (1 mo. SOFR + 3.00%)		8.47	%	05/31/2027			678		680,791
Groundworks LLC
Delayed Draw Term Loan (3 mo. SOFR + 6.50%)(e)		11.80	%	03/14/2030			310		302,662
Delayed Draw Term Loan(e)(f)		0.00	%	03/14/2030			750		731,021
Revolver Loan(e)(f)		0.00	%	03/14/2029			339		330,779
Term Loan B (3 mo. SOFR + 6.50%)(e)		11.81	%	01/31/2030			5,810		5,664,585
OGF (VESCAP/Obol France 3/PHM) (France), Term Loan B-2 (6 mo. EURIBOR + 4.75%)		8.38	%	12/31/2025	EUR		848		830,723
Patriot Container Corp., First Lien Term Loan (1 mo. SOFR + 3.75%)		9.18	%	03/20/2025			721		679,765
									21,037,577
Electronics & Electrical-10.85%
Altar BidCo, Inc. (Brooks Automation, Inc.), Second Lien Term Loan (6 mo. SOFR + 5.60%)		10.49	%	02/01/2030			990		963,081
AppLovin Corp., Term Loan (1 mo. SOFR + 3.00%)		8.43	%	10/25/2028			5,270		5,268,330
Boxer Parent Co., Inc., Term Loan B ( 1 mo. EURIBOR+ 4.00%)		7.63	%	10/02/2025	EUR		90		97,154
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. SOFR + 4.00%)		9.52	%	04/18/2025			7,125		7,108,901
CommScope, Inc., Term Loan (1 mo. SOFR + 3.25%)		8.70	%	04/06/2026			7,244		6,681,826
ConnectWise LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		8.95	%	10/01/2028			4		4,279
Diebold Nixdorf, Inc., Term Loan (1 mo. SOFR + 7.50%)		12.82	%	08/11/2028			4,126		4,116,082
Digi International, Inc., Term Loan (6 mo. USD LIBOR + 5.00%)(e)		10.45	%	11/01/2028			3,937		3,944,681
E2Open LLC, Term Loan (1 mo. SOFR + 3.50%)		8.95	%	02/04/2028			8,802		8,814,686
Energizer Holdings, Inc., Term Loan (1 mo. SOFR + 2.25%)		7.68	%	12/22/2027			2,244		2,245,373
Entegris, Inc., Term Loan B (1 mo. SOFR + 2.75%)		7.99	%	07/06/2029			5,358		5,372,961
EverCommerce, Term Loan B (1 mo. SOFR + 3.25%)		8.70	%	07/01/2028			4,160		4,166,741
Go Daddy Operating Co. LLC, Term Loan (1 mo. SOFR + 3.00%)		7.83	%	11/09/2029			538		539,155
GoTo Group, Inc. (LogMeIn), First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		10.27	%	08/31/2027			27,817		18,072,415
Idemia (Oberthur Tech/Morpho/OBETEC) (France), Term Loan B (1 mo. SOFR + 4.75%)		10.06	%	09/30/2028			3,519		3,525,242
Imperva, Inc.
First Lien Term Loan (3 mo. SOFR + 4.00%)		9.63	%	01/12/2026			16,365		16,427,969
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		13.39	%	01/11/2027			5,341		5,367,908
Infinite Electronics
Second Lien Term Loan (3 mo. SOFR + 7.00%)		12.50	%	03/02/2029			749		653,318
Term Loan B (3 mo. SOFR + 3.25%)		9.25	%	03/02/2028			9,488		9,314,152
Informatica Corp., Term Loan (1 mo. SOFR + 2.75%)		8.20	%	10/27/2028			10,413		10,417,542

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Electronics & Electrical-(continued)
ION Corporates
Term Loan (3 mo. SOFR + 3.75%)		9.14	%	03/11/2028		$	2,000	$	1,986,250
Term Loan B (1 mo. SOFR + 4.25%)		9.60	%	07/12/2030			1,749		1,737,446
Learning Pool (Brook Bidco Ltd.) (United Kingdom)
Term Loan (3 mo. SONIA + 6.87%)(e)		11.80	%	08/17/2028	GBP		1,673		2,080,907
Term Loan (3 mo. SONIA + 6.87%)(e)		11.80	%	08/17/2028	GBP		422		524,493
Term Loan 1 (3 mo. SONIA + 7.01%)(e)		12.06	%	08/17/2028			5,256		5,045,822
Term Loan 2 (3 mo. SONIA + 7.01%)(e)		12.06	%	08/17/2028			2,002		1,922,155
Mavenir Systems, Inc., Term Loan B (3 mo. USD LIBOR + 4.75%)		10.39	%	08/13/2028			11,882		9,175,596
McAfee Enterprise, Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.88	%	07/27/2029			1,037		466,609
McAfee LLC, Term Loan B-1 (1 mo. SOFR + 4.50%)		9.17	%	03/01/2029			5,762		5,668,350
Mirion Technologies, Inc., Term Loan (1 mo. SOFR + 2.75%)		8.25	%	10/20/2028			6,449		6,455,163
Natel Engineering Co., Inc., Term Loan (1 mo. SOFR + 6.25%)		11.68	%	04/29/2026			15,695		12,183,085
Native Instruments (Music Creation Group GMBH/APTUS) (Germany), Term Loan (3 mo. EURIBOR + 6.00%)(e)		9.49	%	03/03/2028	EUR		3,929		3,919,746
NCR Corp., Term Loan B (1 mo. SOFR + 2.50%)		7.95	%	08/28/2026			4,665		4,665,065
Open Text Corp. (Canada), Term Loan B (1 mo. SOFR + 2.75%)		8.18	%	01/31/2030			12,559		12,587,646
Philips Domestic Appliances (Nobel Bidco) (Netherlands), Term Loan B (6 mo. EURIBOR + 3.50%)		7.27	%	06/23/2028	EUR		3,000		3,088,366
Project Accelerate Parent LLC, First Lien Term Loan (1 mo. SOFR + 4.25%)		9.88	%	01/02/2025			3,115		3,102,139
Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		8.70	%	08/31/2028			17,805		17,656,849
Quest Software US Holdings, Inc., Term Loan B (3 mo. SOFR + 4.25%)		9.77	%	02/01/2029			18,063		14,868,054
RealPage, Inc., Term Loan B (1 mo. SOFR + 3.00%)		8.45	%	04/24/2028			19,285		19,102,204
Renaissance Holding Corp., Term Loan (3 mo. SOFR + 4.75%)		9.99	%	03/16/2030			4,283		4,295,660
Severin Acquisition LLC, First Lien Term Loan (1 mo. SOFR + 3.25%)		8.37	%	08/01/2025			8		7,838
SonicWall U.S. Holdings, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.93	%	05/18/2026			2,446		2,317,481
Term Loan B(d)		-		05/16/2028			6,504		6,423,180
Ultimate Software Group, Inc.
First Lien Incremental Term Loan (3 mo. SOFR + 3.25%)		8.62	%	05/04/2026			6,923		6,932,957
First Lien Term Loan (3 mo. SOFR + 3.75%)		9.22	%	05/04/2026			9,787		9,801,631
UST Holdings Ltd., Term Loan B (1 mo. SOFR + 3.75%)		8.95	%	11/19/2028			8,760		8,632,164
Utimaco (Germany)
Term Loan B-1 (3 mo. EURIBOR + 6.00%)(e)		9.80	%	05/31/2029	EUR		9,126		9,391,095
Term Loan B-2 (3 mo. SOFR + 6.25%)(e)		11.81	%	05/31/2029			5,122		4,809,473
Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 5.00%)		10.45	%	09/01/2025			6,079		5,156,617
WebPros, Term Loan (3 mo. USD LIBOR + 5.51%)		10.75	%	02/18/2027			7,420		7,411,032
									304,516,869
Financial Intermediaries-1.38%
Edelman Financial Center LLC (The)
Incremental Term Loan (1 mo. SOFR + 3.75%)		8.95	%	04/07/2028			11,735		11,617,887
Second Lien Term Loan (1 mo. SOFR + 6.75%)		12.20	%	07/20/2026			305		300,180
LendingTree, Inc., First Lien Delayed Draw Term Loan (1 mo. USD LIBOR + 3.75%)		9.20	%	09/15/2028			12,915		10,826,811
Tegra118 Wealth Solutions, Inc., Term Loan (3 mo. SOFR + 4.00%)(e)		9.38	%	02/18/2027			6,630		6,182,720
Virtue (Vistra+Tricor/Thevelia LLC)
First Lien Term Loan B (3 mo. SOFR + 4.00%)		9.39	%	06/17/2029			5,718		5,718,193
First Lien Term Loan B (1 mo. SOFR + 4.75%)		9.50	%	06/22/2029			3,937		3,946,230
									38,592,021
Food Products-2.59%
Arnott’s (Snacking Investments US LLC), Term Loan (1 mo. SOFR + 4.00%)		9.33	%	12/18/2026			6,725		6,730,567
Biscuit Hld S.A.S.U. (BISPOU/Cookie Acq) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%)		7.27	%	02/15/2027	EUR		13,145		12,126,486
Florida Food Products LLC
First Lien Term Loan (1 mo. SOFR + 5.00%)(e)		10.33	%	10/18/2028			3,556		3,057,951
First Lien Term Loan (1 mo. SOFR + 5.00%)		10.45	%	10/18/2028			14,928		12,875,129
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)(e)		13.45	%	10/08/2029			2,863		2,362,504

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Food Products-(continued)
H-Food Holdings LLC
Incremental Term Loan B-2 (1 mo. USD LIBOR + 4.00%)		9.58	%	05/23/2025		$	9,147	$	8,278,321
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)		10.58	%	05/23/2025			5,277		4,812,919
Term Loan (1 mo. USD LIBOR + 3.69%)		9.27	%	05/23/2025			6,769		6,160,355
Hostess Brands LLC, Term Loan B (1 mo. SOFR + 2.50%)		7.74	%	06/28/2030			120		119,920
Nomad Foods US LLC (United Kingdom), Term Loan B (1 mo. SOFR + 3.75%)		8.56	%	11/10/2029			2,386		2,392,763
Shearer’s Foods LLC
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		13.20	%	09/22/2028			304		278,895
Term Loan B (1 mo. SOFR + 3.50%)		8.95	%	09/23/2027			2,123		2,125,676
Sigma Bidco (Netherlands), Term Loan B (1 mo. SOFR + 4.75%)		8.21	%	01/02/2028			6,820		6,678,990
United Natural Foods, Inc., Term Loan (1 mo. SOFR + 3.25%)		8.70	%	10/22/2025			3,657		3,667,841
Valeo Foods (Jersey) Ltd. (Ireland), Term Loan B (6 mo. EURIBOR + 4.00%)		7.24	%	09/29/2028	EUR		1,129		1,074,397
									72,742,714
Food Service-0.41%
Areas (Telfer Inv/Financiere Pax)
Revolver Loan(e)(f)		0.00	%	01/02/2026	EUR		1,073		986,618
Term Loan B (6 mo. EURIBOR + 4.75%)		8.49	%	07/01/2026	EUR		6,781		7,082,271
Euro Garages (Netherlands)
Term Loan B (1 mo. SOFR + 4.00%)		9.42	%	02/07/2025			1,785		1,789,258
Term Loan B (1 mo. SOFR + 4.25%)		9.42	%	03/31/2026			761		760,522
US Foods, Inc., Incremental Term Loan B (1 mo. SOFR + 2.75%)		7.95	%	11/22/2028			814		815,454
									11,434,123
Forest Products-0.13%
NewLife Forest Restoration LLC, Term Loan(e)		0.00	%	11/30/2023			3,744		3,744,412
Health Care-3.59%
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom), Incremental Term Loan B (1 mo. SOFR + 5.25%)(e)		9.90	%	06/08/2028			2,922		2,768,818
Ascend Learning LLC, First Lien Term Loan (1 mo. SOFR + 3.50%)		8.92	%	12/11/2028			8,193		7,907,340
athenahealth Group, Inc., Term Loan (1 mo. SOFR + 3.50%)		8.57	%	02/15/2029			6,230		6,165,581
Bracket Intermediate Holding Corp. (Signant), Term Loan (1 mo. SOFR + 5.00%)		10.42	%	05/03/2028			3,466		3,456,399
Cerba (Chrome Bidco) (France)
Term Loan B (1 mo. EURIBOR + 3.70%)		7.31	%	05/24/2028	EUR		6,000		6,418,173
Term Loan C (3 mo. EURIBOR + 4.00%)		7.63	%	02/14/2029	EUR		1,681		1,813,441
Curium BidCo S.a.r.l. (Luxembourg), Term Loan (1 mo. SOFR + 4.50%)(e)		9.88	%	07/31/2029			1,892		1,894,392
Ethypharm (Financiere Verdi, Orphea Ltd.) (France), Term Loan B (3 mo. SONIA + 4.50%)		9.43	%	04/17/2028	GBP		1,119		1,216,205
Explorer Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 4.50%)		9.95	%	02/04/2027			13,621		13,349,049
Global Medical Response, Inc.
Term Loan (1 mo. SOFR + 4.25%)		9.88	%	03/14/2025			8,875		6,294,683
Term Loan (1 mo. USD LIBOR + 4.25%)		9.78	%	10/02/2025			5,098		3,615,456
HC Group Holdings III, Inc., Term Loan B (1 mo. SOFR + 2.75%)		8.20	%	10/25/2028			362		363,187
Inovie Group Bidco (Labosud) (France), Term Loan B (3 mo. EURIBOR + 5.00%)		7.60	%	03/03/2028	EUR		1,101		1,154,497
International SOS L.P., Term Loan B (3 mo. USD LIBOR + 3.75%)(e)		9.25	%	09/07/2028			7,631		7,640,198
MedAssets Software Intermediate Holdings, Inc. (nThrive TSG)
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		9.45	%	12/18/2028			6,520		5,575,076
Second Lien Term Loan (1 mo. SOFR + 6.75%)		12.58	%	12/17/2029			1,991		1,259,686
MJH Healthcare Holdings LLC, Term Loan B (1 mo. SOFR + 3.50%)		8.93	%	01/28/2029			1,000		998,750
Organon & Co., Term Loan B (3 mo. SOFR + 3.00%)		8.43	%	06/02/2028			4,720		4,735,878
PAREXEL International Corp., First Lien Term Loan (1 mo. SOFR + 3.25%)		8.70	%	11/15/2028			8,265		8,252,064
Sharp Midco LLC
Incremental Term Loan B(d)(e)		-		12/31/2028			1,171		1,171,116
Term Loan B (3 mo. SOFR + 4.00%)(e)		9.34	%	12/15/2028			1,227		1,225,563
Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. SOFR + 4.75%)		10.43	%	11/24/2028			1,882		1,887,286
Sunshine Luxembourg VII S.a.r.l. (Nestle Skin Health) (Switzerland), Term Loan (3 mo. SOFR + 3.75%)		9.09	%	10/01/2026			1,741		1,744,396
TTF Holdings LLC (Soliant), Term Loan B (1 mo. USD LIBOR + 4.00%)		9.45	%	03/31/2028			1,716		1,720,210
Veonet (Blitz F21-433 GmbH) (Germany), Term Loan B (3 mo. EURIBOR + 4.25%)		7.85	%	03/14/2029	EUR		865		936,444
Verscend Holding Corp., Term Loan B-1 (1 mo. SOFR + 4.00%)		9.45	%	08/27/2025			3,947		3,951,316

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Health Care-(continued)
Women’s Care Holdings, Inc. LLC
First Lien Term Loan (3 mo. SOFR + 4.50%)		10.05	%	01/15/2028		$	3,085	$	2,751,601
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.80	%	01/15/2029			551		479,752
									100,746,557
Home Furnishings-1.83%
Hilding Anders AB (Sweden)
Term Loan (3 mo. EURIBOR + 5.00%)		8.65	%	02/28/2026	EUR		1,289		637,199
Term Loan (6 mo. EURIBOR + 10.00%)(e)		13.62	%	12/31/2026	EUR		99		104,264
Term Loan (6 mo. EURIBOR)(e)		0.00	%	02/26/2027	EUR		1,194		0
Hunter Douglas Holding B.V.
Term Loan B-1 (3 mo. SOFR + 3.50%)		8.89	%	02/26/2029			14,442		14,071,847
Term Loan B-2 (3 mo. EURIBOR + 4.00%)		7.83	%	02/26/2029	EUR		294		307,501
Mattress Holding Corp., Term Loan (6 mo. USD LIBOR + 4.25%)		9.95	%	09/25/2028			11,484		11,417,945
Serta Simmons Bedding LLC, Term Loan (1 mo. SOFR + 7.50%)		12.69	%	06/29/2028			9,642		9,667,092
SIWF Holdings, Inc., Term Loan B (1 mo. SOFR + 4.00%)		9.45	%	10/06/2028			8,594		7,191,831
VC GB Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		12.20	%	07/01/2029			1,231		1,102,044
Weber-Stephen Products LLC
Incremental Term Loan B (1 mo. SOFR + 4.25%)		9.68	%	10/30/2027			1,723		1,560,527
Term Loan B (1 mo. SOFR + 3.25%)		8.70	%	10/30/2027			5,830		5,287,310
									51,347,560
Industrial Equipment-4.48%
Chart Industries, Inc., Term Loan B (1 mo. SOFR + 3.75%)		9.16	%	03/14/2030			7,511		7,525,222
Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo. SOFR + 5.50%)		10.74	%	06/08/2029			9,856		8,587,204
DXP Enterprises, Inc., Term Loan (1 mo. SOFR + 4.75%)		10.44	%	12/23/2027			6,348		6,347,599
EMRLD Borrower L.P. (Copeland), Term Loan B (1 mo. SOFR + 3.00%)		8.33	%	05/05/2030			9,321		9,342,094
Kantar (Summer BC Bidco) (United Kingdom)
Revolver Loan (1 mo. USD LIBOR + 3.00%)(e)		8.72	%	06/04/2026			3,201		2,896,877
Revolver Loan(e)(f)		0.00	%	06/04/2026			3,799		3,438,123
Term Loan B (3 mo. USD LIBOR + 5.00%)		10.50	%	12/04/2026			7,149		6,887,039
Term Loan B-2 (3 mo. SOFR + 4.50%)		10.00	%	12/04/2026			584		563,949
Term Loan B-3 (3 mo. EURIBOR + 4.25%)		7.71	%	12/04/2026	EUR		3,000		3,176,719
MX Holdings US, Inc., Term Loan B-1-C (1 mo. SOFR + 2.50%)		7.95	%	07/31/2025			495		495,777
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)(e)		9.73	%	03/08/2025			3,497		3,427,385
Robertshaw US Holding Corp.
First Lien Term Loan (3 mo. SOFR + 5.50%)(e)		10.84	%	02/28/2027			4,790		3,472,745
First Lien Term Loan (1 mo. SOFR + 7.00%)		12.34	%	02/28/2027			21,346		18,837,978
First Lien Term Loan (3 mo. SOFR + 3.00%)(e)		8.34	%	02/28/2027			16,082		16,242,803
Tank Holding Corp.
Revolver Loan (1 mo. SOFR + 5.75%)(e)		11.18	%	03/31/2028			709		688,192
Revolver Loan(e)(f)		0.00	%	03/31/2028			993		963,469
Term Loan (1 mo. SOFR + 5.75%)		11.18	%	03/31/2028			20,424		19,855,490
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (6 mo. USD LIBOR + 3.50%)		9.38	%	07/30/2027			4,440		4,439,502
Victory Buyer LLC (Vantage Elevator)
Second Lien Term Loan (3 mo. SOFR + 7.00%)(e)		12.51	%	11/19/2029			789		680,584
Term Loan B (1 mo. SOFR + 3.75%)		9.26	%	11/15/2028			8,509		7,806,772
									125,675,523
Insurance-2.49%
Acrisure LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.95	%	02/15/2027			10,100		9,922,332
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		9.20	%	02/15/2027			7,385		7,264,884
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		9.70	%	02/15/2027			7,421		7,412,155
Term Loan (1 mo. SOFR + 5.75%)		11.12	%	02/15/2027			671		674,144
Alliant Holdings Intermediate LLC
Term Loan (1 mo. USD LIBOR + 3.50%)		8.93	%	11/06/2027			6,208		6,211,230
Term Loan B (1 mo. SOFR + 3.50%)		8.81	%	11/05/2027			3,824		3,827,293
Hub International Ltd., Term Loan B (1 mo. SOFR + 4.25%)		9.58	%	06/08/2030			2,024		2,033,051

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Insurance-(continued)
Ryan Specialty Group LLC, Term Loan (1 mo. SOFR + 3.00%)		8.43	%	09/01/2027		$	7,604	$	7,620,211
Sedgwick Claims Management Services, Inc., Term Loan B (1 mo. SOFR + 3.75%)		9.08	%	02/24/2028			11,911		11,947,258
USI, Inc., Term Loan (1 mo. SOFR + 3.75%)		8.99	%	11/22/2029			13,034		13,060,878
									69,973,436
Leisure Goods, Activities & Movies-3.49%
Alpha Topco Ltd. (United Kingdom), Term Loan B (1 mo. SOFR + 3.25%)		8.33	%	01/15/2030			2,294		2,303,376
Callaway Golf Co., Term Loan B (1 mo. SOFR + 3.50%)		8.93	%	03/09/2030			4,709		4,712,092
Carnival Corp.
Incremental Term Loan (6 mo. USD LIBOR + 3.25%)		8.70	%	10/18/2028			21,184		21,174,427
Term Loan (1 mo. SOFR + 3.00%)		8.32	%	08/08/2027			3,604		3,605,404
Crown Finance US, Inc. (United Kingdom), Term Loan (1 mo. SOFR + 8.50%)		14.38	%	07/31/2028			9,893		9,980,759
Fitness International LLC, Term Loan B (3 mo. SOFR + 3.25%)		8.77	%	04/18/2025			6,570		6,526,229
Galileo Global Educaion Finance S.a.r.l. (Luxembourg), Term Loan B (3 mo. EURIBOR + 3.50%)		7.30	%	07/14/2028	EUR		525		563,922
Lakeland Tours LLC, PIK Term Loan, 13.25% PIK Rate(g)		13.25	%	09/25/2027			1,052		828,462
Nord Anglia Education, Term Loan B (1 mo. SOFR + 4.50%)		9.92	%	01/25/2028			4,998		5,011,412
OEG Borrower LLC (Opry Entertainment), Term Loan B (3 mo. SOFR + 5.00%)(e)		10.32	%	05/20/2029			7,219		7,237,352
Parques Reunidos (Piolin Bidco s.a.u) (Spain)
Revolver Loan (1 mo. SOFR + 3.50%)(e)		8.81	%	03/16/2026	EUR		2,396		2,564,232
Revolver Loan(e)(f)		0.00	%	03/16/2026			3,204		3,428,564
Royal Caribbean Cruises Ltd.
Revolver Loan(e)(f)		0.00	%	04/05/2024			10,588		10,269,820
Revolver Loan(e)		-		04/12/2024			2,073		2,028,812
Scenic (Columbus Capital B.V.) (Australia), Term Loan (3 mo. EURIBOR + 3.75%)		7.35	%	02/27/2027	EUR		5,233		4,600,633
SeaWorld Parks & Entertainment, Inc., Term Loan B (1 mo. SOFR + 3.00%)		8.45	%	08/25/2028			2,183		2,183,170
Six Flags Theme Parks, Inc., Term Loan B (1 mo. SOFR + 1.75%)		7.18	%	04/17/2026			1,229		1,225,103
Vue International Bidco PLC (United Kingdom)
Term Loan (6 mo. EURIBOR + 8.00%)		11.09	%	06/30/2027	EUR		2,223		2,304,353
Term Loan (6 mo. EURIBOR + 8.00%)		11.36	%	12/31/2027	EUR		13,171		7,462,023
									98,010,145
Lodging & Casinos-0.85%
Aimbridge Acquisition Co., Inc., First Lien Term Loan (1 mo. SOFR + 4.75%)		10.18	%	02/02/2026			1,404		1,359,832
Everi Payments, Inc., Term Loan B (1 mo. SOFR + 2.50%)		7.95	%	08/03/2028			333		333,325
Four Seasons Holdings, Inc. (Canada), Term Loan (1 mo. SOFR + 2.50%)		7.93	%	11/30/2029			803		805,096
Hilton Grand Vacations Borrower LLC, Term Loan (1 mo. SOFR + 3.00%)		8.45	%	08/02/2028			3,173		3,180,116
HotelBeds (United Kingdom)
Term Loan B-2 (3 mo. EURIBOR + 5.00%)		8.76	%	09/12/2028	EUR		3,975		4,244,442
Term Loan C (6 mo. EURIBOR + 4.50%)		8.26	%	09/30/2027	EUR		2,534		2,702,532
Term Loan D (6 mo. EURIBOR + 5.50%)		8.84	%	09/12/2027	EUR		8,094		8,724,071
Travel + Leisure Co., Incremental Term Loan (1 mo. SOFR + 4.00%)		9.35	%	12/14/2029			2,583		2,588,299
									23,937,713
Nonferrous Metals & Minerals-0.87%
American Rock Salt Co. LLC
First Lien Term Loan (1 mo. SOFR + 4.00%)		9.45	%	06/09/2028			4,237		4,035,982
Second Lien Term Loan (1 mo. SOFR + 7.25%)		12.70	%	06/11/2029			212		191,220
AZZ, Inc., Term Loan (1 mo. SOFR + 4.25%)		9.08	%	05/13/2029			7,860		7,888,858
Covia Holdings Corp., Term Loan (3 mo. SOFR + 4.00%)		9.53	%	07/31/2026			6,893		6,863,047
Form Technologies LLC
First Lien Term Loan (3 mo. SOFR + 4.50%)		10.02	%	07/19/2025			2,257		2,106,405
First Lien Term Loan (3 mo. SOFR + 9.00%)		14.52	%	10/22/2025			2,095		1,612,978
SCIH Salt Holdings, Inc. (Kissner Group), First Lien Incremental Term Loan B-1 (3 mo. SOFR + 4.00%)		9.63	%	03/16/2027			1,722		1,721,471
									24,419,961
Oil & Gas-1.39%
Brazos Delaware II LLC, First Lien Term Loan (1 mo. SOFR + 3.75%)		9.06	%	02/01/2030			6,503		6,441,953
Gulf Finance LLC, Term Loan (1 mo. SOFR + 6.75%)		12.63	%	08/25/2026			5,376		5,397,630

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Oil & Gas-(continued)
McDermott International Ltd.
LOC(e)(f)		0.00	%	06/28/2024		$	6,610	$	4,924,688
LOC (3 mo. SOFR + 4.00%)(e)		9.51	%	06/30/2024			2,890		2,022,696
PIK Second Lien Term Loan, 3.00% PIK Rate, 6.45% Cash Rate(g)		3.00	%	09/25/2025			1,556		832,590
Term Loan (1 mo. SOFR + 3.00%)(e)		8.45	%	06/30/2024			279		202,279
Petroleum GEO-Services ASA (Norway)
Term Loan (3 mo. SOFR + 6.75%)(e)		11.99	%	03/18/2024			1,133		1,144,340
Term Loan (1 mo. USD LIBOR + 7.00%)		12.54	%	03/19/2024			1,564		1,563,940
QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. SOFR + 8.00%) (Acquired 08/03/2021; Cost $2,644,056)(h)		13.45	%	08/27/2026			2,678		2,672,864
TransMontaigne Partners LLC, Term Loan B (1 mo. SOFR + 3.50%)		8.93	%	11/17/2028			11,813		11,792,788
WhiteWater Whistler Holdings LLC, Term Loan B (1 mo. SOFR + 3.25%)		8.49	%	01/25/2030			2,094		2,098,332
									39,094,100
Publishing-3.02%
Cengage Learning, Inc., Term Loan B (3 mo. SOFR + 4.75%)		10.32	%	06/29/2026			20,569		20,550,503
Clear Channel Worldwide Holdings, Inc., Term Loan B (3 mo. SOFR + 3.50%)		8.85	%	08/21/2026			4,036		3,956,684
Dotdash Meredith, Inc., Term Loan B (1 mo. SOFR + 4.00%)		9.42	%	12/01/2028			21,361		20,639,835
Harbor Purchaser, Inc. (Houghton Mifflin Harcourt)
First Lien Term Loan B (1 mo. SOFR + 5.25%)		10.68	%	04/09/2029			11,529		10,695,813
Second Lien Term Loan B (1 mo. SOFR + 8.00%)		13.83	%	04/08/2030			8,460		7,265,077
McGraw-Hill Education, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		9.99	%	07/28/2028			13,719		13,477,947
Micro Holding L.P., Term Loan B-3 (1 mo. SOFR + 4.25%)		9.58	%	05/03/2028			8,437		8,123,338
									84,709,197
Radio & Television-0.39%
Diamond Sports Holdings LLC, Second Lien Term Loan(i)(j)		0.00	%	08/24/2026			3,798		106,480
E.W. Scripps Co. (The), Term Loan B (1 mo. SOFR + 2.75%)		8.45	%	01/07/2028			923		916,794
iHeartCommunications, Inc., Second Lien Incremental Term Loan (1 mo. SOFR + 3.25%)		8.70	%	05/01/2026			785		702,499
Nexstar Broadcasting, Inc.
Term Loan B (1 mo. SOFR + 2.50%)		7.93	%	06/02/2028			2,431		2,423,142
Term Loan B-4 (1 mo. SOFR + 2.50%)		7.95	%	09/18/2026			4,671		4,684,799
Sinclair Television Group, Inc.
Term Loan B-3 (1 mo. SOFR + 3.00%)		8.45	%	04/01/2028			2,176		1,649,375
Term Loan B-4 (1 mo. SOFR + 3.75%)		9.18	%	04/21/2029			632		460,732
									10,943,821
Retailers (except Food & Drug)-2.21%
Action Holding B.V. (Netherlands), Term Loan B-3-A (3 mo. EURIBOR + 3.75%)		7.35	%	09/21/2028	EUR		886		964,466
CNT Holdings I Corp. (1-800 Contacts), First Lien Term Loan (1 mo. SOFR + 3.50%)		8.80	%	11/08/2027			14,759		14,758,069
Lakeshore Intermediate LLC, First Lien Term Loan (1 mo. SOFR + 3.50%)		8.95	%	09/29/2028			897		891,883
Petco Animal Supplies, Inc., First Lien Term Loan (3 mo. SOFR + 3.25%)		8.75	%	03/02/2028			12,697		12,643,494
PetSmart, Inc., Term Loan (1 mo. SOFR + 3.75%)		9.18	%	02/11/2028			26,315		26,295,323
Savers, Inc., Term Loan (1 mo. SOFR + 5.50%)		10.75	%	04/26/2028			6,460		6,519,383
									62,072,618
Surface Transport-2.22%
Carriage Purchaser, Inc., Term Loan B (1 mo. SOFR + 4.25%)		9.70	%	09/30/2028			3,955		3,887,341
First Student Bidco, Inc.
Incremental Term C (3 mo. SOFR + 4.00%)		9.34	%	07/21/2028			936		925,861
Incremental Term Loan B (3 mo. SOFR + 4.00%)		9.34	%	07/21/2028			13,414		13,265,072
Term Loan B (3 mo. SOFR + 3.00%)		8.50	%	07/21/2028			5,721		5,585,480
Term Loan C (3 mo. SOFR + 3.00%)		8.50	%	07/21/2028			2,144		2,093,600
Hurtigruten (Explorer II AS) (Norway), Term Loan B (3 mo. EURIBOR + 6.50%)		10.45	%	02/26/2027	EUR		8,164		7,278,404
Novae LLC, Term Loan B (3 mo. SOFR + 5.00%)		10.34	%	12/22/2028			1,466		1,333,742
Odyssey Logistics & Technology Corp., Term Loan B (1 mo. SOFR + 4.50%)		9.92	%	10/12/2027			5,844		5,819,783
PODS LLC
Incremental Term Loan B (1 mo. SOFR + 4.00%)		9.45	%	04/01/2028			4,327		4,245,768
Term Loan B (1 mo. SOFR + 3.00%)		8.45	%	04/01/2028			11,885		11,566,072

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date			Principal Amount (000)(a)		Value
Surface Transport-(continued)
STG - XPOI Opportunity, Term Loan B (1 mo. SOFR + 6.00%)(e)		11.39	%		03/24/2028		$	6,565	$	6,319,381
										62,320,504
Telecommunications-4.53%
Avaya, Inc., Term Loan (1 mo. SOFR + 8.50%) (Acquired 04/22/2021-08/31/2023; Cost $32,867,032)(h)		13.82	%		05/15/2029			8,363		7,014,591
Cablevision Lightpath LLC, Term Loan (1 mo. SOFR + 3.25%)		8.67	%		11/30/2027			6,867		6,743,313
CCI Buyer, Inc. (Consumer Cellular), Term Loan (3 mo. SOFR + 3.75%)		9.24	%		12/17/2027			5,489		5,439,343
CenturyLink, Inc., Term Loan B (1 mo. SOFR + 2.25%)		7.70	%		03/15/2027			7,353		4,836,757
Crown Subsea Communications Holding, Inc.
Incremental Term Loan (1 mo. SOFR + 5.25%)		10.68	%		04/27/2027			3,725		3,740,142
Term Loan (1 mo. SOFR + 4.75%)		10.43	%		04/27/2027			13,546		13,594,862
II-VI, Inc., Term Loan B (1 mo. SOFR + 2.75%)		8.20	%		07/02/2029			6,963		6,962,196
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. SOFR + 3.50%)		8.83	%		12/11/2026			5,345		5,341,432
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B (6 mo. SOFR + 4.25%)		9.77	%		02/01/2029			18,801		18,824,842
Iridium Satellite LLC, Term Loan B (1 mo. SOFR + 2.50%)		7.93	%		11/04/2026			562		563,137
MLN US HoldCo LLC (dba Mitel)
First Lien Term Loan (3 mo. SOFR + 4.50%)		9.84	%		11/30/2025			160		23,146
Second Lien Term Loan (3 mo. SOFR + 6.70%)		12.11	%		11/01/2027			32,765		11,959,089
Term Loan (3 mo. SOFR + 6.44%)		11.85	%		11/01/2027			13,941		10,664,772
Third Lien Term Loan (3 mo. SOFR + 9.25%)((e)		14.66	%		11/01/2027			8,144		1,628,745
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		8.43	%		12/07/2026			10,390		7,507,116
Viasat, Inc., Term Loan (1 mo. SOFR + 3.75%)		9.83	%		03/02/2029			8,230		8,072,933
Voyage Digital (NC) Ltd., Term Loan B (3 mo. SOFR + 4.50%)		9.63	%		05/10/2029			5,445		5,454,970
Windstream Services LLC, Term Loan (1 mo. SOFR + 6.25%)		11.68	%		09/21/2027			7,907		7,561,282
Zayo Group Holdings, Inc., Incremental Term Loan (1 mo. SOFR + 4.25%)		9.66	%		03/09/2027			1,345		1,085,994
										127,018,662
Utilities-1.84%
Brookfield WEC Holdings, Inc.
First Lien Term Loan (1 mo. SOFR + 2.75%)		8.20	%		08/01/2025			5,621		5,623,400
Incremental Term Loan (1 mo. SOFR + 3.75%)		9.08	%		08/01/2025			9,042		9,068,088
Covanta Energy Corp.
Term Loan B (1 mo. SOFR + 3.00%)		8.31	%		11/30/2028			3,753		3,759,214
Term Loan C (1 mo. SOFR + 3.00%)		8.31	%		11/30/2028			281		281,941
Generation Bridge LLC, Term Loan B (1 mo. SOFR + 4.25%)		9.56	%		08/07/2029			3,842		3,846,475
Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		9.20	%		11/09/2026			6,953		6,830,077
KAMC Holdings, Inc. (Franklin Energy Group), First Lien Term Loan B (6 mo. SOFR + 4.00%)		9.73	%		08/14/2026			4,068		3,561,044
Nautilus Power LLC, Term Loan (1 mo. SOFR + 5.25%)		10.75	%		11/16/2026			5,208		3,949,947
Osmose Utilities Services, Inc., First Lien Term Loan (1 mo. SOFR + 3.00%)		8.70	%		06/23/2028			2,589		2,573,241
Talen Energy Supply LLC
Term Loan B (1 mo. SOFR + 4.50%)		9.88	%		05/27/2030			7,030		7,063,413
Term Loan C (1 mo. SOFR + 4.50%)		9.88	%		05/27/2030			5,027		5,051,465
										51,608,305
Total Variable Rate Senior Loan Interests (Cost $2,528,683,730)										2,425,766,597
Non-U.S. Dollar Denominated Bonds & Notes-3.51%(k)
Air Transport-0.01%
Skill Bidco ApS (Denmark) (3 mo. EURIBOR + 6.75%)(l)(m)		10.55	%		03/02/2028	EUR		195		206,876
Automotive-0.22%
Cabonline Group Holding AB (Sweden)(e)(l)		14.00	%		10/31/2023	SEK		5,024		431,324
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)(j)(l)(m)		0.00	%		04/19/2026	SEK		73,750		4,883,660
Conceria Pasubio S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)(l)(m)		8.10	%		09/30/2028	EUR		917		948,883
										6,263,867
Building & Development-0.14%
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)(l)(m)		8.66	%		01/15/2027	EUR		462		498,047
APCOA Parking Holdings GmbH (Germany)(l)		4.63	%		01/15/2027	EUR		939		906,849

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date			Principal Amount (000)(a)		Value
Building & Development-(continued)
Haya Holdco 2 PLC (United Kingdom) (3 mo. EURIBOR + 9.00%)(l)(m)		12.77	%		11/30/2025	EUR		5,883	$	2,360,473
										3,765,369
Cable & Satellite Television-0.15%
Altice Finco S.A. (Luxembourg)(l)		4.75	%		01/15/2028	EUR		3,712		2,648,542
Altice France Holding S.A. (Luxembourg)(l)		8.00	%		05/15/2027	EUR		2,923		1,542,072
										4,190,614
Chemicals & Plastics-0.00%
Herens Midco S.a.r.l. (Luxembourg)(l)		5.25	%		05/15/2029	EUR		108		64,626
Electronics & Electrical-0.39%
Castor S.p.A. (Italy) (3 mo. EURIBOR + 5.25%)(l)(m)		8.78	%		02/15/2029	EUR		2,000		2,051,136
Versuni Group B.V. (Netherlands)(l)		3.13	%		06/15/2028	EUR		10,186		8,904,746
										10,955,882
Financial Intermediaries-1.32%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%) (Acquired 01/31/2018-11/24/2021; Cost $8,325,506)(h)(l)(m)		8.73	%		08/01/2024	EUR		7,201		3,898,660
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(l)(m)		9.98	%		05/01/2026	EUR		1,945		1,706,590
Garfunkelux Holdco 3 S.A. (Luxembourg)(l)		6.75	%		11/01/2025	EUR		6,615		5,765,081
Kane Bidco Ltd. (United Kingdom)(l)		6.50	%		02/15/2027	GBP		1,034		1,207,354
Newday Bondco PLC (United Kingdom)(l)		7.38	%		02/01/2024	GBP		1,472		1,822,289
Sherwood Financing PLC (United Kingdom)(l)		6.00	%		11/15/2026	GBP		937		984,592
Sherwood Financing PLC (United Kingdom)(l)		4.50	%		11/15/2026	EUR		968		915,241
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(l)(m)		8.41	%		11/15/2027	EUR		6,242		6,558,760
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(l)(m)		8.41	%		11/15/2027	EUR		6,000		6,304,479
Very Group Funding PLC (The) (United Kingdom)(l)		6.50	%		08/01/2026	GBP		3,150		3,182,358
Zenith Finco PLC (United Kingdom)(l)		6.50	%		06/30/2027	GBP		4,906		4,810,135
										37,155,539
Food Products-0.59%
Sigma Holdco B.V. (Netherlands)(l)		5.75	%		05/15/2026	EUR		5,000		4,681,499
Sigma Holdco B.V. (Netherlands)(l)		5.75	%		05/15/2026	EUR		12,597		11,794,569
										16,476,068
Industrial Equipment-0.19%
Summer (BC) Holdco A S.a.r.l. (Luxembourg)(l)		9.25	%		10/31/2027	EUR		5,997		5,258,668
Leisure Goods, Activities & Movies-0.03%
Deuce Finco PLC (United Kingdom)(l)		5.50	%		06/15/2027	GBP		807		882,668
Retailers (except Food & Drug)-0.44%
Douglas GmbH (Germany)(l)		6.00	%		04/08/2026	EUR		1,823		1,898,441
Douglas GmbH (Germany)(l)		6.00	%		04/08/2026	EUR		2,500		2,603,458
Kirk Beauty SUN GmbH 9.00% PIK Rate, 8.25% Cash Rate (Germany)(g)(l)		9.00	%		10/01/2026	EUR		7,895		7,936,897
										12,438,796
Surface Transport-0.03%
Zenith Finco PLC (United Kingdom)(l)		6.50	%		06/30/2027	GBP		846		829,469
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $112,378,556)										98,488,442
U.S. Dollar Denominated Bonds & Notes-3.32%
Aerospace & Defense-0.24%
Rand Parent LLC (l)		8.50	%		02/15/2030		$	7,087		6,756,685
Air Transport-0.01%
Mesa Airlines, Inc., Class B (Acquired 11/25/2015; Cost $222,061)(e)(h)		5.75	%		07/15/2025			222		217,908
Building & Development-0.36%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 10/29/2020-11/19/2020; Cost $2,453,879)(h)(l)		5.75	%		05/15/2026			2,637		2,422,519

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Floating Rate ESG Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Building & Development-(continued)
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 09/22/2021-05/20/2022; Cost $8,704,471)(h)(l)		4.50	%		04/01/2027	$	9,060	$	7,574,930
									9,997,449
Business Equipment & Services-0.27%
ADT Security Corp. (The)(l)		4.13	%		08/01/2029		8,722		7,621,240
Cable & Satellite Television-0.80%
Altice Financing S.A. (Luxembourg)(l)		5.75	%		08/15/2029		2,188		1,735,217
Altice Financing S.A. (Luxembourg)(l)		5.00	%		01/15/2028		11,665		9,495,421
Altice France S.A. (France)(l)		5.50	%		01/15/2028		4,994		3,746,979
Altice France S.A. (France)(l)		5.50	%		10/15/2029		4,322		3,125,759
Virgin Media Secured Finance PLC (United Kingdom)(l)		4.50	%		08/15/2030		5,103		4,313,388
									22,416,764
Chemicals & Plastics-0.57%
SK Invictus Intermediate II S.a.r.l.(l)		5.00	%		10/30/2029		11,755		9,668,135
Windsor Holdings III LLC (Acquired 06/22/2023-08/15/2023; Cost $6,232,767)(h)(l)		8.50	%		06/15/2030		6,254		6,289,097
									15,957,232
Cosmetics & Toiletries-0.07%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC(l)		6.63	%		07/15/2030		2,011		2,013,413
Food Products-0.01%
Sigma Holdco B.V. (Netherlands)(l)		7.88	%		05/15/2026		216		183,938
Food Service-0.04%
eG Global Finance PLC (United Kingdom)(l)		6.75	%		02/07/2025		1,090		1,075,187
Health Care-0.07%
Global Medical Response, Inc. (Acquired 09/24/2020-05/18/2022; Cost $2,755,632)(h)(l)		6.50	%		10/01/2025		2,829		1,957,837
Industrial Equipment-0.09%
Chart Industries, Inc.(l)		7.50	%		01/01/2030		694		711,970
Emerald Debt Merger Sub LLC(l)		6.63	%		12/15/2030		1,988		1,959,512
									2,671,482
Publishing-0.10%
McGraw-Hill Education, Inc.(l)		5.75	%		08/01/2028		3,108		2,761,147
Radio & Television-0.00%
Diamond Sports Group LLC/Diamond Sports Finance Co.(i)(j)(l)		0.00	%		08/15/2026		2,398		59,494
Retailers (except Food & Drug)-0.06%
Evergreen Acqco 1 L.P./TVI, Inc.(l)		9.75	%		04/26/2028		1,562		1,630,275
Surface Transport-0.05%
First Student Bidco, Inc./First Transit Parent, Inc.(l)		4.00	%		07/31/2029		1,850		1,575,123
Telecommunications-0.53%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom)(l)		6.75	%		10/01/2026		9,568		9,086,410
Windstream Escrow LLC/Windstream Escrow Finance Corp.(l)		7.75	%		08/15/2028		7,184		5,830,696
									14,917,106
Utilities-0.05%
Calpine Corp.(l)		4.50	%		02/15/2028		1,515		1,403,838
Total U.S. Dollar Denominated Bonds & Notes (Cost $104,667,363)									93,216,118
						Shares
Common Stocks & Other Equity Interests-2.72%(n)
Aerospace & Defense-0.03%
IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $145,528)(e)(h)							134		731,142

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Floating Rate ESG Fund

	Shares		Value
Automotive-0.00%
Dayco Products LLC (Acquired 06/16/2006-05/29/2008; Cost $104,068)(e)(h)		3,261	$	0
Dayco Products LLC (Acquired 06/16/2006-02/18/2014; Cost $1,275,974)(e)(h)		3,266		0
ThermaSys Corp. (Acquired 12/31/2018; Cost $1,367,427)(e)(h)		1,949,645		0
				0
Building & Development-0.00%
Haya (Holdco2 PLC/Real Estate SAU)(e)		7,135		0
Lake at Las Vegas Joint Venture LLC, Class A (Acquired 04/28/2010-07/15/2010; Cost $664,569)(e)(h)		518		0
Lake at Las Vegas Joint Venture LLC, Class B(e)		4		0
				0
Business Equipment & Services-0.90%
Monitronics International, Inc. (Acquired 06/30/2023; Cost $8,220,186)(e)(h)		408,355		8,575,455
My Alarm Center LLC, Class A (Acquired 03/09/2021-12/03/2021; Cost $9,074,167)(e)(h)(o)		68,686		16,635,703
				25,211,158
Containers & Glass Products-0.01%
Libbey Glass LLC (Acquired 11/13/2020-02/10/2022; Cost $146,927)(h)		36,078		284,114
Drugs-0.00%
Inotiv, Inc., Conv.		3,637		13,602
Electronics & Electrical-0.08%
Diebold Nixdorf, Inc.		124,443		2,216,330
Riverbed Technology, Inc. (Acquired 07/03/2023; Cost $13,461)(e)(h)		103,543		13,460
				2,229,790
Home Furnishings-0.20%
Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $56,360)(h)		363,612		5,599,625
Industrial Equipment-0.00%
North American Lifting Holdings, Inc.		7,347		51,429
Leisure Goods, Activities & Movies-0.36%
Crown Finance US, Inc.		3,056		66,189
Crown Finance US, Inc., Rts.		456,471		9,885,565
Vue International Bidco PLC(e)		14,500,325		0
				9,951,754
Lodging & Casinos-0.08%
Bally’s Corp.(p)		74,467		1,236,152
Caesars Entertainment, Inc.(p)		19,983		1,104,261
				2,340,413
Oil & Gas-0.84%
McDermott International Ltd.(p)		629,763		100,762
McDermott International Ltd.(e)		1,901,942		289,095
QuarterNorth Energy Holding, Inc. (Acquired 06/02/2021-10/29/2021; Cost $10,749,883)(e)(h)		131,162		22,172,936
QuarterNorth Energy Holding, Inc., Wts., expiring 08/27/2029(e)		45,751		786,917
QuarterNorth Energy Holding, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $528,684)(e)(h)		88,114		39,652
Samson Investment Co., Class A (Acquired 03/01/2017; Cost $4,259,838)(e)(h)		261,209		235,088
Southcross Energy Partners L.P. (Acquired 08/05/2014-10/29/2020; Cost $1,477,667)(h)		145,102		2,032
				23,626,482
Radio & Television-0.04%
iHeartMedia, Inc., Class A(p)		306,089		1,104,981
iHeartMedia, Inc., Class B(e)(p)		29		116
				1,105,097

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco Floating Rate ESG Fund

					Shares		Value
Retailers (except Food & Drug)-0.01%
Claire’s Stores, Inc. (Acquired 10/12/2018; Cost $1,111,774)(h)						692	$	245,084
Toys ’R’ Us-Delaware, Inc.(e)						11		27,643
Vivarte S.A.S.(e)						233,415		112,479
								385,206
Surface Transport-0.06%
Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $1,212,169)(e)(h)						14,574		655,830
Commercial Barge Line Co.(e)						11,998		299,950
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023-08/18/2023; Cost $0)(e)(h)(o)						159,020		74,541
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-05/17/2023; Cost $0)(e)(h)						144,357		90,223
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $1,274,332)(h)						15,321		689,445
								1,809,989
Telecommunications-0.11%
Avaya Holdings Corp. (Acquired 05/01/2023; Cost $4,396,125)(h)						293,075		2,515,609
Avaya, Inc. (Acquired 05/01/2023; Cost $797,295)(h)						53,153		456,239
								2,971,848
Total Common Stocks & Other Equity Interests (Cost $92,851,485)								76,311,649
Preferred Stocks-0.34%(n)
Oil & Gas-0.04%
McDermott International Ltd., Pfd.(e)						1,632		1,060,731
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-08/23/2019; Cost $566,509)(e)(h)						577,315		5,138
								1,065,869
Surface Transport-0.30%
Commercial Barge Line Co., Series A, Pfd. (Acquired 08/24/2018-02/06/2020; Cost $1,898,180)(h)						42,816		1,006,176
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 08/24/2018-02/06/2020; Cost $1,995,296)(h)						45,008		1,057,688
Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $1,586,876)(h)						68,517		3,768,435
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $1,114,451)(h)						48,119		2,646,545
								8,478,844
Total Preferred Stocks (Cost $7,161,313)								9,544,713
	Interest Rate		Maturity Date		Principal Amount (000)(a)
Asset-Backed Securities-0.03%
Structured Products-0.03%
Bain Capital Credit CLO Ltd., Series 2022-2A, Class E (Cayman Islands) (3 mo. Term SOFR + 7.84%) (l)(m) (Cost $990,821)		13.19%		04/22/2035	$	1,000		984,970
Municipal Obligations-0.45%
Arizona-0.45%
Arizona (State of) Industrial Development Authority (NewLife Forest Restoration LLC) (Green Bonds), Series 2022 A, RB (Acquired 02/22/2022-07/01/2023; Cost $13,890,696) (Cost $13,880,806)(h)(l)		9.00%		01/01/2028		14,935		12,657,253
					Shares
Money Market Funds-3.99%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(o)(q)						39,229,510		39,229,510
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(o)(q)						28,016,041		28,018,843

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Invesco Floating Rate ESG Fund

	Shares		Value
Invesco Treasury Portfolio, Institutional Class, 5.25%(o)(q)		44,833,726	$	44,833,726
Total Money Market Funds (Cost $112,082,268)				112,082,079
TOTAL INVESTMENTS IN SECURITIES-100.78% (Cost $2,972,696,342)				2,829,051,821
OTHER ASSETS LESS LIABILITIES-(0.78)%				(22,021,668	)
NET ASSETS-100.00%			$	2,807,030,153

Investment Abbreviations:

CLO	- Collateralized Loan Obligation
Conv.	- Convertible
EUR	- Euro
EURIBOR	- Euro Interbank Offered Rate
GBP	- British Pound Sterling
LIBOR	- London Interbank Offered Rate
LOC	- Letter of Credit
Pfd.	- Preferred
PIK	- Pay-in-Kind
RB	- Revenue Bonds
Rts.	- Rights
SEK	- Swedish Krona
SOFR	- Secured Overnight Financing Rate
SONIA	- Sterling Overnight Index Average
STIBOR	- Stockholm Interbank Offered Rate
USD	- U.S. Dollar
Wts.	- Warrants

Notes to Schedule of Investments:

^(a)  Principal amounts are denominated in U.S. dollars unless otherwise noted.

^(b)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(c)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate (“SOFR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(d)  This variable rate interest will settle after August 31, 2023, at which time the interest rate will be determined.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(f)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 8.

^(g)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(h)  Restricted security. The aggregate value of these securities at August 31, 2023 was $112,205,819, which represented 4.00% of the Fund’s Net Assets.

⁽ⁱ⁾  Acquired as part of a bankruptcy restructuring.

^(j)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $5,049,634, which represented less than 1% of the Fund’s Net Assets.

^(k)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(l)  Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $205,128,875, which represented 7.31% of the Fund’s Net Assets.

^(m)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

⁽ⁿ⁾  Securities acquired through the restructuring of senior loans.

^(o)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	53,493,965	$	283,433,028	$	(297,697,483	)	$	-		$	-	$	39,229,510	$	1,023,108
Invesco Liquid Assets Portfolio, Institutional Class		37,775,430		202,452,163		(212,213,547	)		(8,009	)		12,806		28,018,843		610,745
Invesco Treasury Portfolio, Institutional Class		61,135,961		323,923,460		(340,225,695	)		-			-		44,833,726		960,492

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Invesco Floating Rate ESG Fund

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income
Investments in Other Affiliates:
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030*	$	240,494	$	-	$	(240,503	)	$	(165,953	)	$	240,503	$	74,541	$	-
My Alarm Center LLC, Class A		10,955,387		-		-			5,680,316			-		16,635,703		-
Total	$	163,601,237	$	809,808,651	$	(850,377,228	)	$	5,506,354		$	253,309	$	128,792,323	$	2,594,345

* At August 31, 2023, this security was was no longer an affiliate of the Fund.

^(p)  Non-income producing security.

^(q)  The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

Open Forward Foreign Currency Contracts
		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty		Deliver			Receive
Currency Risk
09/29/2023	Barclays Bank PLC	EUR		2,142,861	USD		2,344,761	$	18,472
10/31/2023	Barclays Bank PLC	EUR		68,266,219	USD		74,410,111		186,522
09/29/2023	BNP Paribas S.A.	EUR		69,108,703	USD		76,829,393		1,805,000
09/29/2023	BNP Paribas S.A.	GBP		12,078,209	USD		15,491,072		188,674
09/29/2023	BNP Paribas S.A.	SEK		8,000,000	USD		748,709		17,152
10/31/2023	BNP Paribas S.A.	GBP		12,249,168	USD		15,557,650		37,923
09/29/2023	Citibank N.A.	GBP		462,737	USD		594,679		8,417
10/31/2023	Citibank N.A.	EUR		67,247,321	USD		73,333,271		217,497
10/31/2023	Citibank N.A.	USD		6,198,710	GBP		4,908,035		19,782
09/29/2023	Morgan Stanley and Co. International PLC	EUR		70,024,149	USD		77,863,703		1,845,500
09/29/2023	Morgan Stanley and Co. International PLC	GBP		11,897,937	USD		15,259,483		185,479
09/29/2023	Morgan Stanley and Co. International PLC	SEK		63,446,476	USD		6,125,139		323,296
09/29/2023	Morgan Stanley and Co. International PLC	USD		162,084	SEK		1,774,402		176
10/31/2023	Morgan Stanley and Co. International PLC	GBP		12,249,168	USD		15,575,558		55,831
09/29/2023	Royal Bank of Canada	GBP		12,078,209	USD		15,510,220		207,822
09/29/2023	Royal Bank of Canada	USD		5,344,594	SEK		58,468,624		2,051
10/31/2023	Royal Bank of Canada	EUR		68,266,219	USD		74,389,699		166,111
10/31/2023	Royal Bank of Canada	GBP		12,066,345	USD		15,350,176		62,087
09/29/2023	State Street Bank & Trust Co.	EUR		70,024,149	USD		77,647,328		1,629,126
10/31/2023	State Street Bank & Trust Co.	GBP		91,869	USD		116,733		335
09/29/2023	UBS AG	GBP		460,318	USD		587,532		4,335
10/31/2023	UBS AG	EUR		4,604,018	USD		5,020,074		14,278
Subtotal-Appreciation									6,995,866
Currency Risk
09/29/2023	Barclays Bank PLC	USD		74,293,376	EUR		68,266,219		(183,581	)
09/29/2023	BNP Paribas S.A.	USD		16,157,214	GBP		12,715,865		(46,943	)
09/29/2023	Citibank N.A.	USD		73,218,883	EUR		67,247,321		(215,205	)
09/29/2023	J.P. Morgan Chase Bank, N.A.	USD		1,101,073	EUR		1,000,000		(15,473	)
09/29/2023	Morgan Stanley and Co. International PLC	USD		5,463,824	EUR		5,000,000		(35,824	)
09/29/2023	Morgan Stanley and Co. International PLC	USD		16,215,500	GBP		12,751,780		(59,727	)
09/29/2023	Morgan Stanley and Co. International PLC	USD		761,508	SEK		7,925,799		(36,736	)
10/31/2023	Morgan Stanley and Co. International PLC	USD		1,643,822	EUR		1,500,000		(12,923	)
09/29/2023	Royal Bank of Canada	GBP		563,195	USD		711,309		(2,227	)
09/29/2023	Royal Bank of Canada	USD		75,373,620	EUR		69,266,220		(178,225	)
09/29/2023	Royal Bank of Canada	USD		15,358,206	GBP		12,072,960		(62,458	)
09/29/2023	Royal Bank of Canada	USD		307,129	SEK		3,277,651		(7,405	)
10/31/2023	Royal Bank of Canada	SEK		58,584,760	USD		5,362,715		(2,192	)
10/31/2023	Royal Bank of Canada	USD		6,534,756	EUR		6,000,000		(11,156	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Invesco Floating Rate ESG Fund

Open Forward Foreign Currency Contracts—(continued)
		Contract to					Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver		Receive
09/29/2023	State Street Bank & Trust Co.	USD	565,270		EUR	520,103	$	(646	)
Subtotal–Depreciation								(870,721	)
Total Forward Foreign Currency Contracts							$	6,125,145

Abbreviations:

EUR	- Euro
GBP	- British Pound Sterling
SEK	- Swedish Krona
USD	- U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25 Invesco Floating Rate ESG Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $2,851,539,907)	$	2,700,334,039
Investments in affiliates, at value (Cost $121,156,435)		128,717,782
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		6,995,866
Cash collateral — revolver		295,131
Cash		28,138,807
Foreign currencies, at value (Cost $7,758,992)		7,768,360
Receivable for:
Investments sold		95,131,825
Fund shares sold		2,455,098
Dividends		470,054
Interest		34,094,416
Investments matured, at value (Cost $1,256,835)		1,009,460
Investment for trustee deferred compensation and retirement plans		129,192
Other assets		437,029
Total assets		3,005,977,059
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		870,721
Payable for:
Investments purchased		150,113,268
Dividends		6,766,770
Fund shares reacquired		3,181,943
Accrued fees to affiliates		1,049,222
Accrued trustees’ and officers’ fees and benefits		2,419
Accrued other operating expenses		173,629
Trustee deferred compensation and retirement plans		143,227
Unfunded loan commitments		36,645,707
Total liabilities		198,946,906
Net assets applicable to shares outstanding	$	2,807,030,153

Net assets consist of:
Shares of beneficial interest	$	3,363,268,124
Distributable earnings (loss)		(556,237,971	)
	$	2,807,030,153
Net Assets:
Class A	$	668,556,769
Class C	$	81,271,283
Class R	$	8,224,730
Class Y	$	1,491,737,913
Class R5	$	4,845,517
Class R6	$	552,393,941
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		97,907,941
Class C		11,954,469
Class R		1,202,865
Class Y		218,754,773
Class R5		709,468
Class R6		81,070,491
Class A:
Net asset value per share	$	6.83
Maximum offering price per share (Net asset value of $6.83 ÷ 97.50%)	$	7.01
Class C:
Net asset value and offering price per share	$	6.80
Class R:
Net asset value and offering price per share	$	6.84
Class Y:
Net asset value and offering price per share	$	6.82
Class R5:
Net asset value and offering price per share	$	6.83
Class R6:
Net asset value and offering price per share	$	6.81

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26 Invesco Floating Rate ESG Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Interest	$	297,518,673
Dividends		4,576,858
Dividends from affiliated money market funds		2,594,345
Other income		51,540
Total investment income		304,741,416
Expenses:
Advisory fees		19,149,260
Administrative services fees		456,766
Custodian fees		477,710
Distribution fees:
Class A		1,682,367
Class C		676,546
Class R		40,926
Interest, facilities and maintenance fees		1,670,065
Transfer agent fees – A, C, R & Y		3,421,196
Transfer agent fees – R5		4,747
Transfer agent fees – R6		145,554
Trustees’ and officers’ fees and benefits		44,124
Registration and filing fees		374,009
Reports to shareholders		243,544
Professional services fees		304,014
Other		42,972
Total expenses		28,733,800
Less: Fees waived and/or expense offset arrangement(s)		(78,184	)
Net expenses		28,655,616
Net investment income		276,085,800
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(152,492,534	)
Affiliated investment securities		253,309
Foreign currencies		2,778,159
Forward foreign currency contracts		(17,713,961	)
		(167,175,027	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		112,934,506
Affiliated investment securities		5,506,354
Foreign currencies		(1,592,773	)
Forward foreign currency contracts		(1,592,818	)
		115,255,269
Net realized and unrealized gain (loss)		(51,919,758	)
Net increase in net assets resulting from operations	$	224,166,042

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27 Invesco Floating Rate ESG Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	276,085,800		$	151,568,184
Net realized gain (loss)		(167,175,027	)		(384,866	)
Change in net unrealized appreciation (depreciation)		115,255,269			(232,692,546	)
Net increase (decrease) in net assets resulting from operations		224,166,042			(81,509,228	)
Distributions to shareholders from distributable earnings:
Class A		(63,774,464	)		(28,321,556	)
Class C		(8,150,210	)		(3,668,891	)
Class R		(758,648	)		(289,580	)
Class Y		(185,426,658	)		(97,163,188	)
Class R5		(460,233	)		(194,998	)
Class R6		(47,750,970	)		(21,489,101	)
Total distributions from distributable earnings		(306,321,183	)		(151,127,314	)
Return of capital:
Class A		(951,906	)		–
Class C		(121,651	)		–
Class R		(11,324	)		–
Class Y		(2,767,703	)		–
Class R5		(6,869	)		–
Class R6		(712,737	)		–
Total return of capital		(4,572,190	)		–
Total distributions		(310,893,373	)		(151,127,314	)
Share transactions–net:
Class A		(69,943,883	)		207,616,713
Class C		(20,512,197	)		18,369,479
Class R		181,202			2,553,640
Class Y		(1,143,228,885	)		1,620,205,464
Class R5		156,668			1,413,892
Class R6		14,039,460			91,632,941
Net increase (decrease) in net assets resulting from share transactions		(1,219,307,635	)		1,941,792,129
Net increase (decrease) in net assets		(1,306,034,966	)		1,709,155,587
Net assets:
Beginning of year		4,113,065,119			2,403,909,532
End of year	$	2,807,030,153		$	4,113,065,119

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28 Invesco Floating Rate ESG Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Year ended 08/31/23		$6.95		$0.58		$(0.05	)		$0.53			$(0.64	)		$(0.01	)		$(0.65	)		$6.83		8.20	%		$668,557		1.10	%(d)		1.10	%(d)		1.05	%		8.57	%	29%
Year ended 08/31/22		7.35		0.29		(0.39	)		(0.10	)		(0.30	)		-			(0.30	)		6.95		(1.44	)		751,871		1.04	(d)		1.05	(d)		1.01			4.13		43
Year ended 08/31/21		6.94		0.25		0.43			0.68			(0.27	)		-			(0.27	)		7.35		9.89			585,690		1.05	(d)		1.05	(d)		1.00			3.45		76
Year ended 08/31/20		7.40		0.30		(0.40	)		(0.10	)		(0.32	)		(0.04	)		(0.36	)		6.94		(1.33	)		428,277		1.07	(d)		1.08	(d)		1.00			4.33		55
Year ended 08/31/19		7.57		0.35		(0.17	)		0.18			(0.35	)		-			(0.35	)		7.40		2.50			539,003		1.08	(d)		1.08	(d)		1.03			4.71		55
Class C
Year ended 08/31/23		6.92		0.54		(0.04	)		0.50			(0.61	)		(0.01	)		(0.62	)		6.80		7.66			81,271		1.60	(d)		1.60	(d)		1.55			8.07		29
Year ended 08/31/22		7.32		0.26		(0.40	)		(0.14	)		(0.26	)		-			(0.26	)		6.92		(1.96	)		103,807		1.54	(d)		1.55	(d)		1.51			3.63		43
Year ended 08/31/21		6.91		0.21		0.43			0.64			(0.23	)		-			(0.23	)		7.32		9.37			91,555		1.55	(d)		1.55	(d)		1.50			2.95		76
Year ended 08/31/20		7.37		0.27		(0.41	)		(0.14	)		(0.28	)		(0.04	)		(0.32	)		6.91		(1.84	)		111,318		1.57	(d)		1.58	(d)		1.50			3.83		55
Year ended 08/31/19		7.53		0.31		(0.16	)		0.15			(0.31	)		-			(0.31	)		7.37		2.12			213,446		1.58	(d)		1.58	(d)		1.53			4.21		55
Class R
Year ended 08/31/23		6.98		0.56		(0.06	)		0.50			(0.63	)		(0.01	)		(0.64	)		6.84		7.63			8,225		1.35	(d)		1.35	(d)		1.30			8.32		29
Year ended 08/31/22		7.36		0.28		(0.38	)		(0.10	)		(0.28	)		-			(0.28	)		6.98		(1.40	)		8,208		1.29	(d)		1.30	(d)		1.26			3.88		43
Year ended 08/31/21		6.95		0.23		0.43			0.66			(0.25	)		-			(0.25	)		7.36		9.61			6,076		1.30	(d)		1.30	(d)		1.25			3.20		76
Year ended 08/31/20		7.41		0.29		(0.41	)		(0.12	)		(0.30	)		(0.04	)		(0.34	)		6.95		(1.57	)		4,874		1.32	(d)		1.33	(d)		1.25			4.08		55
Year ended 08/31/19		7.58		0.33		(0.16	)		0.17			(0.34	)		-			(0.34	)		7.41		2.25			5,604		1.33	(d)		1.33	(d)		1.28			4.46		55
Class Y
Year ended 08/31/23		6.94		0.60		(0.05	)		0.55			(0.66	)		(0.01	)		(0.67	)		6.82		8.46			1,491,738		0.85	(d)		0.85	(d)		0.80			8.82		29
Year ended 08/31/22		7.34		0.31		(0.40	)		(0.09	)		(0.31	)		-			(0.31	)		6.94		(1.20	)		2,696,320		0.79	(d)		0.80	(d)		0.76			4.38		43
Year ended 08/31/21		6.93		0.27		0.42			0.69			(0.28	)		-			(0.28	)		7.34		10.18			1,232,463		0.80	(d)		0.80	(d)		0.75			3.70		76
Year ended 08/31/20		7.39		0.32		(0.40	)		(0.08	)		(0.34	)		(0.04	)		(0.38	)		6.93		(1.09	)		350,943		0.82	(d)		0.83	(d)		0.75			4.58		55
Year ended 08/31/19		7.56		0.37		(0.17	)		0.20			(0.37	)		-			(0.37	)		7.39		2.76			592,107		0.83	(d)		0.83	(d)		0.78			4.96		55
Class R5
Year ended 08/31/23		6.95		0.60		(0.05	)		0.55			(0.66	)		(0.01	)		(0.67	)		6.83		8.50			4,846		0.82	(d)		0.82	(d)		0.77			8.85		29
Year ended 08/31/22		7.35		0.31		(0.39	)		(0.08	)		(0.32	)		-			(0.32	)		6.95		(1.18	)		4,762		0.77	(d)		0.78	(d)		0.74			4.40		43
Year ended 08/31/21		6.94		0.27		0.43			0.70			(0.29	)		-			(0.29	)		7.35		10.23			3,631		0.77	(d)		0.77	(d)		0.72			3.73		76
Year ended 08/31/20		7.41		0.32		(0.41	)		(0.09	)		(0.34	)		(0.04	)		(0.38	)		6.94		(1.21	)		5,515		0.81	(d)		0.82	(d)		0.74			4.59		55
Year ended 08/31/19		7.58		0.37		(0.16	)		0.21			(0.38	)		-			(0.38	)		7.41		2.80			5,672		0.83	(d)		0.83	(d)		0.78			4.96		55
Class R6
Year ended 08/31/23		6.93		0.60		(0.05	)		0.55			(0.66	)		(0.01	)		(0.67	)		6.81		8.57			552,394		0.75	(d)		0.75	(d)		0.70			8.92		29
Year ended 08/31/22		7.33		0.32		(0.40	)		(0.08	)		(0.32	)		-			(0.32	)		6.93		(1.13	)		548,097		0.70	(d)		0.71	(d)		0.67			4.47		43
Year ended 08/31/21		6.93		0.27		0.42			0.69			(0.29	)		-			(0.29	)		7.33		10.10			484,494		0.73	(d)		0.73	(d)		0.68			3.77		76
Year ended 08/31/20		7.39		0.33		(0.41	)		(0.08	)		(0.34	)		(0.04	)		(0.38	)		6.93		(0.99	)		652,453		0.71	(d)		0.72	(d)		0.64			4.69		55
Year ended 08/31/19		7.56		0.38		(0.17	)		0.21			(0.38	)		-			(0.38	)		7.39		2.86			812,446		0.74	(d)		0.74	(d)		0.69			5.05		55

^(a)  Calculated using average shares outstanding.

^(b)  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)  Ratio includes line of credit expense of 0.05%,0.03%, 0.05%, 0.07%, and 0.05% for the years ended August 31, 2023, 2022, 2021, 2020, and 2019, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29 Invesco Floating Rate ESG Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Floating Rate ESG Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

The 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 – Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (“NOCP”) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

30 Invesco Floating Rate ESG Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Facility fees received may be amortized over the life of the loan. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of the loan or note.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit.

H. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. 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.

K. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases

31 Invesco Floating Rate ESG Fund

and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

L. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

M. Industry Focus – To the extent that the Fund invests a greater amount of its assets in securities of issuers in the banking and financial services industries, the Fund’s performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad.

N. 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.

O. LIBOR Transition Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

P. Leverage Risk – The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the net asset value of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.

Q. Other Risks – The Fund may invest all or substantially all of its assets in senior secured floating rate loans and senior secured debt securities that are determined to be rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments.

The Fund invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

Because the Fund evaluates environmental, social and governance (“ESG”) factors to assess and exclude certain investments for non-financial reasons, it may forego some market opportunities available to funds that do not use these factors. The securities of issuers that score favorably under the Fund’s ESG scoring methodology may underperform similar issuers that do not score as well or may underperform the market as a whole. As a result, the Fund may underperform funds that do not screen or score issuers based on ESG factors or funds that use a different ESG methodology. Information used by the Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, the Fund’s assessment of an issuer, based on the issuer’s level of involvement in a particular industry or

32 Invesco Floating Rate ESG Fund

the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in the Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million	0.650%
Next $4.5 billion	0.600%
Next $5 billion	0.575%
Over $10 billion	0.550%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.61%.

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).

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.00%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “ boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $71,197.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Fund, SSB also serves as the funds’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 0.75% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $24,444 in front-end sales commissions from the sale of Class A shares and $192,463 and $20,619 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –  Prices are determined using quoted prices in an active market for identical assets.

33 Invesco Floating Rate ESG Fund

Level 2 –

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Variable Rate Senior Loan Interests	$	–		$2,183,716,756		$242,049,841		$2,425,766,597
Non-U.S. Dollar Denominated Bonds & Notes		–		98,057,118		431,324		98,488,442
U.S. Dollar Denominated Bonds & Notes		–		92,998,210		217,908		93,216,118
Common Stocks & Other Equity Interests		5,776,088		19,795,331		50,740,230		76,311,649
Municipal Obligations		–		12,657,253		–		12,657,253
Preferred Stocks		–		8,478,844		1,065,869		9,544,713
Asset-Backed Securities		–		984,970		–		984,970
Money Market Funds		112,082,079		–		–		112,082,079
Total Investments in Securities		117,858,167		2,416,688,482		294,505,172		2,829,051,821
Other Investments - Assets*
Investments Matured		–		–		1,009,460		1,009,460
Forward Foreign Currency Contracts		–		6,995,866		–		6,995,866
		–		6,995,866		1,009,460		8,005,326
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(870,721)		–		(870,721)
Total Other Investments		–		6,125,145		1,009,460		7,134,605
Total Investments	$	117,858,167	$	2,422,813,627	$	295,514,632	$	2,836,186,426

* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended August 31, 2023:

	Value 08/31/22		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3*		Transfers out of Level 3*			Value 08/31/23
Variable Rate Senior Loan Interests	$	345,876,044	$	112,597,806	$	(105,143,899	)	$	2,705,612	$	(1,412,778	)	$	1,127,801		$	53,053,217	$	(166,753,962	)	$	242,049,841
Common Stocks & Other Equity Interests		15,214,065		12,113,170		(2,371,742	)		–		(1,815,163	)		11,067,276			17,190,862		(658,238	)		50,740,230
Preferred Stocks		1,116,489		–		–			–		(434,763	)		384,143			–		–			1,065,869
Investments Matured		100,448		962,912		(11,313	)		8,563		(42,533	)		(8,617	)		–		–			1,009,460
Non-U.S. Dollar Denominated Bonds & Notes		–		446,323		–			7,679		–			(22,678	)		–		–			431,324
U.S. Dollar Denominated Bonds & Notes		1,056,220		–		(886,134	)		–		–			47,822			–		–			217,908
Total		$363,363,266		$126,120,211	$	(108,413,088	)	$	2,721,854	$	(3,705,237	)	$	12,595,747		$	70,244,079	$	(167,412,200	)	$	295,514,632

*Transfers into and out of Level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price.

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.

NOTE 4–Derivative Investments

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.

34 Invesco Floating Rate ESG Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2023:

	Value
	Currency
Derivative Assets	Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	6,995,866
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	6,995,866

	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(870,721	)
Derivatives not subject to master netting agreements		–
Total Derivative Liabilities subject to master netting agreements	$	(870,721	)

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2023.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Barclays Bank PLC		$  204,994		$(183,581	)		$   21,413			$–		$–		$   21,413
BNP Paribas S.A.		2,048,749		(46,943	)		2,001,806			–		–		2,001,806
Citibank N.A.		245,696		(215,205	)		30,491			–		–		30,491
J.P. Morgan Chase Bank, N.A.		–		(15,473	)		(15,473	)		–		–		(15,473	)
Morgan Stanley and Co. International PLC		2,410,282		(145,210	)		2,265,072			–		–		2,265,072
Royal Bank of Canada		438,071		(263,663	)		174,408			–		–		174,408
State Street Bank & Trust Co.		1,629,461		(646	)		1,628,815			–		–		1,628,815
UBS AG		18,613		–			18,613			–		–		18,613
Total		$6,995,866		$(870,721	)		$6,125,145			$–		$–		$6,125,145

Effect of Derivative Investments for the year ended August 31, 2023

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on
	Statement of Operations
	Currency
	Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(17,713,961)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,592,818)
Total		$(19,306,779)

The table below summarizes the average notional value of derivatives held during the period.

	Forward
	Foreign Currency
	Contracts
Average notional value	$1,007,083,051

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,987.

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

35 Invesco Floating Rate ESG Fund

period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances and Borrowings

Effective February 17, 2023, the Fund has entered into a credit agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.07 billion, collectively by certain Invesco Funds, and which will expire on February 16, 2024. Prior to February 17, 2023, the credit agreement permitted borrowings up to $1.1 billion. The credit agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the credit agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the credit agreement. During the year ended August 31, 2023, the Fund did not borrow under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of August 31, 2023. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

				Unrealized
		Unfunded Loan		Appreciation
Borrower	Type	Commitment		(Depreciation)
Areas (Telfer Inv/Financiere Pax)	Revolver Loan		$ 1,073,074		$   (86,456	)
Dun & Bradstreet Corp. (The)	Revolver Loan		7,395,475		374,784
Groundworks LLC	Delayed Draw Term Loan		739,058		(8,037	)
Groundworks LLC	Revolver Loan		329,686		1,092
IPS Corp./CP Iris Holdco	First Lien Delayed Draw Term Loan		395,077		19,763
Kantar (Summer BC Bidco)	Revolver Loan		3,543,689		(105,566	)
McDermott International Ltd.	LOC		6,610,320		(1,685,631	)
Parques Reunidos (Piolin Bidco s.a.u)	Revolver Loan		3,448,140		(19,576	)
Royal Caribbean Cruises Ltd.	Revolver Loan		10,335,044		(65,224	)
Tank Holding Corp.	Revolver Loan		976,525		(13,056	)
Vertellus	Revolver Loan		1,799,619		(31,484	)
			$36,645,707		$(1,619,391	)

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:

	2023		2022
Ordinary income*	$	306,321,183		$151,127,314
Return of capital		4,572,190		–
Total distributions	$	310,893,373		$151,127,314

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation (depreciation) – investments	$	(147,019,856	)
Net unrealized appreciation (depreciation) – foreign currencies		(841,011	)
Temporary book/tax differences		(104,876	)
Capital loss carryforward		(408,272,228	)
Shares of beneficial interest		3,363,268,124
Total net assets	$	2,807,030,153

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities and derivative instruments.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

36 Invesco Floating Rate ESG Fund

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	91,454,535	$	316,817,693	$	408,272,228

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $893,618,636 and $2,183,504,793, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	82,701,392
Aggregate unrealized (depreciation) of investments		(229,721,248	)
Net unrealized appreciation (depreciation) of investments	$	(147,019,856	)

Cost of investments for tax purposes is $2,983,206,282.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and return of capital distributions, on August 31, 2023, undistributed net investment income was decreased by $19,680,767, undistributed net realized gain (loss) was increased by $23,925,871 and shares of beneficial interest was decreased by $4,245,104. This reclassification had no effect on the net assets of the Fund.

NOTE 12–Senior Loan Participation Commitments

The Fund invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

At the year ended August 31, 2023, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

	Principal
Selling Participant	Amount		Value
Bank of America, N.A.	$	11,255,961	$	11,023,748
Barclays Bank PLC		6,610,320		4,924,688
Citibank, N.A.		12,660,306		12,301,226
Credit Agricole CIB		1,073,593		912,554
JPMorgan Europe Ltd.		8,955,251		4,812,574

NOTE 13–Share Information

	Summary of Share Activity
	Year ended August 31, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		24,740,287		$	167,143,126			53,806,876		$	387,856,612
Class C		1,657,010			11,168,875			6,948,299			49,959,940
Class R		259,559			1,755,006			536,545			3,881,149
Class Y		122,766,037			829,675,105			430,648,422			3,099,562,405
Class R5		154,057			1,039,674			652,369			4,698,358
Class R6		36,935,311			249,790,827			50,599,877			362,639,249
Issued as reinvestment of dividends:
Class A		7,144,382			48,135,446			3,020,974			21,539,938
Class C		884,584			5,930,520			380,030			2,699,266
Class R		108,537			732,627			38,524			275,229
Class Y		16,953,732			114,003,113			8,844,830			62,703,237
Class R5		69,248			466,625			26,995			192,334
Class R6		6,085,864			40,903,230			2,573,797			18,301,216
Automatic conversion of Class C shares to Class A shares:
Class A		1,304,992			8,819,967			1,874,761			13,434,555
Class C		(1,310,811	)		(8,819,967	)		(1,882,813	)		(13,434,555	)

37 Invesco Floating Rate ESG Fund

	Summary of Share Activity
	Year ended August 31, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(43,493,816	)	$	(294,042,422	)		(30,193,647	)	$	(215,214,392	)
Class C		(4,282,558	)		(28,791,625	)		(2,953,953	)		(20,855,172	)
Class R		(341,385	)		(2,306,431	)		(223,938	)		(1,602,738	)
Class Y		(309,560,685	)		(2,086,907,103	)		(218,819,763	)		(1,542,060,178	)
Class R5		(199,142	)		(1,349,631	)		(488,219	)		(3,476,800	)
Class R6		(41,024,647	)		(276,654,597	)		(40,172,816	)		(289,307,524	)
Net increase (decrease) in share activity		(181,149,444	)	$	(1,219,307,635	)		265,217,150		$	1,941,792,129

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

38 Invesco Floating Rate ESG Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Floating Rate ESG Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Floating Rate ESG Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent, portfolio company investees, brokers and agent banks; when replies were not received from portfolio company investees, brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

39 Invesco Floating Rate ESG Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning  Account Value  (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized    Expense  Ratio
		Ending  Account Value  (08/31/23)1	Expenses   Paid  During   Period2	Ending  Account Value  (08/31/23)	Expenses  Paid  During   Period2
Class A	$1,000.00	$1,053.90	$5.69	$1,019.66	$5.60	1.10%
Class C	1,000.00	1,051.30	8.27	1,017.14	8.13	1.60
Class R	1,000.00	1,054.10	6.99	1,018.40	6.87	1.35
Class Y	1,000.00	1,055.20	4.40	1,020.92	4.33	0.85
Class R5	1,000.00	1,055.30	4.25	1,021.07	4.18	0.82
Class R6	1,000.00	1,057.20	3.89	1,021.42	3.82	0.75

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

40 Invesco Floating Rate ESG Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Floating Rate ESG Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Senior Secured Management, Inc. currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Credit Suisse Leveraged Loan Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one,

41 Invesco Floating Rate ESG Fund

three and five year periods. The Board considered that the Fund changed it strategy to incorporate consideration of environmental, social and governance (“ESG”) criteria effective August 21, 2020, and that performance prior to that date is that of the Fund using its previous investment strategy, which did not apply ESG criteria. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and specifically that, unlike the Fund, many of the peer funds do not incorporate ESG criteria into the investment process. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual management fees and total expense ratio were in the fifth quintile of its expense group and discussed with management reasons for such relative actual management fees and total expense ratio. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, which information (1) highlighted that the Fund is the only ESG thematic Fund in its expense group and discussed the additional complexity, infrastructure, resources and time required in managing an ESG-thematic fund; and (2) discussed the fees comprising the Fund’s total expense ratio relative to those of peers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other affiliated exchange traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such

methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

42 Invesco Floating Rate ESG Fund

affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

43 Invesco Floating Rate ESG Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Qualified Dividend Income*	1.57	%
Corporate Dividends Received Deduction*	1.57	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	95.04	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

44 Invesco Floating Rate ESG Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Floating Rate ESG Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Floating Rate ESG Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Floating Rate ESG Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg –1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Floating Rate ESG Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Floating Rate ESG Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Floating Rate ESG Fund

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-09913 and 333-36074     Invesco Distributors, Inc. FLR-AR-1        

  Annual Report to Shareholders   August 31, 2023

Invesco Global Real Estate Income Fund

Nasdaq:

A: ASRAX ⬛ C: ASRCX ⬛ Y: ASRYX ⬛ R5: ASRIX ⬛ R6: ASRFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
21	Report of Independent Registered Public Accounting Firm
22	Fund Expenses
23	Approval of Investment Advisory and Sub-Advisory Contracts
26	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Global Real Estate Income Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Global Real Estate Income Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-2.69	%
Class C Shares	-3.45
Class Y Shares	-2.57
Class R5 Shares	-2.38
Class R6 Shares	-2.42
MSCI World Index▼ (Broad Market Index)	15.60
Custom Invesco Global Real Estate Income Index⬛ (Style-Specific Index)	-5.19
Lipper Global Real Estate Funds Classification Average◆ (Peer Group)	-4.18
Source(s): ▼RIMES Technologies Corp.; ⬛Invesco, RIMES Technologies Corp.; ◆Lipper Inc.

Market conditions and your Fund

Global equity markets declined at the beginning of the fiscal year weighed down by rising inflation, central bank tightening and a slowing global economy. To tame inflation, several central banks, including the US Federal Reserve, the European Central Bank and the Bank of England, continued to raise interest rates. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities. China faced head-winds, which included the country’s zero-COVID-19 policy and a growing property market crisis.

 Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

 For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS take-over of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023 but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

 Market volatility increased in August 2023, with both developed market equities and emerging market equities declining. For the overall fiscal year ended August 31, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period slightly positive.

 The Invesco Global Real Estate Income Fund outperformed its style-specific benchmark for the fiscal year. Positive absolute and relative performance was driven by exposure to fixed-income securities such as corporate bonds and commercial mortgage-backed securities (CMBS). Additional relative returns were driven by underweight exposure to real estate stocks and security selection therein. On a country basis, the majority of outperformance was sourced from the US. The Fund’s relative outperformance was partially offset by overweight exposure to Germany, underweight exposure to the retail sector and holdings in real estate preferred securities.

 At the position level, a top contributor to the Fund’s relative performance was Life Storage, which operates, develops and manages self-storage assets in the US. During the fiscal year, the Fund benefited from an overweight position as the company’s share price rose as multiple competitors made offers for the company. Life Storage was ultimately acquired and is therefore no longer a holding.

 An additional relative contributor was Tokyu Fudosan Holdings. The company owns and develops office, retail, residential and hotel and leisure assets throughout Japan, with a focus on the Shibuya district of central Tokyo, which is currently benefiting from favorable tenant demand relative to the rest of Tokyo. The company’s earnings outlook exceeded market expectations during the fiscal year amid increased tourism and retail activity following Covid-19-era restrictions, plus increased investor appetite for shares of Japanese real estate companies, which are

benefiting from a benign economic and monetary policy situation versus the rest of the world. As of the end of the fiscal year the Fund no longer holds the position.

 A top detractor to relative performance was Equinix, which is a global data center and colocation provider delivering a broad spectrum of storage solutions and services to their customers. The Fund’s underweight position detracted from relative performance during the fiscal year. The company outperformed due to increased data center usage. As of the end of the fiscal year the Fund no longer holds the position.

 Another key detractor during the fiscal year was Simon Property Group, which owns and operates retail real estate properties including regional malls, outlet centers, community/lifestyle centers and international properties. During the fiscal year, the portfolio’s lack of exposure to the company detracted from relative performance as shares of the company outperformed following an extended period of weak performance. During the fiscal year, market sentiment shifted more positively and cyclical property types such as malls outperformed.

 Portfolio activity during the fiscal year included a decrease in equity exposure and an increase in fixed-income exposure vis-à-vis listed real estate corporate bonds and CMBS.

 In 2024, we believe expectations for a more positive growth outlook are likely to unfold as the US economy recovers. We believe the outlook for European equities appears less robust as the region grapples with tighter monetary policy to combat inflation. In Asia, our view is that the outlook is particularly good in Japan, despite having higher inflation. The Bank of Japan has maintained its accommodative monetary policy, boosting its equity markets and stabilizing the economy.

 We thank you for your continued investment in the Invesco Global Real Estate Income Fund.

2 Invesco Global Real Estate Income Fund

Portfolio manager(s):

James Cowen

Grant Jackson

Darin Turner

Ping-Ying Wang

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco Global Real Estate Income Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

3 Source(s): Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

 The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Global Real Estate Income Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (5/31/02)	6.20	%
10 Years	2.92
5 Years	-0.28
1 Year	-8.08
Class C Shares
Inception (3/9/07)	2.47	%
10 Years	2.90
5 Years	0.10
1 Year	-4.40
Class Y Shares
Inception (10/3/08)	5.29	%
10 Years	3.76
5 Years	1.11
1 Year	-2.57
Class R5 Shares
Inception (3/9/07)	3.21	%
10 Years	3.82
5 Years	1.14
1 Year	-2.38
Class R6 Shares
Inception (9/24/12)	3.54	%
10 Years	3.93
5 Years	1.25
1 Year	-2.42

On March 12, 2007, the Fund reorganized from a Closed-End Fund to an Open-End Fund. Performance shown prior to that date is that of the Closed-End Fund’s Common shares and includes the fees applicable to Common shares.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions (reinvested at net asset value, except for periods prior to March 12, 2007 where reinvestments were made at the lower of the Closed-End Fund’s net asset value or market price), changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance 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.

 Fund performance was positively impacted by a temporary 2% fee on redemptions that was in effect from March 12, 2007 to March 12, 2008. Without income from this temporary fee, returns would have been lower.

5 Invesco Global Real Estate Income Fund

Supplemental Information

Invesco Global Real Estate Income Fund’s investment objective is current income and, secondarily, capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The Custom Invesco Global Real Estate Income Index is composed of FTSE NAREIT All Equity REIT Index through August 31, 2011, and FTSE EPRA/NAREIT Developed Index, which is computed using the net return by withholding applicable taxes, thereafter. The FTSE NAREIT All Equity REIT Index is considered representative of US REITs. The FTSE EPRA/ NAREIT Developed Index is considered representative of global real estate companies and REITs.

∎ The Lipper Global Real Estate Funds Classification Average represents an average of all funds in the Lipper Global Real Estate Funds classification.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

  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 Pro-

gram’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

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 invest-

  ment). The Liquidity Rule and the Pro- gram also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

  At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

  The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and imple- mented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid In- vestments and therefore has not adopted an HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Global Real Estate Income Fund

Fund Information

Portfolio Composition

By country	% of total net assets
United States	69.00%
Japan	4.66
Germany	4.59
Hong Kong	4.21
United Kingdom	3.90
Canada	3.00
Countries, each less than 2% of portfolio	5.72
Money Market Funds Plus Other Assets Less Liabilities	4.92

Top 10 Equity Holdings*

		% of total net assets
1.	Prologis, Inc.	5.02%
2.	Healthpeak Properties, Inc.	4.16
3.	Rexford Industrial Realty, Inc.	3.44
4.	Digital Realty Trust, Inc.	3.37
5.	VICI Properties, Inc.	3.37
6.	Alexandria Real Estate Equities, Inc.	3.23
7.	Sun Communities, Inc.	3.02
8.	Vonovia SE	2.44
9.	Mitsui Fudosan Co. Ltd.	2.04
10.	UMH Properties, Inc., Series D, Pfd.	2.08

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco Global Real Estate Income Fund

Schedule of Investments

August 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–61.94%
Australia–1.99%
Dexus		1,238,494	$	6,189,390
Scentre Group		3,200,663		5,686,003
				11,875,393
Belgium–0.60%
Cofinimmo S.A.		46,047		3,587,112
Canada–3.00%
Allied Properties REIT		192,800		2,963,630
Chartwell Retirement Residences		877,303		6,668,074
RioCan REIT		575,900		8,230,187
				17,861,891
Germany–4.59%
LEG Immobilien SE(a)		159,562		11,523,300
Sirius Real Estate Ltd.		1,177,752		1,295,672
Vonovia SE		606,152		14,528,622
				27,347,594
Hong Kong–4.21%
Hang Lung Properties Ltd.		5,404,000		7,186,590
Link REIT		1,966,300		9,722,944
Sun Hung Kai Properties Ltd.		730,000		8,194,311
				25,103,845
Japan–4.66%
GLP J-Reit		12,657		11,943,558
Mitsui Fudosan Co. Ltd.		556,300		12,180,114
Mitsui Fudosan Logistics Park, Inc.		1,085		3,691,756
				27,815,428
Singapore–1.04%
CapitaLand Investment Ltd.		2,599,200		6,231,387
United Kingdom–3.90%
Big Yellow Group PLC		232,550		3,156,186
Derwent London PLC		371,426		8,717,029
Segro PLC		1,222,674		11,383,803
				23,257,018
United States–37.95%
Agree Realty Corp.		182,899		11,306,816
Alexandria Real Estate Equities, Inc.(b)		165,643		19,270,907
American Tower Corp.		31,060		5,631,799
Camden Property Trust		25,402		2,733,763
Crown Castle, Inc.		39,903		4,010,251
Digital Realty Trust, Inc.		152,573		20,096,916
Gaming and Leisure Properties, Inc.		125,168		5,932,963
Healthpeak Properties, Inc.		1,205,288		24,804,826
Outfront Media, Inc.		460,179		5,223,032
Prologis, Inc.		241,081		29,942,260
Public Storage		36,788		10,167,467
Realty Income Corp.		96,484		5,406,963
Rexford Industrial Realty, Inc.(b)		383,012		20,479,652
Sun Communities, Inc.		147,218		18,022,428
Terreno Realty Corp.(b)		181,186		11,032,416

	Shares		Value
United States–(continued)
UDR, Inc.		192,250	$	7,670,775
Ventas, Inc.		102,318		4,469,250
VICI Properties, Inc.		650,989		20,076,501
				226,278,985
Total Common Stocks & Other Equity Interests (Cost $382,241,554)				369,358,653
	Principal Amount
Asset-Backed Securities–19.95%
BX Commercial Mortgage Trust, Series 2021-VOLT, Class D, 7.07% (1 mo. Term SOFR + 1.76%), 09/15/2036(c)(d)	$	6,000,000		5,714,259
Series 2021-VOLT, Class E, 7.42% (1 mo. Term SOFR + 2.11%), 09/15/2036(c)(d)		395,000		375,165
BX Trust, Series 2021-MFM1, Class E, 7.67% (1 mo. Term SOFR + 2.36%), 01/15/2034(c)(d)		9,494,576		9,202,707
CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class E, 8.33% (1 mo. Term SOFR + 3.02%), 02/15/2039(c)(d)		500,000		420,955
CFK Trust, Series 2019-FAX, Class E, 4.79%, 01/15/2039(c)(e)		1,000,000		830,492
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class E, 4.90%, 01/10/2036(c)(e)		2,649,000		2,640,439
Series 2020-420K, Class E, 3.42%, 11/10/2042(c)(e)		4,586,000		3,125,121
Series 2020-555, Class F, 3.62%, 12/10/2041(c)(e)		800,000		568,137
Series 2019-SMRT, Class D, 4.90%, 01/10/2036(c)(e)		260,000		259,173
Series 2020-420K, Class D, 3.42%, 11/10/2042(c)(e)		1,000,000		719,940
Cold Storage Trust, Series 2020-ICE5, Class E, 8.19% (1 mo. Term SOFR + 2.88%), 11/15/2037(c)(d)		10,788,321		10,754,634
Commercial Mortgage Trust, Series 2019-GC44, Class 180B, 3.51%, 08/15/2057(c)(e)		1,500,000		1,333,727
Series 2020-SBX, Class D, 2.40%, 01/10/2038(c)(e)		6,200,000		5,084,159
Series 2019-GC44, Class 180C, 3.51%, 08/15/2057(c)(e)		5,500,000		4,747,475
Series 2017-PANW, Class E, 4.13%, 10/10/2029(c)(e)		182,000		155,419
Series 2017-PANW, Class D, 4.34%, 10/10/2029(c)(e)		580,000		509,391
Credit Suisse Mortgage Capital Trust, Series 2021-BHAR, Class E, 8.93% (1 mo. Term SOFR + 3.61%), 11/15/2038(c)(d)		2,750,000		2,701,674
CSMC, Series 2021-BHAR, Class C, 7.43% (1 mo. Term SOFR + 2.11%), 11/15/2038(c)(d)		170,000		167,696

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Global Real Estate Income Fund

	Principal Amount		Value
GS Mortgage Securities Corp. Trust, Series 2022-GTWY, Class A, 8.71% (1 mo. Term SOFR + 3.40%), 08/15/2039(c)(d)	$	10,050,000	$	10,047,159
Hilton USA Trust, Series 2016-HHV, Class E, 4.33%, 11/05/2038(c)(e)		1,761,000		1,586,885
Independence Plaza Trust, Series 2018-INDP, Class E, 5.00%, 07/10/2035(c)		7,000,000		6,341,306
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2019-UES, Class F, 4.60%, 05/05/2032(c)(e)		558,000		522,023
Series 2019-UES, Class B, 4.14%, 05/05/2032(c)		401,000		385,317
Series 2019-UES, Class C, 4.34%, 05/05/2032(c)		116,000		110,738
Series 2019-UES, Class D, 4.60%, 05/05/2032(c)(e)		119,000		112,697
Series 2019-UES, Class E, 4.60%, 05/05/2032(c)(e)		138,000		129,749
Series 2019-UES, Class G, 4.60%, 05/05/2032(c)(e)		158,000		146,952
MHC Commercial Mortgage Trust, Series 2021-MHC, Class F, 8.03% (1 mo. Term SOFR + 2.72%), 04/15/2038(c)(d)		8,000,000		7,800,354
Morgan Stanley Capital I Trust, Series 2018-SUN, Class F, 8.23% (1 mo. Term SOFR + 2.91%), 07/15/2035(c)(d)		11,306,000		11,040,791
MSCG Trust, Series 2018-SELF, Class E, 7.51% (1 mo. Term SOFR + 2.20%), 10/15/2037(c)(d)		3,808,103		3,727,954
Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC, Class AMZ3, 3.62%, 01/15/2037(c)(e)		5,326,000		3,713,231
Series 2020-2PAC, Class AMZ2, 3.62%, 01/15/2037(c)(e)		800,000		634,464
SG Commercial Mortgage Securities Trust, Series 2019-PREZ, Class E, 3.59%, 09/15/2039(c)(e)		6,157,000		4,660,159
STWD Trust, Series 2021-FLWR, Class E, 7.35% (1 mo. Term SOFR + 2.04%), 07/15/2036(c)(d)		4,950,000		4,725,193
Series 2021-FLWR, Class F, 8.10% (1 mo. Term SOFR + 2.79%), 07/15/2036(c)(d)		3,400,000		3,238,572
Prima Capital CRE Securitization Ltd., Series 2019-RK1, Class BT, 4.45%, 04/15/2038(c)		14,154,000		10,741,207
Total Asset-Backed Securities (Cost $125,890,757)				118,975,314
	Shares
Preferred Stocks–7.73%
United States–7.73%
American Homes 4 Rent, 5.88%, Series G, Pfd.		84,200		1,882,712
American Homes 4 Rent, 6.25%, Series H, Pfd.		200,100		4,572,285
DiamondRock Hospitality Co., 8.25%, Pfd.		168,578		4,347,627
Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		3,730		78,405

	Shares		Value
United States–(continued)
Eagle Hospitality Properties Trust, Inc., 8.25%, Series A, Pfd.(f)		195,800	$	0
National Storage Affiliates Trust, 6.00%, Series A, Pfd.		243,300		5,649,426
Pebblebrook Hotel Trust, 6.38%, Series E, Pfd.		223,861		4,539,901
Pebblebrook Hotel Trust, 6.30%, Series F, Pfd.		173,676		3,536,043
Rexford Industrial Realty, Inc., 5.63%, Series C, Pfd.		100,500		2,263,250
RLJ Lodging Trust, 1.95%, Series A, Conv. Pfd.		75,739		1,827,582
SITE Centers Corp., 6.38%, Series A, Pfd.		214,100		5,039,914
UMH Properties, Inc., 6.38%, Series D, Pfd.		566,800		12,390,248
Total Preferred Stocks (Cost $53,374,490)				46,127,393
	Principal Amount
U.S. Dollar Denominated Bonds & Notes–4.21%
France–0.29%
WEA Finance LLC, 2.88%, 01/15/2027(c)	$	2,000,000		1,734,667
United States–3.92%
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/2025(c)		5,438,000		5,347,729
RLJ Lodging Trust L.P., 3.75%, 07/01/2026(c)		4,000,000		3,668,600
SBA Communications Corp., 3.88%, 02/15/2027		2,000,000		1,850,941
3.13%, 02/01/2029		9,698,000		8,313,216
VICI Properties L.P./VICI Note Co., Inc., 4.25%, 12/01/2026(c)		1,500,000		1,414,460
4.50%, 01/15/2028(c)		3,000,000		2,786,655
				23,381,601
Total U.S. Dollar Denominated Bonds & Notes (Cost $25,320,053)				25,116,268
Municipal Obligations–1.25%
United States–1.25%
New York City Housing Development Corp., Series 2014, RB, 3.71%, 02/15/2048 (Cost $7,272,210)		7,735,000		7,446,159
	Shares
Money Market Funds–4.63%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(g)(h)		9,655,129		9,655,129
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(g)(h)		6,895,139		6,895,829
Invesco Treasury Portfolio, Institutional Class, 5.25%(g)(h)		11,034,434		11,034,434
Total Money Market Funds (Cost $27,585,388)				27,585,392
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.71% (Cost $621,684,452)				594,609,179

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Global Real Estate Income Fund

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.44%
Invesco Private Government Fund, 5.30%(g)(h)(i)		728,598	$	728,598
Invesco Private Prime Fund, 5.51%(g)(h)(i)		1,873,540		1,873,540
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,602,138)				2,602,138
TOTAL INVESTMENTS IN SECURITIES–100.15% (Cost $624,286,590)				597,211,317
OTHER ASSETS LESS LIABILITIES–(0.15)%				(911,041	)
NET ASSETS–100.00%			$	596,300,276

Investment Abbreviations:
Conv.	– Convertible
Pfd.	– Preferred
RB	– Revenue Bonds
REIT	– Real Estate Investment Trust
SOFR	– Secured Overnight Financing Rate

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at August 31, 2023.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $133,927,425, which represented 22.46% of the Fund’s Net Assets.

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(e)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2023.

^(f)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(g) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	10,896,330	$	65,354,355	$	(66,595,556)		$	–		$	–	$	9,655,129	$	262,067
Invesco Liquid Assets Portfolio, Institutional Class		9,014,912		46,681,683		(48,799,935	)		(4,080	)		3,249		6,895,829		183,707
Invesco Treasury Portfolio, Institutional Class		12,452,949		74,690,691		(76,109,206	)		–			–		11,034,434		271,866
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,515,288		100,484,748		(104,271,438	)		–			–		728,598		154,916	*
Invesco Private Prime Fund		11,610,739		231,052,260		(240,791,791	)		(1,124	)		3,456		1,873,540		412,892	*
Total	$	48,490,218	$	518,263,737	$	(536,567,926)		$	(5,204	)	$	6,705	$	30,187,530	$	1,285,448

* 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.

^(h)  The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

⁽ⁱ⁾  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Global Real Estate Income Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $594,099,064)*	$	567,023,787
Investments in affiliated money market funds, at value (Cost $30,187,526)		30,187,530
Foreign currencies, at value (Cost $535,320)		534,736
Receivable for:
Investments sold		10,815,610
Fund shares sold		67,680
Dividends		1,392,198
Interest		661,149
Investment for trustee deferred compensation and retirement plans		91,662
Other assets		115,948
Total assets		610,890,300
Liabilities:
Payable for:
Investments purchased		10,667,749
Fund shares reacquired		984,725
Collateral upon return of securities loaned		2,602,138
Accrued fees to affiliates		185,492
Accrued trustees’ and officers’ fees and benefits		1,682
Accrued other operating expenses		48,561
Trustee deferred compensation and retirement plans		99,677
Total liabilities		14,590,024
Net assets applicable to shares outstanding	$	596,300,276
Net assets consist of:
Shares of beneficial interest	$	648,309,199
Distributable earnings (loss)		(52,008,923	)
	$	596,300,276

Net Assets:
Class A	$	93,512,031
Class C	$	3,303,944
Class Y	$	301,209,870
Class R5	$	1,302,623
Class R6	$	196,971,808
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,792,991
Class C		417,097
Class Y		38,114,634
Class R5		164,666
Class R6		24,864,764
Class A:
Net asset value per share	$	7.93
Maximum offering price per share
(Net asset value of $7.93 ÷ 94.50%)	$	8.39
Class C:
Net asset value and offering price per share	$	7.92
Class Y:
Net asset value and offering price per share	$	7.90
Class R5:
Net asset value and offering price per share	$	7.91
Class R6:
Net asset value and offering price per share	$	7.92

* At August 31, 2023, securities with an aggregate value of $2,532,611 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Global Real Estate Income Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Interest	$	9,600,024
Dividends (net of foreign withholding taxes of $413,456)		17,198,079
Dividends from affiliated money market funds (includes net securities lending income of $26,204)		743,844
Total investment income		27,541,947
Expenses:
Advisory fees		4,449,200
Administrative services fees		83,619
Custodian fees		10,728
Distribution fees:
Class A		252,239
Class C		43,795
Transfer agent fees – A, C and Y		686,374
Transfer agent fees – R5		1,304
Transfer agent fees – R6		60,416
Trustees’ and officers’ fees and benefits		20,731
Registration and filing fees		72,452
Reports to shareholders		40,271
Professional services fees		60,760
Other		19,629
Total expenses		5,801,518
Less: Fees waived and/or expense offset arrangement(s)		(20,520	)
Net expenses		5,780,998
Net investment income		21,760,949
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(9,190,255	)
Affiliated investment securities		6,705
Foreign currencies		(21,435	)
		(9,204,985	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(30,841,268	)
Affiliated investment securities		(5,204	)
Foreign currencies		6,158
		(30,840,314	)
Net realized and unrealized gain (loss)		(40,045,299	)
Net increase (decrease) in net assets resulting from operations	$	(18,284,350	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Global Real Estate Income Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	21,760,949		$	13,519,646
Net realized gain (loss)		(9,204,985	)		16,836,632
Change in net unrealized appreciation (depreciation)		(30,840,314	)		(129,223,111	)
Net increase (decrease) in net assets resulting from operations		(18,284,350	)		(98,866,833	)
Distributions to shareholders from distributable earnings:
Class A		(2,443,875	)		(1,687,360	)
Class C		(74,239	)		(66,761	)
Class Y		(7,676,883	)		(4,567,739	)
Class R5		(35,932	)		(36,335	)
Class R6		(5,605,758	)		(3,295,063	)
Total distributions from distributable earnings		(15,836,687	)		(9,653,258	)
Return of capital:
Class A		–			(1,358,095	)
Class C		–			(53,733	)
Class Y		–			(3,676,404	)
Class R5		–			(29,244	)
Class R6		–			(2,652,076	)
Total return of capital		–			(7,769,552	)
Total distributions		(15,836,687	)		(17,422,810	)
Share transactions–net:
Class A		(16,568,731	)		(10,925,757	)
Class C		(2,180,572	)		(2,706,669	)
Class Y		13,177,665			12,540,848
Class R5		(43,646	)		(1,876,467	)
Class R6		(5,560,973	)		7,827,965
Net increase (decrease) in net assets resulting from share transactions		(11,176,257	)		4,859,920
Net increase (decrease) in net assets		(45,297,294	)		(111,429,723	)
Net assets:
Beginning of year		641,597,570			753,027,293
End of year	$	596,300,276		$	641,597,570

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Global Real Estate Income Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 08/31/23		$8.35		$0.27		$(0.50)			$(0.23)			$(0.19)			$ –			$ –			$(0.19)			$7.93		(2.69	)%	$	93,512		1.21	%		1.21	%		3.39	%		78	%
Year ended 08/31/22		9.88		0.16		(1.48	)		(1.32	)		(0.12	)		–			(0.09	)		(0.21	)		8.35		(13.56	)		116,084		1.20			1.20			1.69			39
Year ended 08/31/21		8.06		0.14		1.84			1.98			(0.16	)		–			–			(0.16	)		9.88		24.81	(d)		149,008		1.19	(d)		1.19	(d)		1.63	(d)		41
Year ended 08/31/20		9.57		0.21		(0.99	)		(0.78	)		(0.48	)		(0.25	)		–			(0.73	)		8.06		(8.55	)		135,022		1.22			1.22			2.48			72
Year ended 08/31/19		9.11		0.28		0.49			0.77			(0.31	)		–			–			(0.31	)		9.57		8.69			175,013		1.25			1.25			3.05			41
Class C
Year ended 08/31/23		8.34		0.21		(0.50	)		(0.29	)		(0.13	)		–			–			(0.13	)		7.92		(3.45	)		3,304		1.96			1.96			2.64			78
Year ended 08/31/22		9.86		0.09		(1.47	)		(1.38	)		(0.08	)		–			(0.06	)		(0.14	)		8.34		(14.15	)		5,782		1.95			1.95			0.94			39
Year ended 08/31/21		8.05		0.08		1.82			1.90			(0.09	)		–			–			(0.09	)		9.86		23.79			9,722		1.95			1.95			0.87			41
Year ended 08/31/20		9.55		0.15		(0.99	)		(0.84	)		(0.41	)		(0.25	)		–			(0.66	)		8.05		(9.22	)		21,394		1.97			1.97			1.73			72
Year ended 08/31/19		9.09		0.21		0.49			0.70			(0.24	)		–			–			(0.24	)		9.55		7.89			39,088		2.00			2.00			2.30			41
Class Y
Year ended 08/31/23		8.33		0.29		(0.51	)		(0.22	)		(0.21	)		–			–			(0.21	)		7.90		(2.57	)		301,210		0.96			0.96			3.64			78
Year ended 08/31/22		9.84		0.18		(1.46	)		(1.28	)		(0.13	)		–			(0.10	)		(0.23	)		8.33		(13.20	)		305,110		0.95			0.95			1.94			39
Year ended 08/31/21		8.03		0.17		1.82			1.99			(0.18	)		–			–			(0.18	)		9.84		25.08			347,456		0.95			0.95			1.87			41
Year ended 08/31/20		9.54		0.23		(0.99	)		(0.76	)		(0.50	)		(0.25	)		–			(0.75	)		8.03		(8.34	)		296,997		0.97			0.97			2.73			72
Year ended 08/31/19		9.08		0.30		0.49			0.79			(0.33	)		–			–			(0.33	)		9.54		8.98			389,619		1.00			1.00			3.30			41
Class R5
Year ended 08/31/23		8.33		0.29		(0.49	)		(0.20	)		(0.22	)		–			–			(0.22	)		7.91		(2.38	)		1,303		0.89			0.89			3.71			78
Year ended 08/31/22		9.87		0.19		(1.49	)		(1.30	)		(0.13	)		–			(0.11	)		(0.24	)		8.33		(13.41	)		1,424		0.89			0.89			2.00			39
Year ended 08/31/21		8.05		0.17		1.83			2.00			(0.18	)		–			–			(0.18	)		9.87		25.21			3,504		0.89			0.89			1.93			41
Year ended 08/31/20		9.56		0.24		(1.00	)		(0.76	)		(0.50	)		(0.25	)		–			(0.75	)		8.05		(8.27	)		2,940		0.91			0.91			2.79			72
Year ended 08/31/19		9.11		0.31		0.48			0.79			(0.34	)		–			–			(0.34	)		9.56		8.98			4,517		0.90			0.90			3.40			41
Class R6
Year ended 08/31/23		8.35		0.30		(0.51	)		(0.21	)		(0.22	)		–			–			(0.22	)		7.92		(2.42	)		196,972		0.82			0.82			3.78			78
Year ended 08/31/22		9.87		0.19		(1.47	)		(1.28	)		(0.13	)		–			(0.11	)		(0.24	)		8.35		(13.14	)		213,197		0.82			0.82			2.07			39
Year ended 08/31/21		8.05		0.18		1.83			2.01			(0.19	)		–			–			(0.19	)		9.87		25.33			243,338		0.80			0.80			2.02			41
Year ended 08/31/20		9.56		0.24		(0.99	)		(0.75	)		(0.51	)		(0.25	)		–			(0.76	)		8.05		(8.17	)		205,791		0.82			0.82			2.88			72
Year ended 08/31/19		9.11		0.32		0.48			0.80			(0.35	)		–			–			(0.35	)		9.56		9.08			137,183		0.81			0.81			3.49			41

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended August 31, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Global Real Estate Income Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Global Real Estate Income Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is current income and, secondarily, capital appreciation.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

15 Invesco Global Real Estate Income Fund

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

16 Invesco Global Real Estate Income Fund

compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $1,508 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.750	%
Next $250 million		0.740	%
Next $500 million		0.730	%
Next $1.5 billion		0.720	%
Next $2.5 billion		0.710	%
Next $2.5 billion		0.700	%
Next $2.5 billion		0.690	%
Over $10 billion		0.680	%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.74%.

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. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the ”boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the net annual fund operating expenses and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $18,502.

17 Invesco Global Real Estate Income Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $4,740 in front-end sales commissions from the sale of Class A shares and $0 and $46 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	11,875,393		$ –	$	11,875,393
Belgium		–		3,587,112		–		3,587,112
Canada		17,861,891		–		–		17,861,891
Cayman Islands		–		10,741,207		–		10,741,207
France		–		1,734,667		–		1,734,667
Germany		–		27,347,594		–		27,347,594
Hong Kong		–		25,103,845		–		25,103,845
Japan		–		27,815,428		–		27,815,428
Singapore		–		6,231,387		–		6,231,387
United Kingdom		–		23,257,018		–		23,257,018
United States		272,406,378		139,061,867		–		411,468,245
Money Market Funds		27,585,392		2,602,138		–		30,187,530
Total Investments	$	317,853,661	$	279,357,656	$	–	$	597,211,317

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,018.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be

18 Invesco Global Real Estate Income Fund

invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:

	2023		2022
Ordinary income*	$	15,836,687	$	9,653,258
Return of capital		–		7,769,552
Total distributions	$	15,836,687	$	17,422,810

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	3,988,844
Net unrealized appreciation (depreciation) – investments		(26,756,186	)
Net unrealized appreciation (depreciation) – foreign currencies		(24,619	)
Temporary book/tax differences		(71,649	)
Capital loss carryforward		(29,145,313	)
Shares of beneficial interest		648,309,199
Total net assets	$	596,300,276

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities, passive foreign investment companies and partnerships.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	12,674,701	$16,470,612	$	29,145,313

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $453,056,305 and $453,088,198, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 27,847,851
Aggregate unrealized (depreciation) of investments	(54,604,037)
Net unrealized appreciation (depreciation) of investments	$(26,756,186)

Cost of investments for tax purposes is $623,967,503.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, REITs and passive foreign investment companies, on August 31, 2023, undistributed net investment income was decreased by $1,822,359, undistributed net realized gain (loss) was decreased by $1,138,828 and shares of beneficial interest was increased by $2,961,187. This reclassification had no effect on the net assets of the Fund.

19 Invesco Global Real Estate Income Fund

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	August 31, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		784,402		$	6,219,838			821,050		$	7,570,649
Class C		28,186			220,521			82,112			786,263
Class Y		12,424,655			98,941,273			9,747,048			89,538,332
Class R5		16,810			134,803			397,332			3,423,282
Class R6		2,029,257			15,881,336			3,014,685			28,267,916
Issued as reinvestment of dividends:
Class A		235,482			1,838,951			245,974			2,277,023
Class C		6,984			54,587			9,673			90,061
Class Y		804,678			6,254,788			730,360			6,734,985
Class R5		4,302			33,482			6,612			62,043
Class R6		705,982			5,503,062			635,931			5,861,642
Automatic conversion of Class C shares to Class A shares:
Class A		145,994			1,139,001			243,584			2,271,729
Class C		(146,042	)		(1,139,001	)		(243,701	)		(2,271,729	)
Reacquired:
Class A		(3,269,658	)		(25,766,521	)		(2,502,932	)		(23,045,158	)
Class C		(165,030	)		(1,316,679	)		(140,837	)		(1,311,264	)
Class Y		(11,761,099	)		(92,018,396	)		(9,129,917	)		(83,732,469	)
Class R5		(27,254	)		(211,931	)		(588,168	)		(5,361,792	)
Class R6		(3,414,415	)		(26,945,371	)		(2,766,698	)		(26,301,593	)
Net increase (decrease) in share activity		(1,596,766	)	$	(11,176,257	)		562,108		$	4,859,920

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 37% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

20 Invesco Global Real Estate Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Global Real Estate Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Real Estate Income Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

21 Invesco Global Real Estate Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning   Account Value  (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized  Expense Ratio
		Ending   Account Value  (08/31/23)1	Expenses  Paid During  Period2	Ending  Account Value  (08/31/23)	Expenses  Paid During  Period2
Class A	$1,000.00	$981.80	$6.04	$1,019.11	$6.16	1.21%
Class C	1,000.00	978.00	9.77	1,015.32	9.96	1.96
Class Y	1,000.00	982.90	4.80	1,020.37	4.89	0.96
Class R5	1,000.00	983.30	4.45	1,020.72	4.53	0.89
Class R6	1,000.00	983.70	4.10	1,021.07	4.18	0.82

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

22 Invesco Global Real Estate Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Real Estate Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy

and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Real Estate Income Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the third quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in

23 Invesco Global Real Estate Income Fund

particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and specifically that many of the peer funds are all equity funds while the Fund has a fixed income component which may result in lagging performance relative to peers during strong equity markets. The Board considered that the Fund’s overweight exposure to preferred equity securities detracted from performance and considered this in the context of the Fund’s stated objective which includes a current income component. The Board also considered that the Fund underwent a change in portfolio management in 2022, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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 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 has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the

extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

 The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending

24 Invesco Global Real Estate Income Fund

activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

25 Invesco Global Real Estate Income Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Qualified Dividend Income*	17.71	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	40.34	%
Business Interest Income*	36.72	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

26 Invesco Global Real Estate Income Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Global Real Estate Income Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Global Real Estate Income Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Global Real Estate Income Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Global Real Estate Income Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Global Real Estate Income Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Global Real Estate Income Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-09913 and 333-36074    Invesco Distributors, Inc. GREI-AR-1           

  Annual Report to Shareholders   August 31, 2023

Invesco Growth and Income Fund

Nasdaq:

A: ACGIX ⬛ C: ACGKX ⬛ R: ACGLX ⬛ Y: ACGMX ⬛ R5: ACGQX ⬛ R6: GIFFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
22	Report of Independent Registered Public Accounting Firm
23	Fund Expenses
24	Approval of Investment Advisory and Sub-Advisory Contracts
27	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Growth and Income Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Value Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.00	%
Class C Shares	7.25
Class R Shares	7.75
Class Y Shares	8.28
Class R5 Shares	8.36
Class R6 Shares	8.45
S&P 500 Indexq (Broad Market Index)	15.94
Russell 1000 Value Indexq (Style-Specific Index)	8.59
Lipper Large-Cap Value Funds Index⬛ (Peer Group Index)	11.52
Source(s): ▼RIMES Technologies Corp.; ⬛Lipper Inc.

Market conditions and your Fund

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.¹ After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

 US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent inves-

tors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

 The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.² The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.¹ After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.² At its annual Jackson Hole symposium in August 2023, Fed chair Je-rome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is

moving sustainably down toward our objective.”

 Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

 Within the Russell 1000 Value Index, nine out of eleven sectors posted gains for the fiscal year. Industrials, information technology (IT) and communication had the highest returns, while utilities and real estate declined.

 Stock selection in the IT sector was the largest contributor to relative performance during the fiscal year, due in part to Lam Research. The stock traded higher amid improving investor sentiment for semiconductors, as the cyclical slowdown in the industry appeared to be nearing an end. Despite a difficult environment for chipmakers, the company has executed well and we maintained our position in the company at fiscal year-end.

 Stock selection in consumer discretionary also contributed to the Fund’s relative return, due largely to TJX Companies. The company, which owns off price retailers T.J. Maxx, Marshall’s and Home Goods, reported better-than-expected profit margins and earnings due to strong same store sales at T.J. Maxx and Marshall’s. The company has a more flexible business model than traditional retailers, which in our opinion, has been an advantage in a difficult retail environment. We maintained our position in the stock at fiscal year-end.

 Stock selection and an underweight in utilities and real estate also aided relative performance, as these were the weakest sectors within the benchmark for the fiscal year.

 Stock selection in financials was the largest detractor from relative performance for the fiscal year, as the failure of several regional banks in March weighed on the overall banking industry and Fund holdings such as Bank of America, Citizens Financial and PNC Financial Services. Charles Schwab was also affected by the banking crisis as investors became concerned about the company’s banking operation’s access to capital. While Charles Schwab’s deposits have exposure to bond losses, we believe the company has adequate liquidity and reserves to meet client withdrawals. Unrelated to banks, electronic payments firm PayPal was a significant detractor in financials. The company reported strong earnings but reduced its margin outlook for the full year due to growth in its Braintree unit, which includes Venmo. While the Braintree segment is taking share, it has lower profit margins than the flagship business. We maintained our positions in these holdings at fiscal year-end.

 Stock selection in energy also detracted from relative performance, due primarily to Devon Energy, an oil and gas producer based in Oklahoma. The company faced a challenging environment as natural gas prices were low for most of the fiscal year, and oil prices

2 Invesco Growth and Income Fund

traded in a narrow range for much of the period. Additionally, higher costs and investor concerns about productivity declines in its Permian assets weighed on the stock. We held this stock at fiscal year-end.

 Stock selection in the communication services sector was another detractor from relative performance, due primarily to media giant Walt Disney. The company reported earnings that were generally in line with expectations, but the company is losing subscribers from its Disney+ streaming platform. The stock sold off amid investor concerns about long-term growth and profitability in that segment of the business. We maintained our position in Walt Disney at fiscal year-end, as we believe the company’s diversified revenue stream should be able to withstand a period of declining subscriber growth.

 The Fund held currency forward contracts for the purpose of hedging currency exposure of non-US-based companies held in the Fund. These derivatives were not for speculative purposes or leverage, and these positions had negligible impact on the Fund’s relative performance for the fiscal year.

 During the fiscal year, the team increased the Fund’s exposure to communication services and IT and reduced exposure to consumer discretionary and financials. At fiscal year-end, the Fund’s largest absolute sector exposures were in financials, health care and industrials. The largest overweight exposures relative to the Russell 1000 Value Index were in communication services, IT and energy, while the largest underweights were in utilities, materials and consumer staples.

 As always, we thank you for your investment in Invesco Growth and Income Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

Portfolio manager(s):

Brian Jurkash - Lead

Sergio Marcheli

Matthew Titus - Lead

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco Growth and Income Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

 The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Growth and Income Fund

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (8/1/46)	9.31	%
10 Years	8.08
5 Years	5.35
1 Year	2.06
Class C Shares
Inception (8/2/93)	9.17	%
10 Years	8.06
5 Years	5.78
1 Year	6.28
Class R Shares
Inception (10/1/02)	8.54	%
10 Years	8.42
5 Years	6.28
1 Year	7.75
Class Y Shares
Inception (10/19/04)	8.25	%
10 Years	8.96
5 Years	6.81
1 Year	8.28
Class R5 Shares
Inception (6/1/10)	10.62	%
10 Years	9.05
5 Years	6.88
1 Year	8.36
Class R6 Shares
Inception (9/24/12)	10.11	%
10 Years	9.15
5 Years	6.97
1 Year	8.45

Effective June 1, 2010, Class A, Class C, Class R and Class I shares of the predecessor fund, Van Kampen Growth and Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of Invesco Van Kampen Growth and Income Fund (renamed Invesco Growth and Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

5 Invesco Growth and Income Fund

Supplemental Information

Invesco Growth and Income Fund’s investment objective is total return through growth of capital and current income.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

∎ The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/servicemark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎ The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

  In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

  At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

  The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and imple- mented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid In- vestments and therefore has not adopted an HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Growth and Income Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Financials	18.27%
Health Care	16.01
Industrials	12.03
Information Technology	11.78
Energy	10.16
Communication Services	9.24
Consumer Discretionary	6.15
Consumer Staples	6.12
Real Estate	2.97
Utilities	2.56
Materials	2.55
Money Market Funds Plus Other Assets Less Liabilities	2.16

Top 10 Equity Holdings*

		% of total net assets
1.	Wells Fargo & Co.	3.54%
2.	CBRE Group, Inc., Class A	2.97
3.	ConocoPhillips	2.81
4.	Bank of America Corp.	2.50
5.	Exxon Mobil Corp.	2.46
6.	Alphabet, Inc., Class A	2.36
7.	American International Group, Inc.	2.08
8.	Johnson & Johnson	2.05
9.	Cisco Systems, Inc.	1.99
10.	Sanofi	1.97

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco Growth and Income Fund

Schedule of Investments^(a)

August 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–97.84%
Aerospace & Defense–2.53%
RTX Corp.		612,324	$	52,684,357
Textron, Inc.		627,019		48,725,646
				101,410,003
Air Freight & Logistics–1.01%
FedEx Corp.		154,790		40,403,286
Apparel Retail–1.04%
TJX Cos., Inc. (The)		452,213		41,820,658
Application Software–2.20%
Salesforce, Inc.(b)		186,564		41,316,463
Splunk, Inc.(b)		386,710		46,892,455
				88,208,918
Asset Management & Custody Banks–1.53%
KKR & Co., Inc., Class A		976,765		61,350,610
Automobile Manufacturers–1.30%
General Motors Co.		1,557,862		52,203,956
Broadline Retail–1.78%
Amazon.com, Inc.(b)		516,751		71,316,806
Building Products–1.75%
Johnson Controls International PLC		1,187,153		70,113,256
Cable & Satellite–2.66%
Charter Communications, Inc., Class A(b)(c)		122,156		53,518,987
Comcast Corp., Class A		1,133,239		52,990,255
				106,509,242
Casinos & Gaming–1.14%
Las Vegas Sands Corp.		834,122		45,759,933
Communications Equipment–1.99%
Cisco Systems, Inc.		1,389,063		79,662,763
Consumer Finance–0.96%
American Express Co.		242,452		38,304,992
Distillers & Vintners–1.21%
Diageo PLC (United Kingdom)		1,185,302		48,589,600
Distributors–0.89%
Genuine Parts Co.		230,684		35,463,051
Diversified Banks–7.12%
Bank of America Corp.		3,493,682		100,163,863
PNC Financial Services Group, Inc. (The)		357,060		43,107,854
Wells Fargo & Co.		3,433,730		141,778,711
				285,050,428
Electric Utilities–2.56%
American Electric Power Co., Inc.		470,455		36,883,672
Exelon Corp.		822,145		32,984,457
FirstEnergy Corp.		906,325		32,691,143
				102,559,272

	Shares		Value
Electrical Components & Equipment–0.95%
Emerson Electric Co.		385,561	$	37,881,368
Electronic Manufacturing Services–1.00%
TE Connectivity Ltd.		301,617		39,931,075
Fertilizers & Agricultural Chemicals–0.71%
Corteva, Inc.		559,500		28,260,345
Food Distributors–2.03%
Sysco Corp.		676,496		47,117,946
US Foods Holding Corp.(b)		844,664		34,149,766
				81,267,712
Gold–0.74%
Barrick Gold Corp. (Canada)		1,836,669		29,772,405
Health Care Equipment–2.68%
GE HealthCare Technologies, Inc.		430,687		30,341,899
Medtronic PLC		768,564		62,637,966
Zimmer Biomet Holdings, Inc.		121,667		14,492,973
				107,472,838
Health Care Facilities–0.67%
Universal Health Services, Inc., Class B		199,022		26,808,263
Health Care Services–2.45%
Cigna Group (The)		215,404		59,507,509
CVS Health Corp.		591,070		38,520,032
				98,027,541
Industrial Machinery & Supplies & Components–2.76%
Parker-Hannifin Corp.		180,741		75,350,923
Stanley Black & Decker, Inc.		374,775		35,371,264
				110,722,187
Insurance Brokers–1.48%
Willis Towers Watson PLC		286,779		59,294,426
Integrated Oil & Gas–4.10%
Chevron Corp.		183,758		29,603,414
Exxon Mobil Corp.		886,600		98,581,054
Shell PLC (Netherlands)		1,172,255		35,841,643
				164,026,111
Interactive Media & Services–3.98%
Alphabet, Inc., Class A(b)		692,696		94,324,414
Meta Platforms, Inc., Class A(b)		219,403		64,919,154
				159,243,568
Investment Banking & Brokerage–2.64%
Charles Schwab Corp. (The)		708,288		41,895,235
Goldman Sachs Group, Inc. (The)		194,728		63,814,313
				105,709,548
IT Consulting & Other Services–1.37%
Cognizant Technology Solutions Corp., Class A		764,865		54,771,983
Managed Health Care–2.09%
Centene Corp.(b)		925,097		57,032,230

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Growth and Income Fund

	Shares		Value
Managed Health Care–(continued)
Elevance Health, Inc.		59,880	$	26,467,559
				83,499,789
Movies & Entertainment–1.19%
Walt Disney Co. (The)(b)		568,402		47,563,879
Multi-line Insurance–2.07%
American International Group, Inc.		1,419,363		83,061,123
Oil & Gas Exploration & Production–5.03%
ConocoPhillips		945,074		112,492,158
Devon Energy Corp.		588,310		30,056,758
Pioneer Natural Resources Co.		248,214		59,057,557
				201,606,473
Oil & Gas Refining & Marketing–1.03%
Phillips 66		361,791		41,302,061
Packaged Foods & Meats–1.00%
Kraft Heinz Co. (The)		1,205,735		39,897,771
Pharmaceuticals–8.12%
Bristol-Myers Squibb Co.		1,007,042		62,084,139
GSK PLC		1,648,961		28,925,591
Johnson & Johnson		507,509		82,054,055
Merck & Co., Inc.		502,859		54,801,574
Pfizer, Inc.		531,273		18,796,439
Sanofi		739,114		78,650,326
				325,312,124
Rail Transportation–1.14%
CSX Corp.		1,513,639		45,711,898
Real Estate Services–2.97%
CBRE Group, Inc., Class A(b)		1,397,786		118,881,699
Regional Banks–0.73%
Citizens Financial Group, Inc.(c)		1,033,716		29,078,431
Semiconductor Materials & Equipment–1.02%
Lam Research Corp.		58,190		40,872,656
Semiconductors–3.10%
Intel Corp.		1,231,169		43,263,279
Micron Technology, Inc.		527,170		36,870,270
NXP Semiconductors N.V. (China)		214,010		44,026,137
				124,159,686

	Shares		Value
Specialty Chemicals–1.10%
DuPont de Nemours, Inc.		570,943	$	43,899,807
Systems Software–1.10%
Oracle Corp.		364,672		43,902,862
Tobacco–1.88%
Philip Morris International, Inc.		783,198		75,234,000
Trading Companies & Distributors–1.89%
Ferguson PLC		469,617		75,871,323
Transaction & Payment Processing Services–1.74%
Fiserv, Inc.(b)		473,536		57,482,535
PayPal Holdings, Inc.(b)		192,653		12,042,739
				69,525,274
Wireless Telecommunication Services–1.41%
T-Mobile US, Inc.(b)		413,941		56,399,461
Total Common Stocks & Other Equity Interests (Cost $3,002,227,467)				3,917,696,461
Money Market Funds–1.84%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(d)(e)		25,782,759		25,782,759
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(d)(e)		18,411,601		18,413,442
Invesco Treasury Portfolio, Institutional Class, 5.25%(d)(e)		29,466,010		29,466,010
Total Money Market Funds (Cost $73,662,211)				73,662,211
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.68% (Cost $3,075,889,678)				3,991,358,672
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.11%
Invesco Private Government Fund, 5.30%(d)(e)(f)		1,200,912		1,200,912
Invesco Private Prime Fund, 5.51%(d)(e)(f)		3,088,061		3,088,061
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,288,973)				4,288,973
TOTAL INVESTMENTS IN SECURITIES–99.79% (Cost $3,080,178,651)				3,995,647,645
OTHER ASSETS LESS LIABILITIES–0.21%				8,590,571
NET ASSETS–100.00%			$	4,004,238,216

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Growth and Income Fund

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 31,768,080		$  206,898,972		$  (212,884,293	)		$     -			$      -		$25,782,759		$1,245,312
Invesco Liquid Assets Portfolio, Institutional Class		14,521,137		147,784,980		(143,893,926	)		(7,036	)		8,287		18,413,442		852,304
Invesco Treasury Portfolio, Institutional Class		36,306,378		236,455,968		(243,296,336	)		-			-		29,466,010		1,421,072
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		18,935,998		396,851,393		(414,586,479	)		-			-		1,200,912		661,398	*
Invesco Private Prime Fund		48,692,568		904,319,643		(949,939,391	)		-			15,241		3,088,061		1,768,306	*
Total		$150,224,161		$1,892,310,956		$(1,964,600,425	)		$(7,036	)		$23,528		$77,951,184		$5,948,392

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

Open Forward Foreign Currency Contracts

		Contract to						Unrealized Appreciation
Settlement Date	Counterparty		Deliver			Receive
Currency Risk
09/29/2023	Bank of New York Mellon (The)	EUR		57,274,435	USD		62,228,330		$ 51,215
09/29/2023	Bank of New York Mellon (The)	GBP		64,554,110	USD		82,217,212		430,857
09/29/2023	State Street Bank & Trust Co.	EUR		379,881	USD		412,503		104
09/29/2023	State Street Bank & Trust Co.	GBP		3,280,122	USD		4,174,641		18,915
09/29/2023	State Street Bank & Trust Co.	USD		3,176,334	EUR		2,935,859		10,834
Total Forward Foreign Currency Contracts									$511,925

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Growth and Income Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $3,002,227,467)*	$	3,917,696,461
Investments in affiliated money market funds, at value (Cost $77,951,184)		77,951,184
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		511,925
Foreign currencies, at value (Cost $4,187)		4,139
Receivable for:
Investments sold		9,246,669
Fund shares sold		838,172
Dividends		10,665,607
Investment for trustee deferred compensation and retirement plans		502,743
Other assets		62,510
Total assets		4,017,479,410
Liabilities:
Payable for:
Investments purchased		4,540,133
Fund shares reacquired		1,835,542
Collateral upon return of securities loaned		4,288,973
Accrued fees to affiliates		1,915,752
Accrued trustees’ and officers’ fees and benefits		3,320
Accrued other operating expenses		98,549
Trustee deferred compensation and retirement plans		558,925
Total liabilities		13,241,194
Net assets applicable to shares outstanding	$	4,004,238,216
Net assets consist of:
Shares of beneficial interest	$	2,772,499,112
Distributable earnings		1,231,739,104
	$	4,004,238,216

Net Assets:
Class A	$	2,438,755,537
Class C	$	29,875,497
Class R	$	53,249,955
Class Y	$	349,894,127
Class R5	$	329,238,062
Class R6	$	803,225,038
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		114,102,977
Class C		1,427,703
Class R		2,487,263
Class Y		16,357,453
Class R5		15,365,140
Class R6		37,487,270
Class A:
Net asset value per share	$	21.37
Maximum offering price per share (Net asset value of $21.37 ÷ 94.50%)	$	22.61
Class C:
Net asset value and offering price per share	$	20.93
Class R:
Net asset value and offering price per share	$	21.41
Class Y:
Net asset value and offering price per share	$	21.39
Class R5:
Net asset value and offering price per share	$	21.43
Class R6:
Net asset value and offering price per share	$	21.43

* At August 31, 2023, securities with an aggregate value of $4,139,317 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Growth and Income Fund

Statement of Operations 

For the year ended August 31, 2023 

Investment income:
Dividends (net of foreign withholding taxes of $(584,116))	$	94,249,360
Dividends from affiliated money market funds (includes net securities lending income of $221,030)		3,739,718
Total investment income		97,989,078
Expenses:
Advisory fees		14,932,883
Administrative services fees		581,664
Custodian fees		22,617
Distribution fees:
Class A		6,159,065
Class C		304,865
Class R		260,174
Transfer agent fees – A, C, R and Y		4,316,826
Transfer agent fees – R5		388,438
Transfer agent fees – R6		249,259
Trustees’ and officers’ fees and benefits		49,886
Registration and filing fees		162,265
Reports to shareholders		204,855
Professional services fees		95,101
Other		68,717
Total expenses		27,796,615
Less: Fees waived and/or expense offset arrangement(s)		(112,659	)
Net expenses		27,683,956
Net investment income		70,305,122
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		419,769,217
Affiliated investment securities		23,528
Foreign currencies		(93,962	)
Forward foreign currency contracts		(6,020,181	)
		413,678,602
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(154,715,824	)
Affiliated investment securities		(7,036	)
Foreign currencies		40,862
Forward foreign currency contracts		(1,992,316	)
		(156,674,314	)
Net realized and unrealized gain		257,004,288
Net increase in net assets resulting from operations	$	327,309,410

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Growth and Income Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	70,305,122		$	67,210,398
Net realized gain		413,678,602			471,406,497
Change in net unrealized appreciation (depreciation)		(156,674,314	)		(702,919,722	)
Net increase (decrease) in net assets resulting from operations		327,309,410			(164,302,827	)
Distributions to shareholders from distributable earnings:
Class A		(278,048,140	)		(507,991,551	)
Class C		(3,399,405	)		(6,772,771	)
Class R		(5,572,665	)		(10,562,085	)
Class Y		(47,847,695	)		(91,057,061	)
Class R5		(46,057,592	)		(79,363,950	)
Class R6		(92,701,026	)		(198,318,731	)
Total distributions from distributable earnings		(473,626,523	)		(894,066,149	)
Share transactions–net:
Class A		25,839,646			261,966,363
Class C		(1,406,441	)		1,480,246
Class R		3,617,666			3,133,594
Class Y		(59,848,236	)		16,324,552
Class R5		(52,597,046	)		52,113,814
Class R6		(104,881,583	)		59,906,178
Net increase (decrease) in net assets resulting from share transactions		(189,275,994	)		394,924,747
Net increase (decrease) in net assets		(335,593,107	)		(663,444,229	)
Net assets:
Beginning of year		4,339,831,323			5,003,275,552
End of year	$	4,004,238,216		$	4,339,831,323

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Growth and Income Fund

Financial Highlights 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated. 

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed	Ratio of net investment income to average net assets		Portfolio turnover (c)
Class A
Year ended 08/31/23		$22.20		$0.33		$ 1.36			$ 1.69			$(0.38	)		$(2.14	)		$(2.52	)		$21.37		8.00	%		$2,438,756		0.79%	0.79%		1.57%		21%
Year ended 08/31/22		28.10		0.32		(1.13	)		(0.81	)		(0.29	)		(4.80	)		(5.09	)		22.20		(3.90	)		2,499,911		0.78	0.78		1.28		23
Year ended 08/31/21		20.01		0.30		8.63			8.93			(0.35	)		(0.49	)		(0.84	)		28.10		45.62			2,844,145		0.80	0.80		1.22		33
Year ended 08/31/20		22.89		0.41		(1.24	)		(0.83	)		(0.44	)		(1.61	)		(2.05	)		20.01		(4.39	)		2,609,002		0.81	0.81		1.97		26
Year ended 08/31/19		27.50		0.44		(2.02	)		(1.58	)		(0.43	)		(2.60	)		(3.03	)		22.89		(4.99	)		3,386,466		0.81	0.81		1.84		23
Class C
Year ended 08/31/23		21.77		0.18		1.33			1.51			(0.21	)		(2.14	)		(2.35	)		20.93		7.25	(d)		29,875		1.52(d)	1.52(d)		0.84(d)		21
Year ended 08/31/22		27.69		0.13		(1.09	)		(0.96	)		(0.16	)		(4.80	)		(4.96	)		21.77		(4.58	)(d)		32,497		1.52(d)	1.52(d)		0.54(d)		23
Year ended 08/31/21		19.73		0.12		8.51			8.63			(0.18	)		(0.49	)		(0.67	)		27.69		44.53	(d)		39,357		1.50(d)	1.50(d)		0.52(d)		33
Year ended 08/31/20		22.57		0.25		(1.20	)		(0.95	)		(0.28	)		(1.61	)		(1.89	)		19.73		(5.05	)		38,808		1.56	1.56		1.22		26
Year ended 08/31/19		27.15		0.27		(2.00	)		(1.73	)		(0.25	)		(2.60	)		(2.85	)		22.57		(5.67	)(d)		76,522		1.53(d)	1.53(d)		1.12(d)		23
Class R
Year ended 08/31/23		22.23		0.28		1.36			1.64			(0.32	)		(2.14	)		(2.46	)		21.41		7.75			53,250		1.04	1.04		1.32		21
Year ended 08/31/22		28.13		0.25		(1.13	)		(0.88	)		(0.22	)		(4.80	)		(5.02	)		22.23		(4.14	)		51,354		1.03	1.03		1.03		23
Year ended 08/31/21		20.03		0.24		8.64			8.88			(0.29	)		(0.49	)		(0.78	)		28.13		45.26			60,808		1.05	1.05		0.97		33
Year ended 08/31/20		22.90		0.36		(1.23	)		(0.87	)		(0.39	)		(1.61	)		(2.00	)		20.03		(4.60	)		61,342		1.06	1.06		1.72		26
Year ended 08/31/19		27.52		0.38		(2.03	)		(1.65	)		(0.37	)		(2.60	)		(2.97	)		22.90		(5.27	)		84,224		1.06	1.06		1.59		23
Class Y
Year ended 08/31/23		22.22		0.39		1.35			1.74			(0.43	)		(2.14	)		(2.57	)		21.39		8.28			349,894		0.54	0.54		1.82		21
Year ended 08/31/22		28.12		0.38		(1.12	)		(0.74	)		(0.36	)		(4.80	)		(5.16	)		22.22		(3.63	)		427,166		0.53	0.53		1.53		23
Year ended 08/31/21		20.03		0.36		8.63			8.99			(0.41	)		(0.49	)		(0.90	)		28.12		45.94			517,664		0.55	0.55		1.47		33
Year ended 08/31/20		22.91		0.47		(1.24	)		(0.77	)		(0.50	)		(1.61	)		(2.11	)		20.03		(4.12	)		477,858		0.56	0.56		2.22		26
Year ended 08/31/19		27.53		0.50		(2.03	)		(1.53	)		(0.49	)		(2.60	)		(3.09	)		22.91		(4.78	)		938,866		0.56	0.56		2.09		23
Class R5
Year ended 08/31/23		22.25		0.40		1.36			1.76			(0.44	)		(2.14	)		(2.58	)		21.43		8.36			329,238		0.49	0.49		1.87		21
Year ended 08/31/22		28.16		0.39		(1.13	)		(0.74	)		(0.37	)		(4.80	)		(5.17	)		22.25		(3.62	)		397,345		0.48	0.48		1.58		23
Year ended 08/31/21		20.06		0.38		8.64			9.02			(0.43	)		(0.49	)		(0.92	)		28.16		46.04			438,989		0.47	0.47		1.55		33
Year ended 08/31/20		22.94		0.49		(1.24	)		(0.75	)		(0.52	)		(1.61	)		(2.13	)		20.06		(4.03	)		443,315		0.48	0.48		2.30		26
Year ended 08/31/19		27.56		0.52		(2.03	)		(1.51	)		(0.51	)		(2.60	)		(3.11	)		22.94		(4.70	)		746,385		0.48	0.48		2.17		23
Class R6
Year ended 08/31/23		22.25		0.41		1.37			1.78			(0.46	)		(2.14	)		(2.60	)		21.43		8.45			803,225		0.42	0.42		1.94		21
Year ended 08/31/22		28.16		0.41		(1.13	)		(0.72	)		(0.39	)		(4.80	)		(5.19	)		22.25		(3.55	)		931,558		0.41	0.41		1.65		23
Year ended 08/31/21		20.06		0.39		8.65			9.04			(0.45	)		(0.49	)		(0.94	)		28.16		46.16			1,102,312		0.40	0.40		1.62		33
Year ended 08/31/20		22.94		0.50		(1.23	)		(0.73	)		(0.54	)		(1.61	)		(2.15	)		20.06		(3.93	)		1,147,101		0.39	0.39		2.39		26
Year ended 08/31/19		27.57		0.54		(2.04	)		(1.50	)		(0.53	)		(2.60	)		(3.13	)		22.94		(4.64	)		1,494,527		0.38	0.38		2.27		23

^(a)  Calculated using average shares outstanding.

^(b)  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)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.98%, 0.99%, 0.95% and 0.96% for the years ended August 31, 2023, 2022, 2021 and 2019, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Growth and Income Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Growth and Income Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return through growth of capital and current income.

The 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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

15 Invesco Growth and Income Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $9,866 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J. 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

16 Invesco Growth and Income Fund

amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

K. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $150 million		0.500%
Next $100 million		0.450%
Next $100 million		0.400%
Over $350 million		0.350%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.36%.

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. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminated these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $89,546.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class C shares and Class R shares to reimburse IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will reimburse annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% of Class C average daily net assets and up to 0.50% of Class R average daily net assets. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

17 Invesco Growth and Income Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $235,443 in front-end sales commissions from the sale of Class A shares and $7,954 and $440 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $84,702 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

	Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
	Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
	Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks & Other Equity Interests	$	3,725,689,301		$	192,007,160			$–		$	3,917,696,461
Money Market Funds		73,662,211			4,288,973			–			77,951,184
Total Investments in Securities		3,799,351,512			196,296,133			–			3,995,647,645
Other Investments - Assets*
Forward Foreign Currency Contracts		–			511,925			–			511,925
Total Investments	$	3,799,351,512		$	196,808,058			$–		$	3,996,159,570

* Unrealized appreciation.

NOTE 4–Derivative Investments

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, 2023:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding		$511,925
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements		$511,925

18 Invesco Growth and Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2023.

	Financial Derivative Assets				Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Net Value of Derivatives		Non-Cash		Cash		Net Amount
Bank of New York Mellon (The)		$482,072		$482,072		$–		$–		$482,072
State Street Bank & Trust Co.		29,853		29,853		–		–		29,853
Total		$511,925		$511,925		$–		$–		$511,925

Effect of Derivative Investments for the year ended August 31, 2023

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(6,020,181	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,992,316	)
Total		$(8,012,497	)

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$133,375,725

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $23,113.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8 – Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:

	2023		2022
Ordinary income*		$  77,568,879		$171,668,016
Long-term capital gain		396,057,644		722,398,133
Total distributions		$473,626,523		$894,066,149

* Includes short-term capital gain distributions, if any.

19 Invesco Growth and Income Fund

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	10,092,540
Undistributed long-term capital gain		348,665,536
Net unrealized appreciation – investments		873,364,156
Net unrealized appreciation – foreign currencies		13,521
Temporary book/tax differences		(396,649	)
Shares of beneficial interest		2,772,499,112
Total net assets	$	4,004,238,216

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of August 31, 2023.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $858,088,770 and $1,449,411,767, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	986,221,866
Aggregate unrealized (depreciation) of investments		(112,857,710	)
Net unrealized appreciation of investments	$	873,364,156

Cost of investments for tax purposes is $3,122,795,414.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization, on August 31, 2023, undistributed net investment income was decreased by $1,039,913, undistributed net realized gain was decreased by $21,273,088 and shares of beneficial interest was increased by $22,313,001. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended August 31, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		6,512,241		$	137,726,084			6,563,715		$	161,932,629
Class C		202,980			4,219,088			204,999			4,972,685
Class R		435,161			9,229,043			316,730			7,811,959
Class Y		1,926,465			41,000,744			2,644,421			65,243,714
Class R5		2,647,866			56,189,087			2,720,647			66,964,355
Class R6		5,583,013			118,227,446			5,279,294			131,545,487
Issued as reinvestment of dividends:
Class A		12,265,034			255,845,495			19,596,551			464,645,977
Class C		155,470			3,182,844			270,554			6,294,750
Class R		266,590			5,572,630			444,779			10,561,949
Class Y		1,866,983			38,941,820			3,148,013			74,697,819
Class R5		2,201,109			45,983,255			3,340,012			79,350,674
Class R6		4,382,001			91,494,780			8,264,455			196,374,492
Automatic conversion of Class C shares to Class A shares:
Class A		122,711			2,600,775			145,079			3,573,433
Class C		(125,190	)		(2,600,775	)		(147,721	)		(3,573,433	)

20 Invesco Growth and Income Fund

	Summary of Share Activity
	Year ended August 31, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(17,416,247	)	$	(370,332,708	)		(14,913,478	)	$	(368,185,676	)
Class C		(298,550	)		(6,207,598	)		(256,139	)		(6,213,756	)
Class R		(524,669	)		(11,184,007	)		(613,286	)		(15,240,314	)
Class Y		(6,662,982	)		(139,790,800	)		(4,973,866	)		(123,616,981	)
Class R5		(7,340,237	)		(154,769,388	)		(3,793,506	)		(94,201,215	)
Class R6		(14,341,749	)		(314,603,809	)		(10,823,831	)		(268,013,801	)
Net increase (decrease) in share activity		(8,142,000	)	$	(189,275,994	)		17,417,422		$	394,924,747

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

21 Invesco Growth and Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Growth and Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Growth and Income Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

22 Invesco Growth and Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning  Account Value  (03/01/23)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized  Expense  Ratio
			Ending Account Value  (08/31/23)1		Expenses  Paid During  Period2		Ending  Account Value  (08/31/23)		Expenses  Paid During  Period2
Class A		$1,000.00		$1,025.70		$4.03		$1,021.22		$4.02		0.79	%
Class C		1,000.00		1,022.70		7.75		1,017.54		7.73		1.52
Class R		1,000.00		1,024.90		5.31		1,019.96		5.30		1.04
Class Y		1,000.00		1,027.50		2.76		1,022.48		2.75		0.54
Class R5		1,000.00		1,027.70		2.50		1,022.74		2.50		0.49
Class R6		1,000.00		1,028.00		2.15		1,023.09		2.14		0.42

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

23 Invesco Growth and Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Growth and Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy

and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that

24 Invesco Growth and Income Fund

periods of heightened risk aversion during 2018 and 2020 created a challenging market environment for funds with a procyclical bias, such as the Fund, which negatively impacted the Fund’s longer-term performance. However, the Board also considered that the Fund’s performance is improving over the longer term. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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 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 requested and considered additional information from management regarding the Fund’s actual management fees and the levels of the Fund’s breakpoints in light of current asset levels. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

 The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or

sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered 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 the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

 The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated

25 Invesco Growth and Income Fund

securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 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 Growth and Income Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	417,421,644
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

27 Invesco Growth and Income Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Growth and Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Growth and Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Growth and Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Growth and Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Growth and Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Growth and Income Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-09913 and 333-36074    Invesco Distributors, Inc. VK-GRI-AR-1           

  Annual Report to Shareholders   August 31, 2023

Invesco Income Advantage U.S. Fund

Nasdaq:

A: SCAUX ⬛ C: SCCUX ⬛ R: SCRUX ⬛ Y: SCAYX ⬛ Investor: SCNUX ⬛ R5: SCIUX ⬛ R6: SLESX

 

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
15	Financial Statements
19	Notes to Financial Statements
25	Report of Independent Registered Public Accounting Firm
26	Fund Expenses
27	Approval of Investment Advisory and Sub-Advisory Contracts
29	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Income Advantage U.S. Fund (the Fund), at net asset value (NAV), underperformed the S&P 500 Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	12.08	%
Class C Shares	11.22
Class R Shares	11.71
Class Y Shares	12.22
Investor Class Shares	11.95
Class R5 Shares	12.27
Class R6 Shares	12.39
S&P 500 Indexq (Broad Market/Style-Specific Index)	15.94
Lipper Equity Income Funds Index∎ (Peer Group Index)	8.09
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.¹ After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

 US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-

haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

 The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.² The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.¹ After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.² At its annual Jackson Hole symposium in August 2023, Fed chair Je-rome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is

moving sustainably down toward our objective.”

 Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³ The team’s investment strategy seeks to provide higher income, structural downside risk mitigation to capital and reduce volatility, and growth from diversified exposure to the US large capitalization equity market. The team seeks to achieve the investment objectives by investing in two sub-portfolios: 1) a diversified portfolio of US stocks intended to provide US equity market participation; and 2) an option income portfolio, which the team customizes in an effort to provide high income and defensive exposure to the broad US large capitalization equity market.

 For the fiscal year ended August 31, 2023, the Fund underperformed the S&P 500 Index with performance behavior that was in-line with the team’s expectations for the Fund. The diversified US stock portfolio designed to have low tracking error to the benchmark, provided growth and performed in-line with the benchmark. The defensive option income component, implemented through equity-linked notes (ELNs), reduced overall portfolio returns relative to the benchmark as US equity markets rallied through much of the year; however, the defensiveness also helped reduce volatility and downside impact to performance during the more volatile periods throughout the fiscal year. In addition, the strategy delivered a meaningfully higher yield relative to the dividend yield of the benchmark index.

 Thank you for investing in Invesco Income Advantage U.S. Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

2 Invesco Income Advantage U.S. Fund

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle - Lead

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco Income Advantage U.S. Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

 The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Income Advantage U.S. Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	4.30	%
10 Years	4.58
5 Years	0.55
1 Year	5.92
Class C Shares
Inception (3/31/06)	4.28	%
10 Years	4.54
5 Years	0.94
1 Year	10.22
Class R Shares
Inception (3/31/06)	4.38	%
10 Years	4.91
5 Years	1.43
1 Year	11.71
Class Y Shares
Inception (10/3/08)	6.88	%
10 Years	5.44
5 Years	1.94
1 Year	12.22
Investor Class Shares
Inception (4/25/08)	4.65	%
10 Years	5.17
5 Years	1.69
1 Year	11.95
Class R5 Shares
Inception (3/31/06)	5.00	%
10 Years	5.60
5 Years	2.07
1 Year	12.27
Class R6 Shares
10 Years	5.44	%
5 Years	2.09
1 Year	12.39

Effective July 15, 2021, Invesco Low Volatility Equity Yield Fund was renamed Invesco Income Advantage U.S. Fund. The Fund’s strategy also changed to invest in equity-linked notes and focus on factor based equity exposures, therefore results prior to July 15, 2021, reflect the performance of the Fund’s prior strategy.

 Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, 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.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

5 Invesco Income Advantage U.S. Fund

Supplemental Information

Invesco Income Advantage U.S. Fund’s investment objective is income and long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

∎ The Lipper Equity Income Funds Index is an unmanaged index considered representative of equity income funds tracked by Lipper.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

  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 con-

ditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the

  impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

  The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and imple- mented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Income Advantage U.S. Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Financials	21.87%
Information Technology	15.67
Health Care	10.36
Communication Services	8.02
Consumer Discretionary	6.30
Industrials	6.13
Consumer Staples	4.94
Energy	3.63
Other Sectors, Each Less than 2% of Net Assets	4.82
Money Market Funds Plus Other Assets Less Liabilities	18.26

Top 10 Equity Holdings*

		% of total net assets
1.	Microsoft Corp.	2.77%
2.	Apple, Inc.	2.31
3.	Meta Platforms, Inc., Class A	2.30
4.	Alphabet, Inc., Class A	2.03
5.	NVIDIA Corp.	2.01
6.	Visa, Inc., Class A	1.67
7.	Broadcom, Inc.	1.53
8.	Berkshire Hathaway, Inc., Class B	1.32
9.	Amazon.com, Inc.	1.27
10.	Verizon Communications, Inc.	1.23

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco Income Advantage U.S. Fund

Schedule of Investments^(a)

August 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–67.92%
Advertising–0.07%
Omnicom Group, Inc.		1,229	$	99,561
Trade Desk, Inc. (The), Class A(b)		332		26,570
				126,131
Aerospace & Defense–1.26%
Boeing Co. (The)(b)		1,701		381,075
General Dynamics Corp.		1,314		297,805
L3Harris Technologies, Inc.		1,010		179,871
Lockheed Martin Corp.		1,832		821,377
Northrop Grumman Corp.		334		144,652
RTX Corp.		4,662		401,118
TransDigm Group, Inc.(b)		128		115,693
				2,341,591
Agricultural & Farm Machinery–0.23%
Deere & Co.		1,046		429,843
Agricultural Products & Services–0.11%
Archer-Daniels-Midland Co.		2,616		207,449
Air Freight & Logistics–0.37%
Expeditors International of Washington, Inc.		1,188		138,651
FedEx Corp.		795		207,511
United Parcel Service, Inc., Class B		2,015		341,341
				687,503
Apparel Retail–0.31%
Ross Stores, Inc.		1,498		182,471
TJX Cos., Inc. (The)		4,172		385,827
				568,298
Apparel, Accessories & Luxury Goods–0.08%
lululemon athletica, inc.(b)		366		139,541
Application Software–1.41%
Adobe, Inc.(b)		959		536,407
ANSYS, Inc.(b)		264		84,182
Autodesk, Inc.(b)		410		90,995
Cadence Design Systems, Inc.(b)		1,185		284,921
Datadog, Inc., Class A(b)		428		41,293
HubSpot, Inc.(b)		145		79,245
Intuit, Inc.		207		112,155
Palantir Technologies, Inc., Class A(b)		1,320		19,774
Roper Technologies, Inc.		581		289,954
Salesforce, Inc.(b)		3,021		669,031
Splunk, Inc.(b)		114		13,824
Synopsys, Inc.(b)		457		209,713
Workday, Inc., Class A(b)		532		130,074
Zoom Video Communications, Inc., Class A(b)		879		62,435
				2,624,003
Asset Management & Custody Banks–0.41%
Ameriprise Financial, Inc.		301		101,612
Bank of New York Mellon Corp. (The)		5,218		234,132

	Shares		Value
Asset Management & Custody Banks–(continued)
BlackRock, Inc.		111	$	77,760
Blackstone, Inc., Class A		1,137		120,943
KKR & Co., Inc., Class A		487		30,588
Northern Trust Corp.		613		46,631
State Street Corp.		1,398		96,098
T. Rowe Price Group, Inc.		558		62,624
				770,388
Automobile Manufacturers–0.78%
Ford Motor Co.		23,454		284,497
General Motors Co.		19,072		639,103
Tesla, Inc.(b)		2,052		529,580
				1,453,180
Automotive Parts & Equipment–0.03%
Aptiv PLC(b)		513		52,044
Automotive Retail–0.33%
AutoZone, Inc.(b)		106		268,321
O’Reilly Automotive, Inc.(b)		361		339,232
				607,553
Biotechnology–2.09%
AbbVie, Inc.		5,822		855,601
Amgen, Inc.		2,250		576,765
Biogen, Inc.(b)		836		223,513
BioMarin Pharmaceutical, Inc.(b)		139		12,702
BioNTech SE, ADR (Germany)(b)		2,628		317,804
Gilead Sciences, Inc.		9,508		727,172
Incyte Corp.(b)		728		46,978
Moderna, Inc.(b)		795		89,890
Regeneron Pharmaceuticals, Inc.(b)		591		488,455
Seagen, Inc.(b)		468		96,441
Vertex Pharmaceuticals, Inc.(b)		1,299		452,494
				3,887,815
Broadcasting–0.07%
Fox Corp., Class A		4,000		132,240
Broadline Retail–1.57%
Amazon.com, Inc.(b)		17,057		2,354,037
Coupang, Inc. (South Korea)(b)		857		16,266
eBay, Inc.		2,425		108,591
MercadoLibre, Inc. (Brazil)(b)		316		433,666
				2,912,560
Building Products–0.22%
Carrier Global Corp.		2,875		165,169
Johnson Controls International PLC		1,799		106,249
Trane Technologies PLC		658		135,061
				406,479
Cable & Satellite–0.63%
Charter Communications, Inc., Class A(b)		604		264,625
Comcast Corp., Class A		19,507		912,147
Sirius XM Holdings, Inc.		490		2,156
				1,178,928

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Income Advantage U.S. Fund

	Shares		Value
Cargo Ground Transportation–0.12%
Old Dominion Freight Line, Inc.		527	$	225,224
Casinos & Gaming–0.16%
Las Vegas Sands Corp.		5,400		296,244
Commodity Chemicals–0.20%
Dow, Inc.		4,307		234,990
LyondellBasell Industries N.V., Class A		1,409		139,167
				374,157
Communications Equipment–0.80%
Arista Networks, Inc.(b)		815		159,113
Cisco Systems, Inc.		16,562		949,831
Motorola Solutions, Inc.		1,306		370,342
				1,479,286
Computer & Electronics Retail–0.05%
Best Buy Co., Inc.		1,237		94,569
Construction Machinery & Heavy Transportation Equipment– 0.73%
Caterpillar, Inc.		2,861		804,313
Cummins, Inc.		828		190,473
PACCAR, Inc.		4,397		361,829
				1,356,615
Construction Materials–0.06%
Martin Marietta Materials, Inc.		117		52,230
Vulcan Materials Co.		312		68,094
				120,324
Consumer Electronics–0.07%
Garmin Ltd.		1,181		125,210
Consumer Finance–0.37%
American Express Co.		1,811		286,120
Capital One Financial Corp.		2,143		219,422
Discover Financial Services		2,058		185,364
				690,906
Consumer Staples Merchandise Retail–1.10%
Costco Wholesale Corp.		946		519,619
Dollar General Corp.		579		80,191
Dollar Tree, Inc.(b)		166		20,312
Target Corp.		760		96,178
Walmart, Inc.		8,146		1,324,621
				2,040,921
Copper–0.18%
Freeport-McMoRan, Inc.		7,157		285,636
Southern Copper Corp. (Mexico)		603		48,638
				334,274
Data Center REITs–0.18%
Digital Realty Trust, Inc.		936		123,290
Equinix, Inc.		269		210,191
				333,481
Distillers & Vintners–0.14%
Brown-Forman Corp., Class B		641		42,389
Constellation Brands, Inc., Class A		819		213,399
				255,788

	Shares		Value
Distributors–0.07%
Genuine Parts Co.		836	$	128,518
Diversified Banks–0.42%
Bank of America Corp.		6,038		173,109
Citigroup, Inc.		1,464		60,449
Fifth Third Bancorp		510		13,541
JPMorgan Chase & Co.		2,193		320,902
NU Holdings Ltd., Class A (Brazil)(b)		1,624		11,124
PNC Financial Services Group, Inc. (The)		300		36,219
U.S. Bancorp		1,153		42,119
Wells Fargo & Co.		2,825		116,644
			774,107
Diversified Financial Services–0.04%
Apollo Global Management, Inc.		803		70,134
Diversified Support Services–0.14%
Cintas Corp.		232		116,967
Copart, Inc.(b)		3,054		136,911
			253,878
Drug Retail–0.03%
Walgreens Boots Alliance, Inc.		2,091		52,923
Electric Utilities–1.17%
American Electric Power Co., Inc.		1,487		116,581
Avangrid, Inc.		53		1,829
Constellation Energy Corp.		244		25,415
Duke Energy Corp.		3,945		350,316
Edison International		1,718		118,284
Entergy Corp.		783		74,581
Eversource Energy		2,026		129,299
Exelon Corp.		4,564		183,108
FirstEnergy Corp.		2,572		92,772
NextEra Energy, Inc.		3,978		265,730
PG&E Corp.(b)		12,525		204,157
PPL Corp.		7,701		191,909
Southern Co. (The)		3,378		228,792
Xcel Energy, Inc.		3,374		192,757
			2,175,530
Electrical Components & Equipment–0.28%
AMETEK, Inc.		730		116,443
Eaton Corp. PLC		1,322		304,549
Emerson Electric Co.		429		42,149
Rockwell Automation, Inc.		213		66,473
				529,614
Electronic Components–0.19%
Amphenol Corp., Class A		3,426		302,790
Corning, Inc.		1,726		56,647
			359,437
Electronic Equipment & Instruments–0.04%
Keysight Technologies, Inc.(b)		541		72,115
Zebra Technologies Corp., Class A(b)		38		10,451
				82,566
Electronic Manufacturing Services–0.08%
TE Connectivity Ltd.		1,093		144,702

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Income Advantage U.S. Fund

	Shares		Value
Environmental & Facilities Services–0.29%
Republic Services, Inc.		769	$	110,836
Waste Connections, Inc.		1,118		153,155
Waste Management, Inc.		1,782		279,382
				543,373
Fertilizers & Agricultural Chemicals–0.04%
Corteva, Inc.		1,558		78,695
Financial Exchanges & Data–0.36%
CME Group, Inc., Class A		1,065		215,854
Intercontinental Exchange, Inc.		1,072		126,485
Moody’s Corp.		138		46,479
MSCI, Inc.		245		133,186
Nasdaq, Inc.		1,063		55,786
S&P Global, Inc.		242		94,588
				672,378
Food Distributors–0.01%
Sysco Corp.		381		26,537
Food Retail–0.08%
Kroger Co. (The)		3,220		149,376
Footwear–0.12%
NIKE, Inc., Class B		2,237		227,525
Gold–0.03%
Newmont Corp.		1,588		62,599
Health Care Distributors–0.21%
Cardinal Health, Inc.		1,218		106,368
Cencora, Inc.		589		103,652
McKesson Corp.		427		176,061
				386,081
Health Care Equipment–1.57%
Abbott Laboratories		5,052		519,851
Baxter International, Inc.		884		35,890
Becton, Dickinson and Co.		705		197,012
Boston Scientific Corp.(b)		5,581		301,039
DexCom, Inc.(b)		1,763		178,028
Edwards Lifesciences Corp.(b)		460		35,176
GE HealthCare Technologies, Inc.		768		54,106
IDEXX Laboratories, Inc.(b)		381		194,847
Intuitive Surgical, Inc.(b)		1,148		358,957
Medtronic PLC		4,759		387,859
ResMed, Inc.		110		17,555
STERIS PLC		75		17,219
Stryker Corp.		1,893		536,760
Zimmer Biomet Holdings, Inc.		748		89,102
				2,923,401
Health Care Facilities–0.15%
HCA Healthcare, Inc.		1,028		285,064
Health Care REITs–0.04%
Ventas, Inc.		868		37,914
Welltower, Inc.		374		30,997
				68,911
Health Care Services–0.65%
Cigna Group (The)		1,846		509,976

	Shares		Value
Health Care Services–(continued)
CVS Health Corp.		8,310	$	541,563
Laboratory Corp. of America Holdings		373		77,621
Quest Diagnostics, Inc.		574		75,481
				1,204,641
Health Care Supplies–0.06%
Align Technology, Inc.(b)		323		119,555
Health Care Technology–0.01%
Veeva Systems, Inc., Class A(b)		109		22,748
Home Improvement Retail–0.86%
Home Depot, Inc. (The)		3,080		1,017,324
Lowe’s Cos., Inc.(c)		2,514		579,427
				1,596,751
Homebuilding–0.35%
D.R. Horton, Inc.		2,822		335,874
Lennar Corp., Class A		2,719		323,806
				659,680
Hotels, Resorts & Cruise Lines–0.51%
Airbnb, Inc., Class A(b)		934		122,868
Booking Holdings, Inc.(b)		185		574,430
Expedia Group, Inc.(b)		580		62,866
Hilton Worldwide Holdings, Inc.		686		101,974
Marriott International, Inc., Class A		451		91,783
				953,921
Household Products–1.15%
Church & Dwight Co., Inc.		741		71,707
Clorox Co. (The)		497		77,756
Colgate-Palmolive Co.		3,792		278,598
Kimberly-Clark Corp.		1,194		153,823
Procter & Gamble Co. (The)		10,054		1,551,734
				2,133,618
Human Resource & Employment Services–0.33%
Automatic Data Processing, Inc.		2,053		522,714
Paychex, Inc.		738		90,206
				612,920
Industrial Conglomerates–0.93%
3M Co.		3,328		354,998
General Electric Co.		9,762		1,117,359
Honeywell International, Inc.		1,376		258,605
				1,730,962
Industrial Gases–0.66%
Air Products and Chemicals, Inc.		447		132,084
Linde PLC		2,809		1,087,195
				1,219,279
Industrial Machinery & Supplies & Components–0.44%
Dover Corp.		611		90,611
Fortive Corp.		1,247		98,326
Illinois Tool Works, Inc.		1,171		289,647
Otis Worldwide Corp.		1,869		159,893
Parker-Hannifin Corp.		418		174,264
				812,741

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Income Advantage U.S. Fund

	Shares		Value
Industrial REITs–0.05%
Prologis, Inc.		693	$	86,071
Insurance Brokers–0.58%
Aon PLC, Class A		1,031		343,725
Arthur J. Gallagher & Co.		778		179,314
Marsh & McLennan Cos., Inc.		2,345		457,252
Willis Towers Watson PLC		519		107,308
				1,087,599
Integrated Oil & Gas–1.80%
Chevron Corp.		5,779		930,997
Exxon Mobil Corp.		19,998		2,223,578
Occidental Petroleum Corp.		3,232		202,937
				3,357,512
Integrated Telecommunication Services–1.72%
AT&T, Inc.		61,995		916,906
Verizon Communications, Inc.(c)		65,451		2,289,476
				3,206,382
Interactive Home Entertainment–0.25%
Activision Blizzard, Inc.		2,815		258,952
Electronic Arts, Inc.		1,712		205,406
Roblox Corp., Class A(b)		335		9,477
				473,835
Interactive Media & Services–4.33%
Alphabet, Inc., Class A(b)		27,766		3,780,896
Meta Platforms, Inc., Class A(b)		14,449		4,275,315
				8,056,211
Internet Services & Infrastructure–0.12%
Snowflake, Inc., Class A(b)		209		32,782
VeriSign, Inc.(b)		883		183,478
				216,260
Investment Banking & Brokerage–0.37%
Charles Schwab Corp. (The)		1,248		73,819
Goldman Sachs Group, Inc. (The)		992		325,088
Morgan Stanley		3,318		282,528
				681,435
IT Consulting & Other Services–0.97%
Accenture PLC, Class A		2,025		655,634
Cognizant Technology Solutions Corp., Class A		2,015		144,294
EPAM Systems, Inc.(b)		124		32,115
International Business Machines Corp.		6,640		974,951
				1,806,994
Life & Health Insurance–0.25%
Aflac, Inc.		1,591		118,641
MetLife, Inc.		2,646		167,598
Principal Financial Group, Inc.		882		68,540
Prudential Financial, Inc.		1,211		114,645
				469,424
Life Sciences Tools & Services–0.68%
Agilent Technologies, Inc.		492		59,566
Danaher Corp.		2,009		532,385
Fortrea Holdings, Inc.(b)		373		10,276

	Shares		Value
Life Sciences Tools & Services–(continued)
Illumina, Inc.(b)		283	$	46,757
IQVIA Holdings, Inc.(b)		139		30,946
Mettler-Toledo International, Inc.(b)		85		103,146
Thermo Fisher Scientific, Inc.		703		391,641
Waters Corp.(b)		127		35,662
West Pharmaceutical Services, Inc.		148		60,221
				1,270,600
Managed Health Care–1.37%
Centene Corp.(b)		3,413		210,411
Elevance Health, Inc.		998		441,126
Humana, Inc.		651		300,521
UnitedHealth Group, Inc.		3,348		1,595,590
				2,547,648
Metal, Glass & Plastic Containers–0.01%
Ball Corp.		235		12,796
Movies & Entertainment–0.73%
Atlanta Braves Holdings, Inc., Series C(b)		31		1,142
Liberty Media Corp.-Liberty Formula One(b)		1,026		70,579
Liberty Media Corp.-Liberty Live, Series C(b)		43		1,447
Netflix, Inc.(b)		2,436		1,056,444
Walt Disney Co. (The)(b)		1,377		115,227
Warner Bros Discovery, Inc.(b)		8,704		114,371
				1,359,210
Multi-Family Residential REITs–0.09%
AvalonBay Communities, Inc.		481		88,417
Equity Residential		1,342		87,002
				175,419
Multi-line Insurance–0.12%
American International Group, Inc.		1,802		105,453
Hartford Financial Services Group, Inc. (The)		1,723		123,746
				229,199
Multi-Sector Holdings–1.32%
Berkshire Hathaway, Inc., Class B(b)		6,823		2,457,645
Multi-Utilities–0.61%
Ameren Corp.		827		65,556
CMS Energy Corp.		1,093		61,416
Consolidated Edison, Inc.		2,434		216,529
Dominion Energy, Inc.		2,421		117,515
DTE Energy Co.		952		98,418
Public Service Enterprise Group, Inc.		5,769		352,370
Sempra		1,658		116,425
WEC Energy Group, Inc.		1,294		108,851
				1,137,080
Office REITs–0.07%
Alexandria Real Estate Equities, Inc.		1,181		137,398
Oil & Gas Equipment & Services–0.33%
Baker Hughes Co., Class A		3,718		134,555
Halliburton Co.		1,915		73,957
Schlumberger N.V.		7,001		412,779
				621,291

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Income Advantage U.S. Fund

	Shares		Value
Oil & Gas Exploration & Production–0.63%
ConocoPhillips		3,411	$	406,011
Coterra Energy, Inc.		2,179		61,426
Devon Energy Corp.		1,237		63,198
Diamondback Energy, Inc.		626		95,014
EOG Resources, Inc.		1,617		207,979
Hess Corp.		1,163		179,684
Pioneer Natural Resources Co.		665		158,223
				1,171,535
Oil & Gas Refining & Marketing–0.67%
Marathon Petroleum Corp.		3,315		473,282
Phillips 66		2,419		276,153
Valero Energy Corp.		3,883		504,402
				1,253,837
Oil & Gas Storage & Transportation–0.20%
Cheniere Energy, Inc.		995		162,384
Kinder Morgan, Inc.		7,791		134,161
ONEOK, Inc.		752		49,030
Williams Cos., Inc. (The)		915		31,595
				377,170
Other Specialized REITs–0.10%
VICI Properties, Inc.		6,259		193,028
Other Specialty Retail–0.06%
Ulta Beauty, Inc.(b)		279		115,793
Packaged Foods & Meats–0.73%
Campbell Soup Co.		1,099		45,828
Conagra Brands, Inc.		2,342		69,979
General Mills, Inc.		4,356		294,727
Hershey Co. (The)		866		186,069
Hormel Foods Corp.		1,993		76,910
JM Smucker Co. (The)		562		81,462
Kellogg Co.		1,212		73,956
Kraft Heinz Co. (The)		5,034		166,575
McCormick & Co., Inc.		189		15,513
Mondelez International, Inc., Class A		4,162		296,584
Tyson Foods, Inc., Class A		1,100		58,597
				1,366,200
Paper & Plastic Packaging Products & Materials–0.04%
Amcor PLC		7,793		75,904
Passenger Airlines–0.02%
Delta Air Lines, Inc.		688		29,502
Southwest Airlines Co.		112		3,539
				33,041
Passenger Ground Transportation–0.11%
Uber Technologies, Inc.(b)		4,323		204,175
Personal Care Products–0.12%
Estee Lauder Cos., Inc. (The), Class A		401		64,373
Kenvue, Inc.		6,608		152,314
				216,687
Pharmaceuticals–3.57%
Bristol-Myers Squibb Co.		12,772		787,394
Eli Lilly and Co.		3,282		1,818,884

	Shares		Value
Pharmaceuticals–(continued)
Johnson & Johnson		10,387	$	1,679,370
Merck & Co., Inc.		11,003		1,199,107
Pfizer, Inc.		24,854		879,335
Royalty Pharma PLC, Class A		1,382		41,211
Zoetis, Inc.		1,248		237,757
				6,643,058
Property & Casualty Insurance–0.73%
Allstate Corp. (The)		603		65,010
Arch Capital Group Ltd.(b)		3,324		255,483
Chubb Ltd.		1,743		350,116
Markel Group, Inc.(b)		55		81,341
Progressive Corp. (The)		3,086		411,888
Travelers Cos., Inc. (The)		1,170		188,639
				1,352,477
Rail Transportation–0.50%
CSX Corp.		10,816		326,643
Norfolk Southern Corp.		882		180,819
Union Pacific Corp.		1,879		414,451
				921,913
Real Estate Services–0.08%
CBRE Group, Inc., Class A(b)		1,433		121,876
CoStar Group, Inc.(b)		316		25,909
				147,785
Regional Banks–0.16%
M&T Bank Corp.		487		60,900
Regions Financial Corp.		2,389		43,814
Truist Financial Corp.		6,555		200,255
				304,969
Research & Consulting Services–0.05%
Equifax, Inc.		92		19,017
Verisk Analytics, Inc.		269		65,157
				84,174
Restaurants–0.95%
Chipotle Mexican Grill, Inc.(b)		49		94,405
DoorDash, Inc., Class A(b)		185		15,564
McDonald’s Corp.		4,034		1,134,159
Starbucks Corp.		3,085		300,603
Yum! Brands, Inc.		1,776		229,779
				1,774,510
Retail REITs–0.15%
Realty Income Corp.		3,718		208,357
Simon Property Group, Inc.		538		61,057
				269,414
Self-Storage REITs–0.15%
Extra Space Storage, Inc.		293		37,703
Public Storage		875		241,833
				279,536
Semiconductor Materials & Equipment–0.80%
Applied Materials, Inc.		4,667		712,931
Enphase Energy, Inc.(b)		230		29,102
KLA Corp.		501		251,437

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Income Advantage U.S. Fund

	Shares		Value
Semiconductor Materials & Equipment–(continued)
Lam Research Corp.		692	$	486,060
				1,479,530
Semiconductors–5.00%
Advanced Micro Devices, Inc.(b)		1,204		127,287
Analog Devices, Inc.		2,294		417,003
Broadcom, Inc.		3,092		2,853,576
Intel Corp.		3,142		110,410
Marvell Technology, Inc.		640		37,280
Microchip Technology, Inc.		2,339		191,424
Micron Technology, Inc.		1,741		121,765
NVIDIA Corp.		7,584		3,743,083
ON Semiconductor Corp.(b)		1,569		154,484
QUALCOMM, Inc.		3,555		407,154
Skyworks Solutions, Inc.		724		78,728
Texas Instruments, Inc.		6,315		1,061,299
				9,303,493
Soft Drinks & Non-alcoholic Beverages–1.04%
Coca-Cola Co. (The)		9,721		581,607
Keurig Dr Pepper, Inc.		3,154		106,132
Monster Beverage Corp.(b)		2,155		123,719
PepsiCo, Inc.		6,297		1,120,362
				1,931,820
Specialty Chemicals–0.24%
Albemarle Corp.		335		66,568
DuPont de Nemours, Inc.		2,229		171,388
Ecolab, Inc.		423		77,751
International Flavors & Fragrances, Inc.		192		13,526
PPG Industries, Inc.		429		60,815
Sherwin-Williams Co. (The)		194		52,714
				442,762
Steel–0.32%
Nucor Corp.(c)		3,453		594,261
Systems Software–3.73%
Crowdstrike Holdings, Inc., Class A(b)		164		26,737
Fortinet, Inc.(b)		3,875		233,314
Microsoft Corp.		15,735		5,157,303
Oracle Corp.		7,308		879,810
Palo Alto Networks, Inc.(b)		1,064		258,871
ServiceNow, Inc.(b)		313		184,304
VMware, Inc., Class A(b)		1,251		211,144
				6,951,483
Technology Distributors–0.08%
CDW Corp.		691		145,905
Technology Hardware, Storage & Peripherals–2.45%
Apple, Inc.		22,841		4,291,138
Hewlett Packard Enterprise Co.		8,313		141,238
HP, Inc.		2,962		88,001
NetApp, Inc.		587		45,023
				4,565,400
Telecom Tower REITs–0.27%
American Tower Corp.		1,486		269,442
Crown Castle, Inc.		1,303		130,951

	Shares		Value
Telecom Tower REITs–(continued)
SBA Communications Corp., Class A		461	$	103,508
				503,901
Timber REITs–0.05%
Weyerhaeuser Co.		3,067		100,444
Tobacco–0.43%
Altria Group, Inc.		12,642		559,029
Philip Morris International, Inc.		2,524		242,456
				801,485
Trading Companies & Distributors–0.11%
Fastenal Co.		1,656		95,353
W.W. Grainger, Inc.		143		102,122
				197,475
Transaction & Payment Processing Services–2.92%
Block, Inc., Class A(b)		404		23,290
Fidelity National Information Services, Inc.		1,342		74,964
Fiserv, Inc.(b)		3,129		379,829
FleetCor Technologies, Inc.(b)		252		68,476
Global Payments, Inc.		1,923		243,625
Mastercard, Inc., Class A		3,112		1,284,136
PayPal Holdings, Inc.(b)		4,217		263,605
Visa, Inc., Class A(c)		12,613		3,098,762
				5,436,687
Water Utilities–0.03%
American Water Works Co., Inc.		451		62,572
Wireless Telecommunication Services–0.22%
T-Mobile US, Inc.(b)		3,035		413,519
Total Common Stocks & Other Equity Interests (Cost $115,695,494)				126,420,662
	Principal Amount
Equity Linked Notes–13.82%
Diversified Banks–13.82%
Bank of Montreal (S&P 500® Index) (Canada),
23.14%, 09/07/2023(d)	$	4,078,000		4,069,647
20.40%, 09/18/2023(d)		4,047,000		4,085,304
BNP Paribas Issuance B.V. (S&P 500® Index) (France),
133.09%, 09/14/2023(d)		677,000		661,987
130.85%, 10/05/2023(d)		629,000		604,528
BNP Paribas S.A. (S&P 500® Index) (France), 141.23%, 09/05/2023(d)		556,000		511,089
Canadian Imperial Bank of Commerce (S&P 500® Index) (Canada),
128.50%, 09/20/2023(d)		616,000		602,387
117.50%, 09/25/2023(d)		670,000		643,195
Citigroup Global Markets Holdings, Inc. (S&P 500® Index), 149.85%, 10/04/2023(d)		579,000		552,532
Royal Bank of Canada (S&P 500® Index) (Canada), 20.51%, 09/13/2023(d)		4,080,000		4,061,434

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Income Advantage U.S. Fund

	Principal Amount		Value
Diversified Banks–(continued)
Societe Generale S.A. (S&P 500® Index) (France),
118.20%, 09/11/2023(d)	$	667,000	$	651,339
139.65%, 09/21/2023(d)		614,000		584,223
137.30%, 09/28/2023(d)		635,000		621,515
Toronto-Dominion Bank (The) (S&P 500® Index) (Canada),
23.20%, 09/27/2023(d)		3,951,000		4,023,523
21.00%, 10/02/2023(d)		3,993,000		4,062,484
Total Equity Linked Notes (Cost $25,792,000)				25,735,187
	Shares
Money Market Funds–20.69%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(e)(f)		13,538,323		13,538,323
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(e)(f)		9,494,123		9,495,073
Invesco Treasury Portfolio, Institutional Class, 5.25%(e)(f)		15,472,369		15,472,369
Total Money Market Funds (Cost $38,504,158)				38,505,765
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-102.43% (Cost $179,991,652)				190,661,614

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.31%
Invesco Private Government Fund, 5.30%(e)(f)(g)		683,311	$	683,311
Invesco Private Prime Fund, 5.51%(e)(f)(g)		1,757,085		1,757,085
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,440,482)				2,440,396
TOTAL INVESTMENTS IN SECURITIES–103.74% (Cost $182,432,134)				193,102,010
OTHER ASSETS LESS LIABILITIES–(3.74)%				(6,967,604	)
NET ASSETS–100.00%			$	186,134,406

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2023.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $25,735,187, which represented 13.83% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$12,724,904		$ 50,858,271		$ (50,044,852)		$   -		$    -		$13,538,323		$ 562,097
Invesco Liquid Assets Portfolio, Institutional Class		8,914,335		36,327,337		(35,746,325)		(1,601)		1,327		9,495,073		404,906
Invesco Treasury Portfolio, Institutional Class		14,542,747		58,123,738		(57,194,116)		-		-		15,472,369		641,901
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		578,617		37,363,624		(37,258,930)		-		-		683,311		44,390*
Invesco Private Prime Fund		1,487,872		78,320,679		(78,050,372)		(86)		(1,008)		1,757,085		120,401*
Total		$38,248,475		$260,993,649		$(258,294,595)		$(1,687)		$   319		$40,946,161		$1,773,695

* 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.

^(f)  The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Income Advantage U.S. Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $141,487,494)*	$	152,155,849
Investments in affiliated money market funds, at value (Cost $40,944,640)		40,946,161
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		46
Cash		80,533
Foreign currencies, at value (Cost $585)		577
Receivable for:
Fund shares sold		9,389
Dividends		402,898
Interest		340,974
Investment for trustee deferred compensation and retirement plans		100,555
Other assets		50,999
Total assets		194,087,981
Liabilities:
Payable for:
Investments purchased		5,201,000
Fund shares reacquired		16,668
Collateral upon return of securities loaned		2,440,482
Accrued fees to affiliates		95,141
Accrued trustees’ and officers’ fees and benefits		1,476
Accrued other operating expenses		91,794
Trustee deferred compensation and retirement plans		107,014
Total liabilities		7,953,575
Net assets applicable to shares outstanding	$	186,134,406
Net assets consist of:
Shares of beneficial interest	$	200,135,535
Distributable earnings (loss)		(14,001,129	)
	$	186,134,406

Net Assets:
Class A	$	129,132,460
Class C	$	2,703,958
Class R	$	655,595
Class Y	$	8,855,753
Investor Class	$	33,187,328
Class R5	$	11,550,095
Class R6	$	49,217
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		13,049,476
Class C		278,312
Class R		66,591
Class Y		890,908
Investor Class		3,340,690
Class R5		1,160,674
Class R6		4,948
Class A:
Net asset value per share	$	9.90
Maximum offering price per share
(Net asset value of $9.90 ÷ 94.50%)	$	10.48
Class C:
Net asset value and offering price per share	$	9.72
Class R:
Net asset value and offering price per share	$	9.85
Class Y:
Net asset value and offering price per share	$	9.94
Investor Class:
Net asset value and offering price per share	$	9.93
Class R5:
Net asset value and offering price per share	$	9.95
Class R6:
Net asset value and offering price per share	$	9.95

* At August 31, 2023, securities with an aggregate value of $2,413,049 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Income Advantage U.S. Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Interest	$	10,620,490
Dividends (net of foreign withholding taxes of $146)		1,912,767
Dividends from affiliated money market funds (includes net securities lending income of $8,911)		1,617,815
Total investment income		14,151,072
Expenses:
Advisory fees		1,065,853
Administrative services fees		24,758
Custodian fees		26,916
Distribution fees:
Class A		310,994
Class C		26,994
Class R		2,684
Investor Class		77,096
Transfer agent fees – A, C, R, Y and Investor		266,887
Transfer agent fees – R5		3,380
Transfer agent fees – R6		11
Trustees’ and officers’ fees and benefits		17,114
Registration and filing fees		98,558
Reports to shareholders		25,713
Professional services fees		47,892
Other		8,569
Total expenses		2,003,419
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(190,311	)
Net expenses		1,813,108
Net investment income		12,337,964
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(7,970,942	)
Affiliated investment securities		319
Foreign currencies		585
Futures contracts		(9,547	)
		(7,979,585	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		15,941,112
Affiliated investment securities		(1,687	)
Foreign currencies		(5	)
		15,939,420
Net realized and unrealized gain		7,959,835
Net increase in net assets resulting from operations	$	20,297,799

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Income Advantage U.S. Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	12,337,964		$	10,889,426
Net realized gain (loss)		(7,979,585	)		(17,402,532	)
Change in net unrealized appreciation (depreciation)		15,939,420			(13,263,143	)
Net increase (decrease) in net assets resulting from operations		20,297,799			(19,776,249	)
Distributions to shareholders from distributable earnings:
Class A		(8,487,191	)		(21,961,088	)
Class C		(163,948	)		(511,479	)
Class R		(35,395	)		(87,565	)
Class Y		(597,025	)		(1,299,283	)
Investor Class		(2,109,098	)		(5,427,106	)
Class R5		(762,769	)		(1,794,930	)
Class R6		(2,707	)		(5,414	)
Total distributions from distributable earnings		(12,158,133	)		(31,086,865	)
Share transactions–net:
Class A		(1,600,712	)		10,520,938
Class C		(350,757	)		71,260
Class R		136,942			(50,163	)
Class Y		176,230			2,073,118
Investor Class		1,591,244			2,072,402
Class R5		649,033			1,583,561
Class R6		17,741			942
Net increase in net assets resulting from share transactions		619,721			16,272,058
Net increase (decrease) in net assets		8,759,387			(34,591,056	)
Net assets:
Beginning of year		177,375,019			211,966,075
End of year	$	186,134,406		$	177,375,019

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Income Advantage U.S. Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 08/31/23		$ 9.46		$0.65		$ 0.44			$ 1.09			$(0.65	)		$     -			$(0.65	)		$ 9.90		12.08	%		$129,132		1.04	%		1.14	%		6.93	%		46	%
Year ended 08/31/22		12.29		0.59		(1.64	)		(1.05	)		(0.59	)		(1.19	)		(1.78	)		9.46		(9.88	)		125,096		1.05			1.14			5.52			44
Year ended 08/31/21		10.24		0.13		2.07			2.20			(0.15	)		-			(0.15	)		12.29		21.70			150,436		1.16			1.17			1.15			143
Year ended 08/31/20		10.43		0.17		(0.20	)		(0.03	)		(0.16	)		-			(0.16	)		10.24		(0.15	)		136,770		1.18			1.18			1.63			122
Year ended 08/31/19		12.13		0.17		(1.54	)		(1.37	)		(0.13	)		(0.20	)		(0.33	)		10.43		(11.34	)		153,641		1.18			1.18			1.54			117
Class C
Year ended 08/31/23		9.29		0.57		0.43			1.00			(0.57)			-			(0.57)			9.72		11.22			2,704		1.79			1.89			6.18			46
Year ended 08/31/22		12.07		0.51		(1.61	)		(1.10	)		(0.49	)		(1.19	)		(1.68	)		9.29		(10.51	)		2,942		1.80			1.89			4.77			44
Year ended 08/31/21		10.06		0.04		2.04			2.08			(0.07	)		-			(0.07	)		12.07		20.74			3,748		1.91			1.92			0.40			143
Year ended 08/31/20		10.24		0.09		(0.19	)		(0.10	)		(0.08	)		-			(0.08	)		10.06		(0.87	)		4,001		1.93			1.93			0.88			122
Year ended 08/31/19		11.92		0.09		(1.53	)		(1.44	)		(0.04	)		(0.20	)		(0.24	)		10.24		(12.05	)		4,627		1.93			1.93			0.79			117
Class R
Year ended 08/31/23		9.41		0.63		0.43			1.06			(0.62)			-			(0.62)			9.85		11.83			656		1.29			1.39			6.68			46
Year ended 08/31/22		12.23		0.57		(1.64	)		(1.07	)		(0.56	)		(1.19	)		(1.75	)		9.41		(10.13	)		492		1.30			1.39			5.27			44
Year ended 08/31/21		10.19		0.10		2.06			2.16			(0.12	)		-			(0.12	)		12.23		21.39			691		1.41			1.42			0.90			143
Year ended 08/31/20		10.38		0.14		(0.19	)		(0.05	)		(0.14	)		-			(0.14	)		10.19		(0.42	)		565		1.43			1.43			1.38			122
Year ended 08/31/19		12.07		0.14		(1.53	)		(1.39	)		(0.10	)		(0.20	)		(0.30	)		10.38		(11.54	)		526		1.43			1.43			1.29			117
Class Y
Year ended 08/31/23		9.51		0.68		0.42			1.10			(0.67)			-			(0.67)			9.94		12.22			8,856		0.79			0.89			7.18			46
Year ended 08/31/22		12.35		0.62		(1.64	)		(1.02	)		(0.63	)		(1.19	)		(1.82	)		9.51		(9.61	)		8,271		0.80			0.89			5.77			44
Year ended 08/31/21		10.29		0.15		2.08			2.23			(0.17	)		-			(0.17	)		12.35		22.00			8,370		0.91			0.92			1.40			143
Year ended 08/31/20		10.48		0.19		(0.19	)		0.00			(0.19	)		-			(0.19	)		10.29		0.12			7,344		0.93			0.93			1.88			122
Year ended 08/31/19		12.19		0.20		(1.55	)		(1.35	)		(0.16	)		(0.20	)		(0.36	)		10.48		(11.14	)		8,322		0.93			0.93			1.79			117
Investor Class
Year ended 08/31/23		9.50		0.66		0.42			1.08			(0.65)			-			(0.65)			9.93		11.95			33,187		1.04			1.14			6.93			46
Year ended 08/31/22		12.33		0.60		(1.64	)		(1.04	)		(0.60	)		(1.19	)		(1.79	)		9.50		(9.82	)		30,152		1.05			1.14			5.52			44
Year ended 08/31/21		10.28		0.13		2.07			2.20			(0.15	)		-			(0.15	)		12.33		21.61			36,982		1.16			1.17			1.15			143
Year ended 08/31/20		10.47		0.17		(0.20	)		(0.03	)		(0.16	)		-			(0.16	)		10.28		(0.14	)		33,343		1.18			1.18			1.63			122
Year ended 08/31/19		12.17		0.17		(1.54	)		(1.37	)		(0.13	)		(0.20	)		(0.33	)		10.47		(11.30	)		36,647		1.18			1.18			1.54			117
Class R5
Year ended 08/31/23		9.52		0.69		0.42			1.11			(0.68)			-			(0.68)			9.95		12.27			11,550		0.75			0.77			7.22			46
Year ended 08/31/22		12.36		0.63		(1.64	)		(1.01	)		(0.64	)		(1.19	)		(1.83	)		9.52		(9.55	)		10,393		0.76			0.77			5.81			44
Year ended 08/31/21		10.30		0.18		2.08			2.26			(0.20	)		-			(0.20	)		12.36		22.23			11,702		0.72			0.72			1.59			143
Year ended 08/31/20		10.50		0.21		(0.20	)		0.01			(0.21	)		-			(0.21	)		10.30		0.26			9,498		0.74			0.74			2.07			122
Year ended 08/31/19		12.21		0.22		(1.56	)		(1.34	)		(0.17	)		(0.20	)		(0.37	)		10.50		(10.96	)		11,073		0.75			0.75			1.97			117
Class R6
Year ended 08/31/23		9.51		0.69		0.43			1.12			(0.68	)		-			(0.68	)		9.95		12.39			49		0.75			0.77			7.22			46
Year ended 08/31/22		12.36		0.63		(1.65	)		(1.02	)		(0.64	)		(1.19	)		(1.83	)		9.51		(9.64	)		29		0.75			0.77			5.82			44
Year ended 08/31/21		10.30		0.17		2.09			2.26			(0.20	)		-			(0.20	)		12.36		22.23			37		0.72			0.72			1.59			143
Year ended 08/31/20		10.49		0.21		(0.19	)		0.02			(0.21	)		-			(0.21	)		10.30		0.35			107		0.73			0.73			2.08			122
Year ended 08/31/19		12.20		0.22		(1.55	)		(1.33	)		(0.18	)		(0.20	)		(0.38	)		10.49		(10.96	)		1,317		0.73			0.73			1.99			117

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Income Advantage U.S. Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Income Advantage U.S. Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is income and long-term growth of capital.

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

19 Invesco Income Advantage U.S. Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Equity-Linked Notes - The Fund may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund, exchange-traded note, or an index or basket of securities (underlying securities)) and a related equity derivative, such as a put or call option. Generally, when purchasing an ELN, the Fund pays the counterparty the current value of the underlying securities plus a commission. Upon the maturity of the note, the Fund generally receives the par value of the note plus a return based on the appreciation of the underlying securities. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, the Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, the Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends. Should the prices of the underlying securities move in an unexpected manner, the Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include the Fund’s entire principal investment.

J. Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not

20 Invesco Income Advantage U.S. Fund

increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $600 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.600	%
Next $250 million		0.575	%
Next $500 million		0.550	%
Next $1.5 billion		0.525	%
Next $2.5 billion		0.500	%
Next $2.5 billion		0.475	%
Next $2.5 billion		0.450	%
Over $10 billion		0.425	%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.60%.

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. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.06%, 1.81%, 1.31%, 0.81%, 1.06%, 0.81% and 0.81%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $40,084 and reimbursed class level expenses of $105,306, $2,285, $454, $7,139, $26,103, $0 and $0 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares,and 0.25% of the average daily net assets of Investor Class shares. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $4,196 in front-end sales commissions from the sale of Class A shares and $0 and $99 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $5,003 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

21 Invesco Income Advantage U.S. Fund

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

	Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
	Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
	Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	126,420,662	$	–		$–	$	126,420,662
Equity Linked Notes		–		25,735,187		–		25,735,187
Money Market Funds		38,505,765		2,440,396		–		40,946,161
Total Investments	$	164,926,427	$	28,175,583		$–	$	193,102,010

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended August 31, 2023

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain (Loss):
Futures contracts		$(9,547)

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value		$3,413,531

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $8,940.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund

22 Invesco Income Advantage U.S. Fund

may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:

	2023		2022
Ordinary income*	$	12,158,133	$	10,846,197
Long-term capital gain		–		20,240,668
Total distributions	$	12,158,133	$	31,086,865

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	892,092
Net unrealized appreciation - investments		9,730,623
Net unrealized appreciation (depreciation) - foreign currencies		(8	)
Temporary book/tax differences		(76,013	)
Capital loss carryforward		(24,547,823	)
Shares of beneficial interest		200,135,535
Total net assets	$	186,134,406

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	21,949,816	$2,598,007	$	24,547,823

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $67,483,573 and $44,929,566, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$13,899,984
Aggregate unrealized (depreciation) of investments	(4,169,361	)
Net unrealized appreciation of investments	$ 9,730,623

Cost of investments for tax purposes is $ 183,371,387.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REITs, on August 31, 2023, undistributed net investment income was increased by $19,742 and undistributed net realized gain (loss) was decreased by $19,742. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

23 Invesco Income Advantage U.S. Fund

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	August 31, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		416,231		$	3,968,443			383,872		$	3,973,992
Class C		62,905			588,275			43,257			442,552
Class R		18,148			174,210			14,716			164,345
Class Y		151,473			1,424,849			250,812			2,700,981
Investor Class		337,047			3,209,757			53,761			596,971
Class R5		48			471			144			1,721
Class R6		1,684			15,688			1			12
Issued as reinvestment of dividends:
Class A		814,482			7,657,487			1,822,292			19,819,673
Class C		16,585			152,956			44,780			478,549
Class R		3,717			34,825			7,926			85,805
Class Y		51,321			484,830			99,278			1,081,056
Investor Class		214,758			2,028,154			478,585			5,224,624
Class R5		80,145			758,155			163,737			1,789,828
Class R6		217			2,065			91			930
Automatic conversion of Class C shares to Class A shares:
Class A		25,301			237,587			24,145			265,210
Class C		(25,763	)		(237,587	)		(24,578	)		(265,210	)
Reacquired:
Class A		(1,427,536	)		(13,464,229	)		(1,251,347	)		(13,537,937	)
Class C		(92,055	)		(854,401	)		(57,295	)		(584,631	)
Class R		(7,558	)		(72,093	)		(26,880	)		(300,313	)
Class Y		(181,981	)		(1,733,449	)		(157,895	)		(1,708,919	)
Investor Class		(385,314	)		(3,646,667	)		(356,873	)		(3,749,193	)
Class R5		(11,670	)		(109,593	)		(18,499	)		(207,988	)
Class R6		(1	)		(12	)		-			-
Net increase in share activity		62,184		$	619,721			1,494,030		$	16,272,058

^(a)  6% of the outstanding shares of the Fund are owned by the Adviser.

24 Invesco Income Advantage U.S. Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Income Advantage U.S. Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Income Advantage U.S. Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

25 Invesco Income Advantage U.S. Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value  (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized  Expense  Ratio
		Ending  Account Value  (08/31/23)1	Expenses  Paid During  Period2	Ending  Account Value  (08/31/23)	Expenses  Paid  During  Period2
Class A	$1,000.00	$1,104.10	$5.52	$1,019.96	$5.30	1.04%
Class C	1,000.00	1,100.20	9.48	1,016.18	9.10	1.79
Class R	1,000.00	1,102.00	6.83	1,018.70	6.56	1.29
Class Y	1,000.00	1,105.20	4.19	1,021.22	4.02	0.79
Investor Class	1,000.00	1,103.90	5.52	1,019.96	5.30	1.04
Class R5	1,000.00	1,105.40	3.98	1,021.42	3.82	0.75
Class R6	1,000.00	1,105.40	3.93	1,021.48	3.77	0.74

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

26 Invesco Income Advantage U.S. Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Income Advantage U.S. Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy

and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the S&P 500^® Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered the impact of sustained volatility in the equity markets on

27 Invesco Income Advantage U.S. Fund

the Fund’s performance. The Board further considered that the Fund had changed its name, investment strategy and index against which future performance will be compared on July 15, 2021, and that performance results prior to such date reflected that of the Fund’s former strategy. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board considered information provided regarding the more recent performance of the Fund utilizing the new strategy as well as other metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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 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 has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco

Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board

also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

 The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

28 Invesco Income Advantage U.S. Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Qualified Dividend Income*	14.99	%
Corporate Dividends Received Deduction*	14.52	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	30.69	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

29 Invesco Income Advantage U.S. Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Income Advantage U.S. Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Income Advantage U.S. Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Income Advantage U.S. Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Income Advantage U.S. Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Income Advantage U.S. Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Income Advantage U.S. Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-09913 and 333-36074    Invesco Distributors, Inc. LVEY-AR-1           

Annual Report to Shareholders August 31, 2023

Invesco NASDAQ 100 Index Fund

Nasdaq:

R6: IVNQX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
20	Report of Independent Registered Public Accounting Firm
21	Fund Expenses
22	Approval of Investment Advisory and Sub-Advisory Contracts
25	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class R6 shares of Invesco NASDAQ 100 Index Fund (the Fund), at net asset value (NAV), outperformed the Nasdaq-100 Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV).
Class R6 Shares	27.88	%
Nasdaq-100 Index▼ (Broad Market/Style-Specific Index)	27.44
Lipper Large-Cap Growth Funds Index∎ (Peer Group Index)	22.46
Source(s): ▼Bloomberg LP; ∎Lipper Inc.

Market conditions and your Fund

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.¹ After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

 US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

 The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.² The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.1 After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.² At its annual Jackson Hole symposium in August 2023, Fed chair Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

 Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

 Invesco NASDAQ 100 Index Fund (“the Fund”) invests in stocks in approximately the same proportion as they are represented in the Nasdaq-100 Index (“the Underlying Index”).

 During the fiscal year, the information technology, communication services, and health care sectors positively contributed to the Fund’s returns. Sectors that detracted from the Fund’s overall performance included utilities and financials.

 Leading contributors to the Fund’s performance for the fiscal year included NVIDIA,

Microsoft and Meta Platforms. NVIDIA was a primary beneficiary of investor enthusiasm for artificial intelligence. The stock price surged as first-quarter revenue numbers significantly outperformed analyst estimates and management revised its three-month sales forecast to more than 50% above analyst projections. Microsoft’s stock price rose significantly after the company’s third-quarter earnings indicated resiliency in the company’s cloud business, which had been a point of concern for investors in late 2022. Meta Platforms was another notable beneficiary of the artificial intelligence theme. The stock price also rose after the company announced it had been able to achieve significant cost improvements due to reductions in headcount in late 2022 and early 2023.

 Top detractors from the Fund’s performance for the fiscal year were Tesla, PayPal and Enphase Energy. Tesla’s stock price dropped as it reported weaker delivery volumes in late 2022, although announcements of price cuts on its electric vehicles at the end of the calendar year helped to renew some investor enthusiasm for the company. PayPal shares struggled as the company missed analyst estimates for payment volume early in the fiscal year and later guided to lower operating margins than expected, further dampening performance. Despite strong performance later in 2022, Enphase Energy shares sunk after a combination of a lack of clarity on California’s rooftop-solar subsidy and high interest rates caused management to decrease revenue projections for the fiscal year.

 Please note that the Fund’s strategy is principally implemented through equity investments, but the Fund also may use derivative instruments, including NASDAQ 100 futures contracts, to gain exposure to the equity market. During the fiscal year, the Fund invested in NASDAQ 100 futures contracts, which generated a positive return and were a slight contributor to the Fund’s absolute performance. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

 Thank you for your investment in Invesco NASDAQ 100 Index Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

2 Invesco NASDAQ 100 Index Fund

Portfolio manager(s):

Pratik Doshi

Peter Hubbard

Michael Jeanette

Tony Seisser

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco NASDAQ 100 Index Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/13/20

1 Source: Bloomberg LP

2 Source: Lipper Inc.

Past performance cannot guarantee future results.  The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management   fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;   performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco NASDAQ 100 Index Fund

Average Annual Total Returns
As of 8/31/23
Class R6 Shares
Inception (10/13/20)	9.76	%
1 Year	27.88

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Performance figures reflect reinvested distributions and changes in net asset value. Shares of the Fund are sold at net asset value without a sales charge. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

5 Invesco NASDAQ 100 Index Fund

Supplemental Information

Invesco NASDAQ 100 Index Fund’s investment objective is to seek to track the investment results (before fees and expenses) of the Nasdaq-100 Index^® (the “Underlying Index”).

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The Nasdaq-100^® Index includes 100 of the largest domestic and international nonfinancial securities listed on The Nasdaq Stock Market, based on the market capitalization.

∎ The Lipper Large-Cap Growth Funds Index is an unmanaged index considered representative of large-cap growth funds tracked by Lipper.

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

  In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

  As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable

  stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

  At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and

  the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

  The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco NASDAQ 100 Index Fund

Fund Information

 

Portfolio Composition

By sector	% of total net assets
Information Technology		48.04	%
Communication Services		15.28
Consumer Discretionary		13.66
Health Care		6.78
Consumer Staples		6.24
Industrials		4.67
Other Sectors, Each Less than 2% of Net Assets		2.48
Money Market Funds Plus Other Assets Less Liabilities		2.85

Top 10 Equity Holdings*

		% of total net assets
1.	Apple, Inc.		11.00	%
2.	Microsoft Corp.		9.07
3.	Amazon.com, Inc.		5.27
4.	NVIDIA Corp.		4.54
5.	Meta Platforms, Inc., Class A		3.42
6.	Broadcom, Inc.		3.07
7.	Tesla, Inc.		3.05
8.	Alphabet, Inc., Class A		3.01
9.	Alphabet, Inc., Class C		3.01
10.	Adobe, Inc.		2.05

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco NASDAQ 100 Index Fund

Schedule of Investments^(a)

August 31, 2023

	Shares			Value
Common Stocks & Other Equity Interests–97.15%
Advertising–0.28%
Trade Desk, Inc. (The), Class A(b)		867		$    69,386
Apparel Retail–0.33%
Ross Stores, Inc.		666		81,125
Apparel, Accessories & Luxury Goods–0.37%
lululemon athletica, inc.(b)		239		91,121
Application Software–5.97%
Adobe, Inc.(b)		899		502,847
ANSYS, Inc.(b)		170		54,208
Atlassian Corp., Class A(b)		299		61,014
Autodesk, Inc.(b)		416		92,327
Cadence Design Systems, Inc.(b)		537		129,116
Datadog, Inc., Class A(b)		582		56,151
Intuit, Inc.		549		297,454
Synopsys, Inc.(b)		298		136,749
Workday, Inc., Class A(b)		406		99,267
Zoom Video Communications, Inc., Class A(b)		500		35,515
				1,464,648
Automobile Manufacturers–3.16%
Lucid Group, Inc.(b)		4,314		27,092
Tesla, Inc.(b)(c)		2,895		747,142
				774,234
Automotive Retail–0.46%
O’Reilly Automotive, Inc.(b)		120		112,764
Biotechnology–4.24%
Amgen, Inc.		1,048		268,644
Biogen, Inc.(b)		281		75,128
Gilead Sciences, Inc.		2,440		186,611
Moderna, Inc.(b)		742		83,898
Regeneron Pharmaceuticals, Inc.(b)		210		173,563
Seagen, Inc.(b)		365		75,216
Vertex Pharmaceuticals, Inc.(b)		506		176,260
				1,039,320
Broadline Retail–6.61%
Amazon.com, Inc.(b)		9,369		1,293,016
eBay, Inc.		1,035		46,347
JD.com, Inc., ADR (China)		862		28,627
MercadoLibre, Inc. (Brazil)(b)		99		135,864
PDD Holdings, Inc., ADR (China)(b)		1,183		117,081
				1,620,935
Cable & Satellite–2.21%
Charter Communications, Inc., Class A(b)		295		129,246
Comcast Corp., Class A		8,154		381,281
Sirius XM Holdings, Inc.(c)		7,343		32,309
				542,836
Cargo Ground Transportation–0.37%
Old Dominion Freight Line, Inc.		213		91,030

	Shares		Value
Communications Equipment–1.87%
Cisco Systems, Inc.		7,989	$   458,169
Construction Machinery & Heavy Transportation Equipment–0.34%
PACCAR, Inc.		1,012	83,277
Consumer Staples Merchandise Retail–2.16%
Costco Wholesale Corp.		869	477,324
Dollar Tree, Inc.(b)		431	52,737
			530,061
Diversified Support Services–0.75%
Cintas Corp.		200	100,834
Copart, Inc.(b)		1,854	83,115
			183,949
Drug Retail–0.18%
Walgreens Boots Alliance, Inc.		1,703	43,103
Electric Utilities–1.15%
American Electric Power Co., Inc.		998	78,243
Constellation Energy Corp.		633	65,933
Exelon Corp.		1,938	77,753
Xcel Energy, Inc.		1,075	61,415
			283,344
Health Care Equipment–1.78%
DexCom, Inc.(b)		752	75,937
GE HealthCare Technologies, Inc.		890	62,701
IDEXX Laboratories, Inc.(b)		162	82,848
Intuitive Surgical, Inc.(b)		685	214,186
			435,672
Health Care Supplies–0.23%
Align Technology, Inc.(b)		150	55,521
Hotels, Resorts & Cruise Lines–1.84%
Airbnb, Inc., Class A(b)		813	106,950
Booking Holdings, Inc.(b)		72	223,562
Marriott International, Inc., Class A		598	121,699
			452,211
Human Resource & Employment Services–1.18%
Automatic Data Processing, Inc.		805	204,961
Paychex, Inc.		699	85,439
			290,400
Industrial Conglomerates–1.00%
Honeywell International, Inc.		1,307	245,638
Interactive Home Entertainment–0.26%
Electronic Arts, Inc.		526	63,109
Interactive Media & Services–9.43%
Alphabet, Inc., Class A(b)		5,427	738,995
Alphabet, Inc., Class C(b)		5,366	737,020
Meta Platforms, Inc., Class A(b)		2,832	837,960
			2,313,975

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco NASDAQ 100 Index Fund

	Shares		Value
IT Consulting & Other Services–0.29%
Cognizant Technology Solutions Corp., Class A		989	$    70,822
Life Sciences Tools & Services–0.21%
Illumina, Inc.(b)		312	51,549
Movies & Entertainment–1.80%
Netflix, Inc.(b)		872	378,169
Warner Bros Discovery, Inc.(b)		4,759	62,533
			440,702
Oil & Gas Equipment & Services–0.29%
Baker Hughes Co., Class A		1,970	71,294
Oil & Gas Exploration & Production–0.22%
Diamondback Energy, Inc.		356	54,034
Packaged Foods & Meats–1.09%
Kraft Heinz Co. (The)		2,379	78,721
Mondelez International, Inc., Class A		2,662	189,694
			268,415
Pharmaceuticals–0.32%
AstraZeneca PLC, ADR (United Kingdom)		1,149	77,925
Rail Transportation–0.49%
CSX Corp.		3,981	120,226
Real Estate Services–0.27%
CoStar Group, Inc.(b)		797	65,346
Research & Consulting Services–0.28%
Verisk Analytics, Inc.		283	68,548
Restaurants–0.89%
Starbucks Corp.		2,240	218,266
Semiconductor Materials & Equipment–2.94%
Applied Materials, Inc.		1,649	251,901
ASML Holding N.V., New York Shares (Netherlands)		172	113,611
Enphase Energy, Inc.(b)		273	34,543
KLA Corp.		269	135,003
Lam Research Corp.		264	185,434
			720,492
Semiconductors–15.47%
Advanced Micro Devices, Inc.(b)		3,143	332,278
Analog Devices, Inc.		981	178,326
Broadcom, Inc.		817	754,001
GLOBALFOUNDRIES, Inc.(b)		1,075	59,394
Intel Corp.		8,184	287,586
Marvell Technology, Inc.		1,667	97,103
Microchip Technology, Inc.		1,056	86,423
Micron Technology, Inc.		2,130	148,972
NVIDIA Corp.		2,256	1,113,449
NXP Semiconductors N.V. (China)		512	105,329
ON Semiconductor Corp.(b)		838	82,509

Investment Abbreviations:

ADR – American Depositary Receipt

	Shares		Value
Semiconductors–(continued)
QUALCOMM, Inc.		2,186	$	250,362
Texas Instruments, Inc.		1,781		299,315
				3,795,047
Soft Drinks & Non-alcoholic Beverages–2.81%
Keurig Dr Pepper, Inc.		2,721		91,562
Monster Beverage Corp.(b)		2,050		117,690
PepsiCo, Inc.		2,700		480,384
				689,636
Systems Software–10.51%
Crowdstrike Holdings, Inc., Class A(b)		437		71,244
Fortinet, Inc.(b)		1,523		91,700
Microsoft Corp.		6,788		2,224,835
Palo Alto Networks, Inc.(b)		596		145,007
Zscaler, Inc.(b)		287		44,786
				2,577,572
Technology Hardware, Storage & Peripherals–10.99%
Apple, Inc.(d)		14,357		2,697,250
Trading Companies & Distributors–0.26%
Fastenal Co.		1,118		64,374
Transaction & Payment Processing Services–0.55%
PayPal Holdings, Inc.(b)		2,172		135,772
Wireless Telecommunication Services–1.30%
T-Mobile US, Inc.(b)		2,342		319,098
Total Common Stocks & Other Equity Interests (Cost $19,381,862)				23,832,196
Money Market Funds–1.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(e)(f)		85,299		85,299
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(e)(f)		60,937		60,943
Invesco Treasury Portfolio, Institutional Class, 5.25%(e)(f)		97,484		97,484
Total Money Market Funds (Cost $243,726)				243,726
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.15% (Cost $19,625,588)				24,075,922
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.04%
Invesco Private Government Fund, 5.30%(e)(f)(g)		209,007		209,007
Invesco Private Prime Fund, 5.51%(e)(f)(g)		537,469		537,469
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $746,476)				746,476
TOTAL INVESTMENTS IN SECURITIES–101.19% (Cost $20,372,064)				24,822,398
OTHER ASSETS LESS LIABILITIES–(1.19)%				(291,944	)
NET ASSETS–100.00%			$	24,530,454

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco NASDAQ 100 Index Fund

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2023.

^(d)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1I.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$207,032	$	4,124,199	$	(4,245,932	)		$  -			$ -		$ 85,299		$ 4,639
Invesco Liquid Assets Portfolio, Institutional Class		147,886		2,945,857		(3,032,787	)		(10	)		(3)		60,943		3,397
Invesco Treasury Portfolio, Institutional Class		236,608		4,713,370		(4,852,494	)		-			-		97,484		5,282
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		31,849		3,831,133		(3,653,975	)		-			-		209,007		2,869*
Invesco Private Prime Fund		81,896		9,169,454		(8,713,927	)		(8	)		54		537,469		7,259*
Total		$705,271	$	24,784,013	$	(24,499,115	)		$(18	)		$51		$990,202		$23,446

* 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.

^(f)  The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

Open Futures Contracts

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
Micro E-Mini Nasdaq 100 Index		7		September-2023	$	217,539	$	(1,026	)	$(1,026)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco NASDAQ 100 Index Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $ 19,381,862)*	$	23,832,196
Investments in affiliated money market funds, at value (Cost $ 990,202)		990,202
Other investments:
Variation margin receivable - futures contracts		472
Cash		312
Receivable for:
Fund shares sold		472,921
Fund expenses absorbed		509
Dividends		23,457
Investment for trustee deferred compensation and retirement plans		11,097
Other assets		7,287
Total assets		25,338,453
Liabilities:
Payable for:
Fund shares reacquired		14
Collateral upon return of securities loaned		746,476
Accrued fees to affiliates		253
Accrued trustees’ and officers’ fees and benefits		2,238
Accrued other operating expenses		47,921
Trustee deferred compensation and retirement plans		11,097
Total liabilities		807,999
Net assets applicable to shares outstanding	$	24,530,454

Net assets consist of:
Shares of beneficial interest	$	21,079,648
Distributable earnings		3,450,806
	$	24,530,454
Net Assets:
Class R6	$	24,530,454
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		765,552
Class R6:
Net asset value and offering price per share	$	32.04

* At August 31, 2023, securities with an aggregate value of $734,056 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco NASDAQ 100 Index Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Dividends (net of foreign withholding taxes of $268)	$	130,934
Dividends from affiliated money market funds (includes net securities lending income of $1,842)		15,160
Total investment income		146,094
Expenses:
Advisory fees		22,378
Administrative services fees		1,895
Custodian fees		14,286
Transfer agent fees		3,661
Trustees’ and officers’ fees and benefits		16,002
Registration and filing fees		26,902
Licensing fees		9,974
Reports to shareholders		11,978
Professional services fees		57,743
Other		2,411
Total expenses		167,230
Less: Fees waived and/or expenses reimbursed		(124,237	)
Net expenses		42,993
Net investment income		103,101
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(614,778	)
Affiliated investment securities		51
Futures contracts		36,295
		(578,432	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		4,987,904
Affiliated investment securities		(18	)
Futures contracts		(1,644	)
		4,986,242
Net realized and unrealized gain		4,407,810
Net increase in net assets resulting from operations	$	4,510,911

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco NASDAQ 100 Index Fund

Statement of Changes in Net Assets

For the year ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	103,101		$	33,709
Net realized gain (loss)		(578,432	)		(428,736	)
Change in net unrealized appreciation (depreciation)		4,986,242			(1,316,627	)
Net increase (decrease) in net assets resulting from operations		4,510,911			(1,711,654	)
Distributions to shareholders from distributable earnings:
Class R6		(93,393	)		(56,806	)
Share transactions–net:
Class R6		11,317,009			6,168,102
Net increase in net assets		15,734,527			4,399,642
Net assets:
Beginning of year		8,795,927			4,396,285
End of year	$	24,530,454		$	8,795,927

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13  

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																											Ratio of			Ratio of
																											expenses			expenses
					Net gains																						to average			to average net
					(losses)																						net assets			assets without			Ratio of net
	Net asset				on securities						Dividends			Distributions													with fee waivers			fee waivers			investment
	value,		Net		(both			Total from			from net			from net						Net asset					Net assets,		and/or			and/or			income
	beginning		investment		realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			gains			distributions			of period		return(b)			(000’s omitted)		absorbed			absorbed			net assets			turnover (c)
Class R6
Year ended 08/31/23		$25.23		$0.19		$ 6.80			$ 6.99			$(0.18	)		$    –			$(0.18	)		$32.04		27.88	%		$24,530		0.29	%		1.12	%		0.69	%	46%
Year ended 08/31/22		32.18		0.15		(6.81	)		(6.66	)		(0.14	)		(0.15	)		(0.29	)		25.23		(20.86	)		8,796		0.29			1.71			0.52		21
Period ended 08/31/21(d)		25.00		0.11		7.18			7.29			(0.11	)		–			(0.11	)		32.18		29.24			4,396		0.29	(e)		5.30	(e)		0.46	(e)	6

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is not annualized for periods less than one year, if applicable.

^(d)  Commencement date of October 13, 2020.

^(e)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco NASDAQ 100 Index Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco NASDAQ 100 Index Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek to track the investment results (before fees and expenses) of the NASDAQ-100 Index^® (the “Underlying Index”).

The Fund currently consists of one class of shares, Class R6. Class R6 shares are sold at net asset value.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

15 Invesco NASDAQ 100 Index Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes –The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

G. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

H. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security.

Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

I. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain

16 Invesco NASDAQ 100 Index Fund

(loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

J. 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.

K. Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $2 billion		0.150%
Over $ 2 billion		0.140%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.15%.

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 December 31, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class R6 shares to 0.29% of the Fund’s average daily net assets (the “expense limit”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $22,378 and reimbursed Fund expenses of $101,859.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund’s shares. The Fund does not pay a distribution fee to IDI under the agreement.

For the year ended August 31, 2023, the Fund incurred $150 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

17 Invesco NASDAQ 100 Index Fund

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	23,832,196		$	–		$–	$	23,832,196
Money Market Funds		243,726			746,476		–		990,202
Total Investments in Securities		24,075,922			746,476		–		24,822,398
Other Investments - Liabilities*
Futures Contracts		(1,026	)		–		–		(1,026	)
Total Investments	$	24,074,896		$	746,476		$–	$	24,821,372

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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, 2023:

	Value
	Equity
Derivative Liabilities	Risk
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(1,026	)
Derivatives not subject to master netting agreements		1,026
Total Derivative Liabilities subject to master netting agreements	$	–

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended August 31, 2023

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on
	Statement of Operations
	Equity
	Risk
Realized Gain:
Futures contracts	$	36,295
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,644)
Total	$	34,651

 The table below summarizes the average notional value of derivatives held during the period.

	Futures
	Contracts
Average notional value	$	188,674

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund

18 Invesco NASDAQ 100 Index Fund

may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023:

	2023			2022
Ordinary income*	$	93,393		$	48,059
Long-term capital gain		–			8,747
Total distributions	$	93,393		$	56,806

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	33,057
Net unrealized appreciation – investments		3,426,692
Temporary book/tax differences		(8,943	)
Shares of beneficial interest		21,079,648
Total net assets	$	24,530,454

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of August 31, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $17,588,582 and $6,772,743, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	3,695,374
Aggregate unrealized (depreciation) of investments		(268,682	)
Net unrealized appreciation of investments	$	3,426,692

Cost of investments for tax purposes is $21,394,680.

NOTE 9–Share Information

	Summary of Share Activity
	Year ended						Year ended
	August 31, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class R6		567,499		$	15,478,776			269,443		$	7,704,101
Issued as reinvestment of dividends:
Class R6		3,140			83,080			1,103			33,119
Reacquired:
Class R6		(153,652	)		(4,244,847	)		(58,592	)		(1,569,118	)
Net increase in share activity		416,987		$	11,317,009			211,954		$	6,168,102

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 75% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

19 Invesco NASDAQ 100 Index Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco NASDAQ 100 Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco NASDAQ 100 Index Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

20 Invesco NASDAQ 100 Index Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class R6	$1,000.00	$1,290.40	$1.67	$1,023.74	$1.48	0.29%

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

21 Invesco NASDAQ 100 Index Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco NASDAQ 100 Index Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Capital Management LLC currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over the past two years ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Nasdaq-100 Index (Index). The Board noted that the Fund had recently commenced operations in October 2020 and that therefore performance information for the Fund was limited. The Board noted that performance of Class R6 shares of the Fund was in the third quintile of its performance universe for the one year period and the second quintile for the two year period (the first quintile being the best performing funds and the fifth quintile being the

22 Invesco NASDAQ 100 Index Fund

worst performing funds). The Board noted that performance of Class R6 shares of the Fund was reasonably comparable to the performance of the Index for the one and two year periods. The Board considered that the Fund seeks to track the investment results of the Index, and that the Fund’s performance will typically lag the Index due to the fees associated with the Fund. The Board considered that the Fund is passively managed and discussed reasons for differences in the Fund’s performance versus its peers. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund’s peer group includes funds that are actively managed or may track a different index than the Fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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 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 noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the

similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 The Board compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed affiliated exchange traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided.

The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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. 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.

23 Invesco NASDAQ 100 Index Fund

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

24 Invesco NASDAQ 100 Index Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	100.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

25 Invesco NASDAQ 100 Index Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco NASDAQ 100 Index Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco NASDAQ 100 Index Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco NASDAQ 100 Index Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco NASDAQ 100 Index Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco NASDAQ 100 Index Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco NASDAQ 100 Index Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-09913 and 333-36074     Invesco Distributors, Inc. NDQ-AR-1          

Annual Report to Shareholders August 31, 2023

Invesco Master Loan Fund

Nasdaq:

R6: MLNFX

 

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
24	Report of Independent Registered Public Accounting Firm
25	Fund Expenses
26	Approval of Investment Advisory and Sub-Advisory Contracts
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class R6 shares of Invesco Master Loan Fund (the Fund), at net asset value (NAV), underperformed the JP Morgan Leveraged Loan Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23
Class R6 Shares	2.22	%
JP Morgan Leveraged Loan Index▼	10.03
Credit Suisse Leveraged Loan Index▼	9.08
Source(s): ▼Bloomberg LP

Market conditions and your Fund

During the fiscal year covered by this report, the senior loan market was characterized by persistent inflation, rapidly escalating interest rates, rising energy prices, and a softening, but robust economy. Following a volatile start to the fiscal year, in part due to hawkish US Federal Reserve (Fed) guidance and the resulting risk-off sentiment, the senior loan market went on to rebound for the remainder of the first half of the fiscal year. The second half of the fiscal year began with a broad risk-off sentiment as investors reevaluated the interest rate outlook amid stronger inflation data. Risk aversion accelerated in early March with the failures of Silicon Valley Bank and Signature Bank, as concerns around regional banks and the banking sector more broadly, arose. Increased uncertainty drove market volatility, and although loans have no direct exposure to the banking sector, loans, as a credit risk asset class, also experienced price softening. Despite this, loans still outperformed almost all other asset classes. The last quarter of the fiscal year saw the loan market rebound as improved economic sentiment overshadowed hawkish central bank rhetoric to create a positive backdrop for risk assets. Interest rate expectations repriced higher on the back of the hawkish Fed policy guidance, signaling a longer runway for today’s high carry environment to continue and an expectation of “higher for longer” interest rates. The historically strong carry in loans has powered 2023’s year-to-date return profile, comprising nearly three quarters of the year-to-date total return,¹ and we believe it looks increasingly likely to create a similar return tailwind in 2024.

 Senior loans, as represented by the JP Morgan Leveraged Loan Index, returned 10.03% during the Fund’s fiscal year.² During the fiscal year, BB-, B- and CCC/Split CCC-rated^† loans returned 9.40%, 12.65% and 9.51%, respectively.¹ Energy was the best performing sector returning 13.35% for the fiscal year, while media/telecommunications was relatively the worst performing sector returning a positive 5.76%.¹ More recently, the senior loan market was up 9.16% calendar year-to-date, having also outperformed

high yield by approximately 140 basis points (bps).^2,3

 Throughout the 2022 calendar year, risk assets performed poorly, however loans significantly outperformed most other asset classes with a slight positive return for the full year of 0.06%.² The first month of calendar year 2023 continued this positive trend, leading to a relatively high positive return of 2.58%;² however, stronger than expected economic data and broad banking sector turmoil began to influence performance over the following few months, with loans finishing the first quarter with a 3.26%² return. Starting the following quarter with a slight positive, loan flattened in the middle of the quarter before returns rebounded towards the end of the fiscal year as improved economic sentiment overshadowed hawkish central bank rhetoric, improving the calendar quarterly return to 3.17%,² while also driving the following two months’ returns to both above 1.00%.² Since the middle of 2022, collateralized loan obligations (CLO) creation has come back in earnest, stabilizing market technicals and acting as a balance to retail outflows. CLO managers sought to buy assets for new structures, despite a dearth of new issue supply, and overall, this increase in CLO demand and relatively high coupon levels, as well as supportive fundamentals, helped enable the loan market to produce only two months of negative returns during the fiscal year covered in this report.²

 During the fiscal year, the loan market continued to benefit from a supportive fundamental backdrop. As of August 31, 2023, the 12-month default rate was 1.55%.⁴ Issuer fundamentals ended the most recent quarter relatively robust, with companies showing a strong ability to service their debt, even in this rising rate environment. Interest coverage ratios, while off their near-term highs, are currently 3.0x⁵ and still sufficient to absorb higher rates. Economic data is moderating but still trending higher, with persistent core inflation pushing expectations for a “higher for longer” interest rate environment. This may place incremental pressure on certain issuers but the extent to which this creates distress depends more on the corporate earnings environment. The supply/demand balance has remained supportive and loan investors

have continued to reap the benefit of interest rates at 20+ year highs through floating rate coupons. Additionally, leverage levels have remained at their pre-pandemic levels as borrowers have repaired their balance sheets and pushed out their maturities. Debt maturity concerns are held at bay as only 3.3% of outstanding loans mature in the next 18 months, as of June 30, 2023.¹ The average price in the senior loan market was $95.75 as of August 31, 2023.² Given the price of senior loans at the end of the fiscal year, they provided a 9.80% yield (represented by the yield to 3-year life).² Heading into what we presume will be a period of higher but manageable default activity, it is worth noting that historically the loan market has reliably discounted higher likelihood of defaults (particularly during periods of market turbulence) than what ultimately occurred. Loan prices as of August 31, 2023, were still implying a 4.9%¹ default rate in the market, well in excess of the 3.5%⁶ default rate JP Morgan was forecasting for the end of 2023 and well above the 1.55% August 31, 2023, rolling twelve-month default rate.⁴ While it is impossible to predict where and when loan prices will bottom, the market has time and again over-corrected relative to eventual realized defaults in past episodes of market dislocation and current loan investors are being well compensated for the potential risk of credit loss. This is not to suggest the market cannot or will not trade lower but rather highlights one reason that loans may often provide compelling value for investors. Despite expectations of an increase in default rates, loans are senior secured with high average recovery rates, which have historically mitigated potential credit loss.⁶ Spreads and yields continue to remain robust, with the average loan coupon still surpassing the average coupon for high-yield bonds for the first time on record.^2,3

 During the fiscal year ending August 31, 2023, Robertshaw US Holdimg, HotelBeds and AAdvantage Loyalty IP all contributed to Fund performance on an absolute basis, QuarterNorth Energy Holding, Tribune Resources and Crown Finance US all detracted from absolute performance. HotelBeds, AAdvantage Loyalty IP, QuarterNorth Energy and Tribune Resources were not held at the fiscal year-end.

 In managing the Fund, we seek out the best risk-adjusted-return opportunities. We seek to efficiently allocate risk within the portfolio in order to maximize risk-adjusted returns.

 The senior loan asset class behaves differently from many traditional fixed-income investments. The interest income generated by a portfolio of senior loans is usually determined by a fixed-credit spread over the Secured Overnight Financing Rate (SOFR) or a similar reference rate. Because senior loans generally have a very short duration and the coupons, or interest rates, are usually adjusted every 30 to 90 days as the reference

2 Invesco Master Loan Fund

rate changes, the yield on the portfolio adjusts with the changing rates. Interest rate risk refers to the tendency for traditional fixed-income prices to decline when interest rates rise. For senior loans, however, interest rates and income are variable, and the prices of loans are therefore less sensitive to interest rate changes than traditional fixed-income bonds. As a result, senior loans can provide a natural hedge against rising interest rates.

 We are monitoring interest rates, the market, macroeconomic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and other central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments and the market price of the Fund’s shares.

 As always, we appreciate your continued participation in Invesco Master Loan Fund.

1 Source: Credit Suisse Leveraged Loan Index

2 Source: JP Morgan Leveraged Loan Index

3 Source: JP Morgan US High Yield Index

4 Source: Morningstar LSTA Leveraged Loan Index

5 Source: Pitchbook LCD

6 Source: JP Morgan Research

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit www.spglobal.com and select Understanding Credit Ratings’ under About Ratings on the homepage.

Portfolio manager(s):

Thomas Ewald

David Lukkes

Philip Yarrow

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

            

         

3 Invesco Master Loan Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

1 Source: Bloomberg LP

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Master Loan Fund

 

 

 

Average Annual Total Returns
As of 8/31/23
Class R6 Shares
Inception (10/31/07)	3.80	%
10 Years	2.73
5 Years	0.71
1 Year	2.22

Effective May 24, 2019, Class A shares of the Oppenheimer Master Loan Fund LLC, (the predecessor fund), were reorganized into Class R6 shares of the Invesco Oppenheimer Master Loan Fund. The Fund was subsequently renamed the Invesco Master Loan Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class R6 shares are those for Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 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 R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

5 Invesco Master Loan Fund

Supplemental Information

Invesco Master Loan Fund’s investment objective is to seek income.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The JP Morgan Leveraged Loan Index tracks the performance of US dollar-denominated senior floating rate bank loans.

∎ The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, noninvestment-grade loans.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

  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, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

  At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation

(the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

  The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Committee had established an HLIM for the Fund and the Fund complied with its HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Master Loan Fund

Fund Information

 

Portfolio Composition^†*

By credit quality		% of total investments
B-			5.84	%
CCC+			1.48
CCC			26.56
CC			1.29
Non-Rated			30.96
Equity			33.87

^†Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

Top Five Debt Issuers*

		% of total net assets
1.	Robertshaw US Holding Corp.		2.47	%
2.	Monitronics International, Inc.		1.24
3.	SonicWall U.S. Holdings, Inc.		1.14
4.	McDermott International Ltd.		1.09
5.	Orchid Merger Sub II LLC		0.91

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

7 Invesco Master Loan Fund

Schedule of Investments

August 31, 2023

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Variable Rate Senior Loan Interests–8.80%(b)(c)
Business Equipment & Services–2.96%
Checkout Holding Corp., Term Loan (3 mo. Term SOFR + 9.50%)		12.87%		05/10/2027	$	540	$	327,325
Monitronics International, Inc., Term Loan (3 mo. Term SOFR + 7.50%)		13.00%		06/30/2028		496		502,839
Orchid Merger Sub II LLC, Term Loan (1 mo. Term SOFR + 4.75%)		10.14%		07/27/2027		502		368,660
								1,198,824
Chemicals & Plastics–0.01%
Flint Group (ColourOz Inv) (Germany), PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.52% Cash Rate (3 mo. USD LIBOR + 4.25%)(d)		5.75%		09/21/2024		9		2,662
Electronics & Electrical–1.35%
Diebold Nixdorf, Inc., Term Loan (3mo. Term SOFR + 7.50% )		12.82%		08/11/2028		84		84,048
SonicWall U.S. Holdings, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		9.18%		05/16/2025		377		372,184
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.93%		05/18/2026		97		91,514
								547,746
Industrial Equipment–2.47%
Robertshaw US Holding Corp.
First Lien Term Loan (3 mo. Term SOFR + 5.50%)(e)		10.84%		02/28/2027		165		119,677
First Lien Term Loan (1 mo. Term SOFR + 7.00%)		12.34%		02/28/2027		997		879,425
								999,102
Leisure Goods, Activities & Movies–0.01%
Vue International Bidco PLC (United Kingdom), Term Loan (6 mo. EURIBOR + 8.00%)		4.86%		12/31/2027	EUR	4		2,336
Oil & Gas–1.09%
McDermott International Ltd.
LOC(e)(f)		0.00%		06/28/2024		342		254,875
LOC (3mo. Term SOFR + 4.00% )(e)		7.74%		06/30/2024		182		127,346
PIK Second Lien Term Loan, 3.00% PIK Rate, 6.45% Cash Rate (1 mo. Term SOFR + 1.00%)(d)		3.00%		09/25/2025		98		52,419
Term Loan (1 mo. Term SOFR + 3.00%)(e)		8.45%		06/30/2024		10		6,947
								441,587
Radio & Television–0.03%
Diamond Sports Holdings LLC, Second Lien Term Loan (g)(h)		0.00%		08/24/2026		450		12,624
Univision Communications, Inc., First Lien Term Loan(i)		–		05/05/2028		0		153
								12,777
Utilities–0.88%
Frontera Generation Holdings LLC
First Lien Term Loan (Prime Rate + 13.00%) (Acquired 07/28/2021; Cost $243,764)(j)		18.54%		07/28/2026		245		246,214
Second Lien Term Loan (Prime Rate + 1.50%) (Acquired 07/28/2021; Cost $130,118)(j)		7.04%		07/28/2028		238		109,978
								356,192
Total Variable Rate Senior Loan Interests (Cost $3,771,301)								3,561,226
					Shares
Preferred Stocks–2.75%(k)
Oil & Gas–0.18%
McDermott International Ltd., Pfd.(e)						103		66,782
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-10/31/2019; Cost $999,531)(e)(j)						999,705		8,898
								75,680
Surface Transport–2.57%
Commercial Barge Line Co., Series A, Pfd. (Acquired 01/31/2020-02/06/2020; Cost $167,036)(j)						5,884		138,274

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Master Loan Fund

					Shares		Value
Surface Transport–(continued)
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/06/2020; Cost $175,537)(j)						6,184	$	145,324
Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $192,008)(j)						8,078		444,290
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $134,829)(j)						5,672		311,960
								1,039,848
Total Preferred Stocks (Cost $1,668,940)								1,115,528
Common Stocks & Other Equity Interests–2.55%(k)
Business Equipment & Services–0.21%
Monitronics International, Inc. (Acquired 06/30/2023; Cost $79,856)(e)(j)						3,967		83,307
Containers & Glass Products–0.57%
Libbey Glass LLC (Acquired 11/13/2020-02/10/2022; Cost $131,797)(j)						29,078		228,989
Electronics & Electrical–0.48%
Diebold Nixdorf, Inc.						1,324		23,581
Fusion Connect, Inc. (Acquired 05/03/2018-12/31/2019; Cost $101)(e)(j)						10		0
Fusion Connect, Inc., Wts., expiring 01/14/2040 (Acquired 05/03/2018-12/31/2019; Cost $911,159)(e)(j)						90,368		904
Internap Corp. (Acquired 02/06/2018-02/10/2023; Cost $712,344)(e)(j)						158,650		166,583
Riverbed Technology, Inc. (Acquired 07/03/2023; Cost $1,561)(e)(j)						12,011		1,561
Sungard Availability Services Capital, Inc. (Acquired 06/27/2018-05/03/2019; Cost $276,791)(j)						3,420		1,932
								194,561
Industrial Equipment–0.66%
North American Lifting Holdings, Inc.						38,021		266,147
Leisure Goods, Activities & Movies–0.00%
Crown Finance US, Inc.						10		221
Vue International Bidco PLC(e)						326,260		0
								221
Oil & Gas–0.02%
Larchmont Resources LLC (Acquired 12/09/2016; Cost $46,001)(e)(j)						137		3,544
McDermott International Ltd.(e)						19,276		2,930
Sabine Oil & Gas Holdings, Inc. (Acquired 02/26/2014-11/09/2016; Cost $1,858,384)(e)(j)(l)						1,419		270
Southcross Energy Partners L.P. (Acquired 04/26/2016-10/29/2020; Cost $2,491,123)(j)						251,018		3,514
								10,258
Surface Transport–0.61%
Commercial Barge Line Co. (Acquired 01/31/2020-02/06/2020; Cost $104,219)(e)(j)						2,003		90,135
Commercial Barge Line Co.(e)						1,649		41,225
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023-08/18/2023; Cost $0)(e)(j)						21,850		10,242
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-05/17/2023; Cost $0)(e)(j)						17,016		10,635
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/06/2020; Cost $109,549)(j)						2,105		94,725
								246,962
Utilities–0.00%
Frontera Generation Holdings LLC (Acquired 07/28/2021; Cost $60,932)(j)						17,409		1,262
Total Common Stocks & Other Equity Interests (Cost $7,883,787)								1,031,707
	Interest Rate		Maturity Date		Principal Amount (000)
Non-U.S. Dollar Denominated Bonds & Notes–1.62%(m)
Automotive–0.61%
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)(n)(o)		0.00%		04/19/2026	SEK	3,750		248,322

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Master Loan Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Building & Development–0.20%
Ideal Standard International S.A. (Belgium)(n)		6.38%		07/30/2026	EUR	122	$    82,351
Financial Intermediaries–0.48%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%) (Acquired 11/09/2021; Cost $407,884)(j)(n)(o)		8.73%		08/01/2024	EUR	356	192,740
Retailers (except Food & Drug)–0.33%
Kirk Beauty SUN GmbH 9.00% PIK Rate, 8.25% Cash Rate (Germany)(d)(n)		9.00%		10/01/2026	EUR	131	131,922
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,096,165)							655,335
					Shares
Money Market Funds–4.53%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(p)(q)						1,101,116	1,101,116
Invesco Treasury Portfolio, Institutional Class, 5.25%(p)(q)						734,078	734,078
Total Money Market Funds (Cost $1,835,194)							1,835,194
TOTAL INVESTMENTS IN SECURITIES–20.25% (Cost $16,255,387)							8,198,990
OTHER ASSETS LESS LIABILITIES–79.75%							32,288,999
NET ASSETS–100.00%							$40,487,989

Investment Abbreviations:
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
LIBOR	– London Interbank Offered Rate
LOC	– Letter of Credit
Pfd.	– Preferred
PIK	– Pay-in-Kind
SEK	– Swedish Krona
SOFR	– Secured Overnight Financing Rate
STIBOR	– Stockholm Interbank Offered Rate
USD	– U.S. Dollar
Wts.	– Warrants

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Master Loan Fund

Notes to Schedule of Investments:

^(a)  Principal amounts are denominated in U.S. dollars unless otherwise noted.

^(b)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(c)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate (“SOFR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(d)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(f)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 7.

^(g)  The borrower has filed for protection in federal bankruptcy court.

^(h)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $12,624, which represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾  This variable rate interest will settle after August 31, 2023, at which time the interest rate will be determined.

^(j)  Restricted security. The aggregate value of these securities at August 31, 2023 was $2,295,281, which represented 5.67% of the Fund’s Net Assets.

^(k)  Securities acquired through the restructuring of senior loans.

^(l)  Non-income producing security.

^(m)  Foreign denominated security. Principal amount is denominated in the currency indicated.

⁽ⁿ⁾  Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $655,335, which represented 1.62% of the Fund’s Net Assets.

^(o)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(p)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,303,588		$	83,686,154		$	(84,888,626	)		$	-		$	-		$	1,101,116		$	245,232
Invesco Treasury Portfolio, Institutional Class			1,535,725			55,790,771			(56,592,418	)			-			-			734,078			162,551
Total		$	3,839,313		$	139,476,925		$	(141,481,044	)		$	-		$	-		$	1,835,194		$	407,783

^(q)  The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
10/31/2023	Barclays Capital		EUR	1,385,661		USD	1,510,369	$	3,786
09/29/2023	BNP Paribas S.A.		EUR	2,067,302		USD	2,298,252		53,989
09/29/2023	BNP Paribas S.A.		GBP	487,670		USD	625,468		7,618
10/31/2023	BNP Paribas S.A.		GBP	322,225		USD	409,258		997
10/31/2023	Citibank, N.A.		EUR	1,364,979		USD	1,488,511		4,415
09/29/2023	Morgan Stanley and Co. International PLC		EUR	2,019,202		USD	2,245,262		53,216
09/29/2023	Morgan Stanley and Co. International PLC		GBP	480,391		USD	616,117		7,489
09/29/2023	Morgan Stanley and Co. International PLC		SEK	3,226,092		USD	311,448		16,439
09/29/2023	Morgan Stanley and Co. International PLC		USD	10,778		SEK	117,994		12
10/31/2023	Morgan Stanley and Co. International PLC		GBP	322,225		USD	409,729		1,469
09/29/2023	Royal Bank of Canada		GBP	487,670		USD	626,241		8,391
09/29/2023	Royal Bank of Canada		USD	249,939		SEK	2,734,279		96
10/31/2023	Royal Bank of Canada		EUR	1,385,661		USD	1,509,954		3,372
10/31/2023	Royal Bank of Canada		GBP	317,416		USD	403,800		1,633
09/29/2023	State Street Bank & Trust Co.		EUR	2,049,796		USD	2,272,947		47,689
09/29/2023	State Street Bank & Trust Co.		SEK	29,188		USD	2,696		26
10/31/2023	State Street Bank & Trust Co.		EUR	37,551		USD	40,875		47
10/31/2023	State Street Bank & Trust Co.		GBP	2,417		USD	3,071		9
Subtotal-Appreciation									210,693

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Master Loan Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
09/29/2023	Barclays Capital		USD	1,507,999		EUR	1,385,661		$  (3,726	)
09/29/2023	BNP Paribas S.A.		USD	406,638		GBP	320,170		(1,001	)
09/29/2023	Citibank, N.A.		USD	1,486,189		EUR	1,364,979		(4,368	)
09/29/2023	Morgan Stanley and Co. International PLC		USD	2,179,381		EUR	2,000,000		(8,181	)
09/29/2023	Morgan Stanley and Co. International PLC		USD	407,108		GBP	320,170		(1,471	)
09/29/2023	Morgan Stanley and Co. International PLC		USD	38,721		SEK	403,007		(1,868	)
09/29/2023	Royal Bank of Canada		USD	1,507,599		EUR	1,385,661		(3,326	)
09/29/2023	Royal Bank of Canada		USD	401,214		GBP	315,391		(1,632	)
10/31/2023	Royal Bank of Canada		SEK	2,739,791		USD	250,794		(102	)
09/29/2023	UBS AG		USD	636,263		GBP	500,000		(2,792	)
Subtotal–Depreciation									(28,467	)
Total Forward Foreign Currency Contracts									$182,226

Abbreviations:

EUR - Euro

GBP - British Pound Sterling

SEK - Swedish Krona

USD - U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Master Loan Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $14,420,193)	$	6,363,796
Investments in affiliated money market funds, at value (Cost $1,835,194)		1,835,194
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		210,693
Cash		4,684,666
Foreign currencies, at value (Cost $3,189,585)		3,190,884
Receivable for:
Investments sold		23,297,958
Dividends		122,381
Interest		1,277,112
Investment for trustee deferred compensation and retirement plans		56,008
Other assets		24,618
Total assets		41,063,310
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		28,467
Payable for:
Investments purchased		22,213
Accrued fees to affiliates		4,098
Accrued trustees’ and officers’ fees and benefits		1,456
Accrued other operating expenses		120,965
Trustee deferred compensation and retirement plans		56,008
Unfunded loan commitments		342,114
Total liabilities		575,321
Net assets applicable to shares outstanding	$	40,487,989

Net assets consist of:
Shares of beneficial interest	$	(829,225,945	)
Distributable earnings		869,713,934
	$	40,487,989
Net Assets:
Class R6	$	40,487,989
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		2,811,195
Class R6:
Net asset value and offering price per share	$	14.40

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Master Loan Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Interest	$	11,984,065
Dividends		1,268,813
Dividends from affiliated money market funds		407,783
Other income		72,518
Total investment income		13,733,179
Expenses:
Advisory fees		427,436
Administrative services fees		21,419
Custodian fees		28,855
Interest, facilities and maintenance fees		71,560
Transfer agent fees		45,970
Trustees’ and officers’ fees and benefits		17,089
Registration and filing fees		22,460
Reports to shareholders		8,964
Professional services fees		165,250
Other		2,080
Total expenses		811,083
Less: Fees waived		(129,757	)
Net expenses		681,326
Net investment income		13,051,853
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(13,119,491	)
Foreign currencies		(17,469	)
Forward foreign currency contracts		(463,778	)
		(13,600,738	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		7,277,411
Foreign currencies		(77,025	)
Forward foreign currency contracts		(159,573	)
		7,040,813
Net realized and unrealized gain (loss)		(6,559,925	)
Net increase in net assets resulting from operations	$	6,491,928

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Master Loan Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	13,051,853		$	10,182,729
Net realized gain (loss)		(13,600,738	)		206,997
Change in net unrealized appreciation (depreciation)		7,040,813			(8,080,828	)
Net increase in net assets resulting from operations		6,491,928			2,308,898
Distributions to shareholders from distributable earnings:
Class R6		(13,008,595	)		(10,090,269	)
Share transactions–net:
Class R6		(129,314,023	)		(14,990,915	)
Net increase (decrease) in net assets		(135,830,690	)		(22,772,286	)
Net assets:
Beginning of year		176,318,679			199,090,965
End of year	$	40,487,989		$	176,318,679

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Master Loan Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class R6
Year ended 08/31/23		$	15.38		$	1.32		$	(0.98	)		$	0.34			$	(1.32	)		$	14.40		2.15	%		$	40,488		0.45	%		0.54	%		0.40	%		8.73	%		16	%
Year ended 08/31/22			16.07			0.87			(0.70	)			0.17				(0.86	)			15.38		1.11				176,319		0.51			0.51			0.46			5.49			58
Year ended 08/31/21			15.15			0.78			0.91				1.69				(0.77	)			16.07		11.46				199,091		0.50			0.59			0.38			4.99			89
Year ended 08/31/20			17.21			0.85			(2.40	)			(1.55	)			(0.51	)			15.15		(8.97	)			179,282		0.69			0.69			0.50			5.17			53
Eleven months ended 08/31/19			17.56			0.94			(1.29	)			(0.35	)			–				17.21		(1.99	)			667,514		0.50	(e)		0.50	(e)		0.36	(e)		5.90	(e)		42
Year ended 09/30/18			16.58			0.94			0.04				0.98				–				17.56		5.91				1,352,914		0.36			0.37			0.36			5.52			66

^(a)  Calculated using average shares outstanding.

^(b)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% and 0.01% for the eleven months ended August 31, 2019 and the year ended September 30, 2018, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Master Loan Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Master Loan Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

 The Fund’s investment objective is to seek income.

 Shares of the Fund are sold only to other investment companies. The Fund currently offers Class R6 shares. Class R6 shares are sold at net asset value.

 For federal income tax purposes, the Fund qualifies as a partnership, and each investor in the Fund is treated as the owner of its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Fund. Accordingly, as a “pass-through” entity, the Fund pays no dividends or capital gain distributions.

 The 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 - Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (“NOCP”) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

17 Invesco Master Loan Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Facility fees received may be amortized over the life of the loan. Facility fees received may be amortized over the life of the loan. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund, as an entity, will not be subject to U.S. federal income tax. The Fund will be treated for U.S. federal income tax purposes as a partnership, and not as an association taxable as a corporation. Therefore, a tax provision is not required. Each shareholder is required for U.S. federal income tax purposes to take into account, in its taxable year with which (or within which a taxable year of the Fund ends), it distributive share of all items of Fund income, gains, losses and deduction for such taxable year of the Fund. A shareholder must take such items into account even if the Fund does not distribute cash or other property to such shareholder during its taxable year.

Although the Fund is treated as a partnership for Federal tax purposes, it is intended that the Fund’s assets, income and distributions will be managed in such a way that investment in the Fund would not cause an investor that is a regulated investment company under Subchapter M of the Code to fail that qualification.

The Fund has analyzed its tax positions, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

F. Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

J. 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

18 Invesco Master Loan Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

K. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. Industry Focus - To the extent that the Fund invests a greater amount of its assets in securities of issuers in the banking and financial services industries, the Fund’s performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad.

M. 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.

N. LIBOR Transition Risk - The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

O. Leverage Risk - The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the net asset value of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.

P. Other Risks - The Fund may invest all or substantially all of its assets in senior secured floating rate loans and senior secured debt securities that are determined to be rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments.

The Fund invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

19 Invesco Master Loan Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”) Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an annual fee of 0.29% based on the average daily net assets of the Fund. The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

 Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

 The Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) to 0.38% of the Fund’s average daily net assets (the “expense limit”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit or reduce the advisory fee waiver without approval of the Board of Trustees.

 Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

 For the year ended August 31, 2023, the Adviser waived advisory fees of $129,757.

 The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Fund, SSB also serves as the funds’s custodian.

 The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

 Certain officers and trustees of the Fund are officers and directors of the Adviser and IIS.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

 The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Variable Rate Senior Loan Interests	$	–	$	3,052,381		$	508,845	$	3,561,226
Preferred Stocks		–		1,039,848			75,680		1,115,528
Common Stocks & Other Equity Interests		23,581		596,790			411,336		1,031,707
Non-U.S. Dollar Denominated Bonds & Notes		–		655,335			–		655,335
Money Market Funds		1,835,194		–			–		1,835,194
Total Investments in Securities		1,858,775		5,344,354			995,861		8,198,990
Other Investments - Assets*
Forward Foreign Currency Contracts		–		210,693			–		210,693
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(28,467	)		–		(28,467	)
Total Other Investments		–		182,226			–		182,226
Total Investments	$	1,858,775	$	5,526,580		$	995,861	$	8,381,216

* Unrealized appreciation (depreciation).

20 Invesco Master Loan Fund

 A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

 The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended August 31, 2023:

	Value 08/31/22			Purchases at Cost			Proceeds from Sales				Accrued Discounts/ Premiums			Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Transfers into Level 3*			Transfers out of Level 3*				Value 08/31/23
Variable Rate Senior Loan Interests		$	9,290,887		$	280,254		$	(9,058,591	)		$	13,178		$	(948,012	)		$	935,368			$	287,783		$	(292,022	)		$	508,845
Common Stocks & Other Equity Interests			896,150			834,986			(301,780	)			–			(1,280,571	)			677,649				64,950			(480,048	)			411,336
Preferred Stocks			141,760			–			–				–			–				(66,080	)			–			–				75,680
Total		$	10,328,797		$	1,115,240		$	(9,360,371	)		$	13,178		$	(2,228,583	)		$	1,546,937			$	352,733		$	(772,070	)		$	995,861

*Transfers into and out of Level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price.

 Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.

 The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

					Range of
	Fair Value		Valuation	Unobservable	Unobservable	Unobservable
	at 08/31/23		Technique	Inputs	Inputs	Input Used
McDermott International Ltd., LOC	$	254,875	Valuation Service	N/A	N/A	N/A	(a)
Internap Corp.		166,583	Restructured Allocated Value	Cost	N/A	$1.05 per share	(b)
McDermott International Ltd., LOC		127,346	Valuation Service	N/A	N/A	N/A	(a)
Robertshaw US Holding Corp., First Lien Term Loan		119,677	Valuation Service	N/A	N/A	N/A	(a)
Commercial Barge Line Co.		90,135	Valuation Service	N/A	N/A	N/A	(a)
Monitronics International, Inc.		83,307	Valuation Service	N/A	N/A	N/A	(a)

^(a)  Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service or broker.

^(b)  The Adviser values certain investments in restructured financings at the restructured allocated value (cost). The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

NOTE 4–Derivative Investments

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, 2023:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	210,693
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	210,693

	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(28,467	)
Derivatives not subject to master netting agreements		–
Total Derivative Liabilities subject to master netting agreements	$	(28,467	)

21 Invesco Master Loan Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2023.

	Financial Derivative Assets			Financial Derivative Liabilities			Net Value of Derivatives			Collateral (Received)/Pledged		Net Amount
Counterparty	Forward Foreign Currency Contracts			Forward Foreign Currency Contracts						Non-Cash	Cash
Barclays Capital	$	3,786			$ (3,726	)		$     60		$–	$–	$	60
BNP Paribas S.A.		62,604			(1,001	)		61,603		–	–		61,603
Citibank, N.A.		4,415			(4,368	)		47		–	–		47
Morgan Stanley and Co. International PLC		78,625			(11,520	)		67,105		–	–		67,105
Royal Bank of Canada		13,492			(5,060	)		8,432		–	–		8,432
State Street Bank & Trust Co.		47,771			–			47,771		–	–		47,771
UBS AG		–			(2,792	)		(2,792	)	–	–		(2,792	)
Total	$	210,693			$(28,467	)		$182,226		$–	$–	$	182,226

Effect of Derivative Investments for the year ended August 31, 2023

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(463,778)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(159,573)
Total		$(623,351)

 The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value	$35,164,326

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances and Borrowings

Effective February 17, 2023, the Fund has entered into a credit agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.07 billion, collectively by certain Invesco Funds, and which will expire on February 16, 2024. Prior to February 17, 2023, the credit agreement permitted borrowings up to $1.1 billion. The credit agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the credit agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the credit agreement. During the year ended August 31, 2023, the Fund did not borrow under this agreement.

 Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–Unfunded Loan Commitments

As of August 31, 2023, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:

Borrower	Type	Unfunded Loan Commitment	Unrealized Appreciation (Depreciation)
McDermott International Ltd.	LOC	$342,114	$(87,239)

22 Invesco Master Loan Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $20,461,009 and $177,851,410, respectively.

NOTE 9–Senior Loan Participation Commitments

The Fund invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

 At the year ended August 31, 2023, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

Selling Participant	Principal   Amount	Value
Barclays Bank PLC	$342,114	$254,875

NOTE 10–Dividends

The Fund declared the following monthly dividends from net investment income subsequent to August 31, 2023:

		Amount Per Share
Share Class	Record Date	Payable September 29, 2023
Class R6	Daily		$0.0285

NOTE 11–Share Information

	Summary of Share Activity
	Year ended August 31, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class R6		-		$	-			1,491,111		$	23,923,385
Issued as reinvestment of dividends:
Class R6		860,363			12,992,476			641,676			10,090,269
Reacquired:
Class R6		(9,510,309	)		(142,306,499	)		(3,062,481	)		(49,004,569	)
Net increase (decrease) in share activity		(8,649,946	)	$	(129,314,023	)		(929,694	)	$	(14,990,915	)

^(a)  100% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 12–Significant Event

On July 28, 2023, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund was closed to investments by new accounts after the close of business on July 31, 2023. The Fund will be liquidated on or about December 1, 2023.

23 Invesco Master Loan Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Master Loan Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Master Loan Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2023 and the eleven months ended August 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the four years in the period ended August 31, 2023 and the eleven months ended August 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Oppenheimer Master Loan Fund LLC (subsequently renamed Invesco Master Loan Fund) as of and for the year ended September 30, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent, portfolio company investees, brokers and agent banks; when replies were not received from portfolio company investees, brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

24 Invesco Master Loan Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)1	Expenses Paid During Period2	Ending Account Value (08/31/23)	Expenses Paid During Period2
Class R6	$1,000.00	$988.90	$2.51	$1,022.68	$2.55	0.50%

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

25 Invesco Master Loan Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Master Loan Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Senior Secured Management, Inc. currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the J.P. Morgan Leveraged Loan Index (Index). The Board noted that performance of Class R6 shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class R6 shares of the Fund was

26 Invesco Master Loan Fund

above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund underwent a change in portfolio management in 2020 and that relative performance had improved over more recent periods. The Board considered that loan selection, specifically holdings of certain loans negatively impacted the Fund’s long-term performance. The Board also noted that the Fund currently is not sold directly to retail shareholders, but rather is only available for purchase by other Invesco funds or pooled vehicles. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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 R6 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 noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the

similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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 considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered

27 Invesco Master Loan Fund

information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 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.

 

 

28 Invesco Master Loan Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Master Loan Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Master Loan Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Master Loan Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg- 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Master Loan Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Master Loan Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Master Loan Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

 SEC file number(s): 811-09913 and 333-36074     Invesco Distributors, Inc. O-MLF-AR-1           

Annual Report to Shareholders August 31, 2023

Invesco S&P 500 Index Fund

Nasdaq:

A: SPIAX ∎ C: SPICX ∎ Y: SPIDX ∎ R6: SPISX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
16	Financial Statements
19	Financial Highlights
20	Notes to Financial Statements
26	Report of Independent Registered Public Accounting Firm
27	Fund Expenses
28	Approval of Investment Advisory and Sub-Advisory Contracts
31	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco S&P 500 Index Fund (the Fund), at net asset value (NAV), underperformed the S&P 500 Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.33	%
Class C Shares	14.49
Class Y Shares	15.63
Class R6 Shares	15.74
S&P 500 Index▼ (Broad Market/Style-Specific Index)	15.94
Lipper S&P 500 Objective Funds Index∎ (Peer Group Index)	15.71
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.¹ After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

 US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in

the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

 The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.² The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.¹ After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.² At its annual Jackson Hole symposium in August 2023, Fed chair Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

 Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

 During the fiscal year, the information technology, communication services and industrials sectors contributed the most to the Fund’s overall performance. The utilities and real estate sectors detracted most significantly from the Fund’s return during the fiscal year.

 Leading contributors to the Fund’s absolute performance for the fiscal year included NVIDIA, Microsoft and Apple. NVIDIA was a primary beneficiary of investor enthusiasm for artificial intelligence. The stock price surged as first quarter revenue numbers significantly outperformed analyst estimates and management revised its three-month sales forecast to more than 50% above analyst projections.⁴ Microsoft’s stock price rose significantly after the company’s third quarter earnings indicated resiliency in the company’s cloud business, which had been a point of concern for investors in late 2022. Despite some revenue declines and earning misses during the fiscal year, Apple benefited from the broad rally in tech stocks that was driven primarily by widespread investor enthusiasm for companies with artificial intelligence related products and services.

 Top detractors from the Fund’s absolute performance for the fiscal year were Tesla, Walt Disney and Pfizer. Tesla’s stock price dropped as it reported weaker delivery volumes in late 2022, although announcements of price cuts on its electric vehicles at the end of the calendar year helped to renew some investor enthusiasm for the company. Walt Disney’s stock performed poorly after an earnings report indicated larger-than-expected weakness in the company’s Disney+ streaming unit, with weak overall subscriber gains and greater losses in the business unit than in prior quarters. Pfizer slid after the US Supreme Court refused to review a ruling that indicated a proposal to use Medicare to cover copays for tamifidis, an expensive heart disease medication, for lower-income customers violated the Anti-Kickback Statute. The company also halted development on an early-stage diabetes drug later in the fiscal year, further disappointing investors.

 Please note that the Fund’s strategy is principally implemented through equity investments but the Fund also may use derivative instruments, including S&P 500 futures contracts, to gain exposure to the equity market. During the fiscal year, the Fund invested in S&P 500 futures contracts, which generated a positive return and were a slight contributor to the Fund’s absolute performance. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

 Thank you for your investment in Invesco S&P 500 Index Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

2 Invesco S&P 500 Index Fund

4 Source: Bloomberg LP

Portfolio manager(s):

Pratik Doshi

Peter Hubbard

Michael Jeanette

Tony Seisser

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

       

       

3 Invesco S&P 500 Index Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

 The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco S&P 500 Index Fund

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (9/26/97)	7.35	%
10 Years	11.56
5 Years	9.29
1 Year	8.99
Class C Shares
Inception (9/26/97)	7.33	%
10 Years	11.54
5 Years	9.73
1 Year	13.49
Class Y Shares
Inception (9/26/97)	7.84	%
10 Years	12.47
5 Years	10.81
1 Year	15.63
Class R6 Shares
10 Years	12.42	%
5 Years	10.89
1 Year	15.74

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Morgan Stanley S&P 500 Index Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco S&P 500 Index Fund. Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a

CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

5 Invesco S&P 500 Index Fund

Supplemental Information

Invesco S&P 500 Index Fund’s investment objective is total return through growth of capital and current income.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

∎ The Lipper S&P 500 Objective Funds Index is an unmanaged index considered representative of S&P 500 funds tracked by Lipper.

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and

any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the

  Program during the Program Reporting Period.

  The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco S&P 500 Index Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Information Technology		27.26	%
Health Care		12.71
Financials		12.05
Consumer Discretionary		10.26
Communication Services		8.51
Industrials		8.13
Consumer Staples		6.34
Energy		4.28
Materials		2.38
Utilities		2.35
Real Estate		2.35
Money Market Funds Plus Other Assets Less Liabilities		3.38

Top 10 Equity Holdings*

		% of total net assets
1.	Apple, Inc.		7.13	%
2.	Microsoft Corp.		6.26
3.	Amazon.com, Inc.		3.16
4.	NVIDIA Corp.		3.13
5.	Alphabet, Inc., Class A		2.08
6.	Alphabet, Inc., Class C		1.80
7.	Tesla, Inc.		1.79
8.	Meta Platforms, Inc., Class A		1.68
9.	Berkshire Hathaway, Inc., Class B		1.65
10.	Exxon Mobil Corp.		1.15

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

    

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco S&P 500 Index Fund

Schedule of Investments^(a)

August 31, 2023

	Shares		Value
Common Stocks & Other Equity Interests–96.62%
Advertising–0.07%
Interpublic Group of Cos., Inc. (The)		24,472	$	798,032
Omnicom Group, Inc.		12,879		1,043,328
				1,841,360
Aerospace & Defense–1.55%
Axon Enterprise, Inc.(b)		4,456		948,727
Boeing Co. (The)(b)		36,103		8,088,155
General Dynamics Corp.		14,284		3,237,326
Howmet Aerospace, Inc.		23,379		1,156,559
Huntington Ingalls Industries, Inc.		2,562		564,460
L3Harris Technologies, Inc.		12,031		2,142,601
Lockheed Martin Corp.		14,369		6,442,341
Northrop Grumman Corp.		9,120		3,949,781
RTX Corp.		93,284		8,026,155
Textron, Inc.		13,055		1,014,504
TransDigm Group, Inc.(b)		3,314		2,995,359
				38,565,968
Agricultural & Farm Machinery–0.28%
Deere & Co.		17,215		7,074,332
Agricultural Products & Services–0.15%
Archer-Daniels-Midland Co.		34,649		2,747,665
Bunge Ltd.		9,615		1,099,187
				3,846,852
Air Freight & Logistics–0.54%
C.H. Robinson Worldwide, Inc.		7,426		671,533
Expeditors International of Washington, Inc.		9,951		1,161,381
FedEx Corp.		14,763		3,853,438
United Parcel Service, Inc., Class B		46,272		7,838,477
				13,524,829
Apparel Retail–0.38%
Ross Stores, Inc.		21,777		2,652,657
TJX Cos., Inc. (The)		73,515		6,798,667
				9,451,324
Apparel, Accessories & Luxury Goods–0.05%
Ralph Lauren Corp.		2,591		302,188
Tapestry, Inc.		15,068		502,066
VF Corp.		20,831		411,621
				1,215,875
Application Software–2.42%
Adobe, Inc.(b)		29,285		16,380,272
ANSYS, Inc.(b)		5,533		1,764,308
Autodesk, Inc.(b)		13,676		3,035,251
Cadence Design Systems, Inc.(b)		17,409		4,185,820
Fair Isaac Corp.(b)		1,590		1,438,298
Intuit, Inc.		17,911		9,704,359
PTC, Inc.(b)(c)		6,763		995,311
Roper Technologies, Inc.		6,806		3,396,602
Salesforce, Inc.(b)		62,504		13,842,136
Synopsys, Inc.(b)		9,724		4,462,246

	Shares		Value
Application Software–(continued)
Tyler Technologies, Inc.(b)		2,677	$	1,066,597
				60,271,200
Asset Management & Custody Banks–0.64%
Ameriprise Financial, Inc.		6,655		2,246,595
Bank of New York Mellon Corp. (The)		46,110		2,068,956
BlackRock, Inc.		9,561		6,697,863
Franklin Resources, Inc.(c)		18,227		487,390
Invesco Ltd.(d)		28,610		455,471
Northern Trust Corp.		13,261		1,008,764
State Street Corp.		21,224		1,458,938
T. Rowe Price Group, Inc.(c)		14,249		1,599,165
				16,023,142
Automobile Manufacturers–2.03%
Ford Motor Co.		250,898		3,043,393
General Motors Co.		88,840		2,977,028
Tesla, Inc.(b)		171,999		44,389,502
				50,409,923
Automotive Parts & Equipment–0.09%
Aptiv PLC(b)		17,270		1,752,041
BorgWarner, Inc.		14,678		598,129
				2,350,170
Automotive Retail–0.30%
AutoZone, Inc.(b)		1,168		2,956,594
CarMax, Inc.(b)(c)		9,925		810,674
O’Reilly Automotive, Inc.(b)		3,886		3,651,674
				7,418,942
Biotechnology–1.95%
AbbVie, Inc.		112,638		16,553,280
Amgen, Inc.		34,113		8,744,526
Biogen, Inc.(b)		9,241		2,470,674
Gilead Sciences, Inc.		79,635		6,090,485
Incyte Corp.(b)		11,697		754,807
Moderna, Inc.(b)		20,839		2,356,266
Regeneron Pharmaceuticals, Inc.(b)		6,888		5,692,863
Vertex Pharmaceuticals, Inc.(b)		16,443		5,727,755
				48,390,656
Brewers–0.03%
Molson Coors Beverage Co., Class B		11,986		760,991
Broadcasting–0.05%
Fox Corp., Class A(c)		17,084		564,797
Fox Corp., Class B		8,864		270,529
Paramount Global, Class B(c)		31,759		479,244
				1,314,570
Broadline Retail–3.25%
Amazon.com, Inc.(b)		569,233		78,559,847
eBay, Inc.		34,540		1,546,701
Etsy, Inc.(b)		7,881		579,805
				80,686,353

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco S&P 500 Index Fund

	Shares		Value
Building Products–0.43%
A.O. Smith Corp.		7,713	$	559,192
Allegion PLC		5,492		625,045
Carrier Global Corp.(c)		53,049		3,047,665
Johnson Controls International PLC		43,683		2,579,918
Masco Corp.		14,226		839,476
Trane Technologies PLC		14,542		2,984,891
				10,636,187
Cable & Satellite–0.62%
Charter Communications, Inc., Class A(b)		6,597		2,890,278
Comcast Corp., Class A		265,548		12,417,024
				15,307,302
Cargo Ground Transportation–0.14%
J.B. Hunt Transport Services, Inc.		5,224		981,485
Old Dominion Freight Line, Inc.		5,742		2,453,959
				3,435,444
Casinos & Gaming–0.14%
Caesars Entertainment, Inc.(b)		13,739		759,217
Las Vegas Sands Corp.		21,046		1,154,584
MGM Resorts International(c)		18,951		833,465
Wynn Resorts Ltd.		6,611		670,223
				3,417,489
Commodity Chemicals–0.16%
Dow, Inc.		45,157		2,463,766
LyondellBasell Industries N.V., Class A		16,205		1,600,568
				4,064,334
Communications Equipment–0.90%
Arista Networks, Inc.(b)		15,855		3,095,372
Cisco Systems, Inc.		261,490		14,996,451
F5, Inc.(b)		3,774		617,653
Juniper Networks, Inc.		20,217		588,719
Motorola Solutions, Inc.		10,650		3,020,021
				22,318,216
Computer & Electronics Retail–0.04%
Best Buy Co., Inc.		12,521		957,230
Construction & Engineering–0.08%
Quanta Services, Inc.		9,218		1,934,582
Construction Machinery & Heavy Transportation Equipment–0.62%
Caterpillar, Inc.		32,902		9,249,739
Cummins, Inc.		8,988		2,067,600
PACCAR, Inc.		33,363		2,745,441
Wabtec Corp.		11,514		1,295,555
				15,358,335
Construction Materials–0.15%
Martin Marietta Materials, Inc.		3,956		1,765,998
Vulcan Materials Co.		8,495		1,854,034
				3,620,032
Consumer Electronics–0.04%
Garmin Ltd.(c)		9,776		1,036,452
Consumer Finance–0.43%
American Express Co.		37,961		5,997,458
Capital One Financial Corp.		24,376		2,495,858

	Shares		Value
Consumer Finance–(continued)
Discover Financial Services		16,125	$	1,452,379
Synchrony Financial		26,763		863,910
				10,809,605
Consumer Staples Merchandise Retail–1.50%
Costco Wholesale Corp.		28,314		15,552,314
Dollar General Corp.		13,886		1,923,211
Dollar Tree, Inc.(b)		13,275		1,624,329
Target Corp.		29,467		3,729,049
Walmart, Inc.		89,548		14,561,400
				37,390,303
Copper–0.15%
Freeport-McMoRan, Inc.		91,506		3,652,004
Data Center REITs–0.29%
Digital Realty Trust, Inc.		18,499		2,436,688
Equinix, Inc.		5,970		4,664,839
				7,101,527
Data Processing & Outsourced Services–0.06%
Broadridge Financial Solutions, Inc.		7,532		1,402,534
Distillers & Vintners–0.14%
Brown-Forman Corp., Class B		11,533		762,677
Constellation Brands, Inc., Class A		10,295		2,682,465
				3,445,142
Distributors–0.13%
Genuine Parts Co.		8,971		1,379,112
LKQ Corp.		16,416		862,332
Pool Corp.		2,491		910,710
				3,152,154
Diversified Banks–2.56%
Bank of America Corp.		442,635		12,690,346
Citigroup, Inc.		124,287		5,131,810
Comerica, Inc.		8,005		385,121
Fifth Third Bancorp		43,296		1,149,509
JPMorgan Chase & Co.		186,568		27,300,495
KeyCorp		58,849		666,759
PNC Financial Services Group, Inc. (The)		25,440		3,071,371
U.S. Bancorp		89,059		3,253,325
Wells Fargo & Co.		239,554		9,891,185
				63,539,921
Diversified Support Services–0.21%
Cintas Corp.		5,520		2,783,018
Copart, Inc.(b)		54,770		2,455,339
				5,238,357
Drug Retail–0.05%
Walgreens Boots Alliance, Inc.		45,276		1,145,936
Electric Utilities–1.54%
Alliant Energy Corp.		16,049		805,178
American Electric Power Co., Inc.		32,866		2,576,694
Constellation Energy Corp.		20,627		2,148,508
Duke Energy Corp.		49,201		4,369,049
Edison International		24,450		1,683,383
Entergy Corp.		13,426		1,278,827
Evergy, Inc.		14,663		806,025

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco S&P 500 Index Fund

	Shares		Value
Electric Utilities–(continued)
Eversource Energy		22,271	$	1,421,335
Exelon Corp.		63,151		2,533,618
FirstEnergy Corp.		34,743		1,253,180
NextEra Energy, Inc.		129,182		8,629,358
NRG Energy, Inc.		14,989		562,837
PG&E Corp.(b)		102,646		1,673,130
Pinnacle West Capital Corp.		7,230		558,662
PPL Corp.		47,057		1,172,660
Southern Co. (The)		69,614		4,714,956
Xcel Energy, Inc.		35,136		2,007,320
				38,194,720
Electrical Components & Equipment–0.58%
AMETEK, Inc.		14,634		2,334,269
Eaton Corp. PLC		25,448		5,862,456
Emerson Electric Co.		36,486		3,584,749
Generac Holdings, Inc.(b)		3,922		465,973
Rockwell Automation, Inc.		7,334		2,288,795
				14,536,242
Electronic Components–0.20%
Amphenol Corp., Class A		38,007		3,359,059
Corning, Inc.		48,847		1,603,158
				4,962,217
Electronic Equipment & Instruments–0.18%
Keysight Technologies, Inc.(b)		11,377		1,516,554
Teledyne Technologies, Inc.(b)		3,004		1,256,573
Trimble, Inc.(b)		15,604		854,943
Zebra Technologies Corp., Class A(b)		3,272		899,833
				4,527,903
Electronic Manufacturing Services–0.11%
TE Connectivity Ltd.		20,068		2,656,803
Environmental & Facilities Services–0.25%
Republic Services, Inc.		13,125		1,891,706
Rollins, Inc.		14,786		585,082
Waste Management, Inc.		23,562		3,694,051
				6,170,839
Fertilizers & Agricultural Chemicals–0.19%
CF Industries Holdings, Inc.		12,532		965,841
Corteva, Inc.		45,198		2,282,951
FMC Corp.		7,879		679,406
Mosaic Co. (The)		21,527		836,324
				4,764,522
Financial Exchanges & Data–1.09%
Cboe Global Markets, Inc.		6,740		1,009,045
CME Group, Inc., Class A		22,966		4,654,749
FactSet Research Systems, Inc.		2,446		1,067,459
Intercontinental Exchange, Inc.		35,744		4,217,435
MarketAxess Holdings, Inc.		2,404		579,196
Moody’s Corp.		10,075		3,393,260
MSCI, Inc.		5,111		2,778,442
Nasdaq, Inc.		21,829		1,145,586
S&P Global, Inc.		20,940		8,184,608
				27,029,780

	Shares		Value
Food Distributors–0.09%
Sysco Corp.		32,172	$	2,240,780
Food Retail–0.08%
Kroger Co. (The)		41,429		1,921,891
Footwear–0.32%
NIKE, Inc., Class B		78,660		8,000,509
Gas Utilities–0.04%
Atmos Energy Corp.		9,224		1,069,523
Gold–0.08%
Newmont Corp.		50,737		2,000,053
Health Care Distributors–0.30%
Cardinal Health, Inc.		16,393		1,431,601
Cencora, Inc.		10,341		1,819,809
Henry Schein, Inc.(b)		8,546		654,111
McKesson Corp.		8,660		3,570,691
				7,476,212
Health Care Equipment–2.41%
Abbott Laboratories		111,020		11,423,958
Baxter International, Inc.		32,225		1,308,335
Becton, Dickinson and Co.		18,132		5,066,987
Boston Scientific Corp.(b)		91,787		4,950,991
DexCom, Inc.(b)		24,748		2,499,053
Edwards Lifesciences Corp.(b)		38,814		2,968,107
GE HealthCare Technologies, Inc.		25,596		1,803,238
Hologic, Inc.(b)		15,517		1,159,741
IDEXX Laboratories, Inc.(b)		5,273		2,696,665
Insulet Corp.(b)		4,449		852,918
Intuitive Surgical, Inc.(b)		22,371		6,994,964
Medtronic PLC		84,938		6,922,447
ResMed, Inc.		9,381		1,497,114
STERIS PLC		6,339		1,455,371
Stryker Corp.		21,569		6,115,890
Teleflex, Inc.		2,999		638,007
Zimmer Biomet Holdings, Inc.		13,237		1,576,791
				59,930,577
Health Care Facilities–0.17%
HCA Healthcare, Inc.		13,172		3,652,596
Universal Health Services, Inc., Class B		4,150		559,005
				4,211,601
Health Care REITs–0.18%
Healthpeak Properties, Inc.		34,922		718,694
Ventas, Inc.		25,541		1,115,631
Welltower, Inc.		31,560		2,615,693
				4,450,018
Health Care Services–0.52%
Cigna Group (The)		18,888		5,217,999
CVS Health Corp.		81,849		5,334,099
DaVita, Inc.(b)		3,467		355,090
Laboratory Corp. of America Holdings		5,589		1,163,071
Quest Diagnostics, Inc.		7,184		944,696
				13,014,955
Health Care Supplies–0.13%
Align Technology, Inc.(b)		4,560		1,687,838

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco S&P 500 Index Fund

	Shares		Value
Health Care Supplies–(continued)
Cooper Cos., Inc. (The)		3,157		$     1,168,059
DENTSPLY SIRONA, Inc.		13,381		496,301
				3,352,198
Home Furnishings–0.01%
Mohawk Industries, Inc.(b)		3,342		338,845
Home Improvement Retail–1.21%
Home Depot, Inc. (The)		64,652		21,354,556
Lowe’s Cos., Inc.		38,073		8,775,065
				30,129,621
Homebuilding–0.27%
D.R. Horton, Inc.		19,782		2,354,454
Lennar Corp., Class A		16,069		1,913,657
NVR, Inc.(b)		195		1,243,579
PulteGroup, Inc.		14,371		1,179,284
				6,690,974
Hotel & Resort REITs–0.03%
Host Hotels & Resorts, Inc.		44,391		700,934
Hotels, Resorts & Cruise Lines–0.68%
Booking Holdings, Inc.(b)		2,358		7,321,661
Carnival Corp.(b)		64,125		1,014,457
Expedia Group, Inc.(b)		9,259		1,003,583
Hilton Worldwide Holdings, Inc.		16,912		2,513,969
Marriott International, Inc., Class A		16,372		3,331,866
Norwegian Cruise Line Holdings Ltd.(b)(c)		27,080		448,716
Royal Caribbean Cruises Ltd.(b)		13,941		1,379,322
				17,013,574
Household Appliances–0.02%
Whirlpool Corp.		3,506		490,700
Household Products–1.31%
Church & Dwight Co., Inc.		15,594		1,509,031
Clorox Co. (The)		7,795		1,219,528
Colgate-Palmolive Co.		52,962		3,891,118
Kimberly-Clark Corp.		21,539		2,774,869
Procter & Gamble Co. (The)		150,476		23,224,466
				32,619,012
Housewares & Specialties–0.01%
Newell Brands, Inc.		23,177		245,213
Human Resource & Employment Services–0.46%
Automatic Data Processing, Inc.		26,375		6,715,339
Ceridian HCM Holding, Inc.(b)(c)		9,897		717,730
Paychex, Inc.		20,453		2,499,970
Paycom Software, Inc.		3,066		903,980
Robert Half, Inc.		6,816		504,111
				11,341,130
Independent Power Producers & Energy Traders–0.03%
AES Corp. (The)		42,733		766,203
Industrial Conglomerates–0.79%
3M Co.		35,220		3,756,917
General Electric Co.		69,522		7,957,488
Honeywell International, Inc.		42,407		7,969,972
				19,684,377

	Shares		Value
Industrial Gases–0.66%
Air Products and Chemicals, Inc.(c)		14,181		$    4,190,344
Linde PLC		31,257		12,097,709
				16,288,053
Industrial Machinery & Supplies & Components–0.84%
Dover Corp.		8,950		1,327,285
Fortive Corp.		22,571		1,779,724
IDEX Corp.		4,825		1,092,380
Illinois Tool Works, Inc.		17,606		4,354,844
Ingersoll Rand, Inc.		25,826		1,797,748
Nordson Corp.		3,437		839,109
Otis Worldwide Corp.		26,420		2,260,231
Parker-Hannifin Corp.		8,191		3,414,828
Pentair PLC		10,288		722,835
Snap-on, Inc.		3,325		893,095
Stanley Black & Decker, Inc.		9,777		922,753
Xylem, Inc.		15,200		1,573,808
				20,978,640
Industrial REITs–0.29%
Prologis, Inc.		58,957		7,322,459
Insurance Brokers–0.65%
Aon PLC, Class A		13,047		4,349,739
Arthur J. Gallagher & Co.		13,601		3,134,759
Brown & Brown, Inc.		15,030		1,113,723
Marsh & McLennan Cos., Inc.		31,585		6,158,759
Willis Towers Watson PLC		6,828		1,411,757
				16,168,737
Integrated Oil & Gas–2.01%
Chevron Corp.		113,629		18,305,632
Exxon Mobil Corp.(e)		258,118		28,700,141
Occidental Petroleum Corp.		45,865		2,879,863
				49,885,636
Integrated Telecommunication Services–0.65%
AT&T, Inc.		456,415		6,750,378
Verizon Communications, Inc.		268,396		9,388,492
				16,138,870
Interactive Home Entertainment–0.31%
Activision Blizzard, Inc.		45,674		4,201,551
Electronic Arts, Inc.		16,612		1,993,108
Take-Two Interactive Software, Inc.(b)		10,041		1,427,830
				7,622,489
Interactive Media & Services–5.59%
Alphabet, Inc., Class A(b)		379,118		51,624,498
Alphabet, Inc., Class C(b)		326,263		44,812,223
Match Group, Inc.(b)		17,598		824,818
Meta Platforms, Inc., Class A(b)		141,231		41,788,841
				139,050,380
Internet Services & Infrastructure–0.09%
Akamai Technologies, Inc.(b)		9,484		996,674
VeriSign, Inc.(b)		5,818		1,208,922
				2,205,596
Investment Banking & Brokerage–0.84%
Charles Schwab Corp. (The)		94,876		5,611,915
Goldman Sachs Group, Inc. (The)		21,225		6,955,645

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco S&P 500 Index Fund

	Shares		Value
Investment Banking & Brokerage–(continued)
Morgan Stanley		83,152		$    7,080,393
Raymond James Financial, Inc.		12,126		1,268,258
				20,916,211
IT Consulting & Other Services–1.08%
Accenture PLC, Class A		40,319		13,054,083
Cognizant Technology Solutions Corp., Class A		32,376		2,318,445
DXC Technology Co.(b)		15,111		313,402
EPAM Systems, Inc.(b)		3,676		952,047
Gartner, Inc.(b)		5,046		1,764,485
International Business Machines Corp.		57,972		8,512,029
				26,914,491
Leisure Products–0.02%
Hasbro, Inc.		8,061		580,392
Life & Health Insurance–0.38%
Aflac, Inc.		34,913		2,603,463
Globe Life, Inc.		5,776		644,428
Lincoln National Corp.		10,466		268,558
MetLife, Inc.		41,214		2,610,495
Principal Financial Group, Inc.		14,354		1,115,449
Prudential Financial, Inc.		23,296		2,205,432
				9,447,825
Life Sciences Tools & Services–1.57%
Agilent Technologies, Inc.		18,879		2,285,680
Bio-Rad Laboratories, Inc., Class A(b)(c)		1,324		529,865
Bio-Techne Corp.		10,052		788,077
Charles River Laboratories International, Inc.(b)(c)		3,268		675,888
Danaher Corp.		42,399		11,235,735
Illumina, Inc.(b)		10,046		1,659,800
IQVIA Holdings, Inc.(b)		11,846		2,637,275
Mettler-Toledo International, Inc.(b)		1,406		1,706,153
Revvity, Inc.		8,009		937,293
Thermo Fisher Scientific, Inc.		24,626		13,719,145
Waters Corp.(b)(c)		3,795		1,065,636
West Pharmaceutical Services, Inc.		4,715		1,918,533
				39,159,080
Managed Health Care–1.69%
Centene Corp.(b)		34,828		2,147,146
Elevance Health, Inc.		15,134		6,689,379
Humana, Inc.		7,985		3,686,116
Molina Healthcare, Inc.(b)		3,722		1,154,267
UnitedHealth Group, Inc.		59,440		28,327,915
				42,004,823
Metal, Glass & Plastic Containers–0.04%
Ball Corp.		20,137		1,096,460
Movies & Entertainment–0.99%
Live Nation Entertainment, Inc.(b)(c)		9,009		761,531
Netflix, Inc.(b)		28,381		12,308,272
Walt Disney Co. (The)(b)		116,661		9,762,192
Warner Bros Discovery, Inc.(b)		140,777		1,849,810
				24,681,805
Multi-Family Residential REITs–0.27%
AvalonBay Communities, Inc.		9,017		1,657,505

	Shares		Value
Multi–Family Residential REITs–(continued)
Camden Property Trust		6,904		$      743,008
Equity Residential		21,771		1,411,414
Essex Property Trust, Inc.		4,058		967,387
Mid-America Apartment Communities, Inc.		7,408		1,075,864
UDR, Inc.		19,754		788,184
				6,643,362
Multi–line Insurance–0.19%
American International Group, Inc.		45,903		2,686,243
Assurant, Inc.		3,524		490,999
Hartford Financial Services Group, Inc. (The)		19,891		1,428,572
				4,605,814
Multi-Sector Holdings–1.65%
Berkshire Hathaway, Inc., Class B(b)		113,851		41,009,130
Multi-Utilities–0.67%
Ameren Corp.		16,675		1,321,827
CenterPoint Energy, Inc.		40,068		1,117,497
CMS Energy Corp.		18,518		1,040,526
Consolidated Edison, Inc.		22,191		1,974,111
Dominion Energy, Inc.		53,079		2,576,455
DTE Energy Co.		13,087		1,352,934
NiSource, Inc.		26,371		705,688
Public Service Enterprise Group, Inc.		31,855		1,945,703
Sempra		40,176		2,821,159
WEC Energy Group, Inc.		20,138		1,694,009
				16,549,909
Office REITs–0.07%
Alexandria Real Estate Equities, Inc.		9,961		1,158,863
Boston Properties, Inc.(c)		8,837		590,046
				1,748,909
Oil & Gas Equipment & Services–0.40%
Baker Hughes Co., Class A		64,632		2,339,032
Halliburton Co.		57,275		2,211,961
Schlumberger N.V.		90,997		5,365,183
				9,916,176
Oil & Gas Exploration & Production–1.14%
APA Corp.		20,105		881,403
ConocoPhillips		77,254		9,195,544
Coterra Energy, Inc.		48,095		1,355,798
Devon Energy Corp.		41,183		2,104,040
Diamondback Energy, Inc.		11,622		1,763,987
EOG Resources, Inc.		37,339		4,802,542
EQT Corp.(c)		23,338		1,008,668
Hess Corp.		17,643		2,725,844
Marathon Oil Corp.		39,714		1,046,464
Pioneer Natural Resources Co.		14,881		3,540,636
				28,424,926
Oil & Gas Refining & Marketing–0.41%
Marathon Petroleum Corp.		26,940		3,846,224
Phillips 66		29,136		3,326,166
Valero Energy Corp.		22,955		2,981,854
				10,154,244

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco S&P 500 Index Fund

	Shares		Value
Oil & Gas Storage & Transportation–0.32%
Kinder Morgan, Inc.		125,916		$    2,168,274
ONEOK, Inc.		28,566		1,862,503
Targa Resources Corp.		14,314		1,234,582
Williams Cos., Inc. (The)		77,543		2,677,560
				7,942,919
Other Specialized REITs–0.13%
Iron Mountain, Inc.(c)		18,516		1,176,506
VICI Properties, Inc.		64,114		1,977,276
				3,153,782
Other Specialty Retail–0.14%
Bath & Body Works, Inc.		14,875		548,441
Tractor Supply Co.(c)		7,014		1,532,559
Ulta Beauty, Inc.(b)		3,230		1,340,547
				3,421,547
Packaged Foods & Meats–0.79%
Campbell Soup Co.		12,568		524,086
Conagra Brands, Inc.		30,447		909,756
General Mills, Inc.		37,500		2,537,250
Hershey Co. (The)		9,403		2,020,329
Hormel Foods Corp.		18,259		704,615
JM Smucker Co. (The)		6,737		976,528
Kellogg Co.		16,412		1,001,460
Kraft Heinz Co. (The)		50,928		1,685,207
Lamb Weston Holdings, Inc.		9,252		901,237
McCormick & Co., Inc.		16,014		1,314,429
Mondelez International, Inc., Class A		86,945		6,195,701
Tyson Foods, Inc., Class A		18,047		961,364
				19,731,962
Paper & Plastic Packaging Products & Materials–0.18%
Amcor PLC		93,859		914,187
Avery Dennison Corp.		5,146		969,404
International Paper Co.		22,920		800,366
Packaging Corp. of America		5,854		872,831
Sealed Air Corp.		9,210		341,323
WestRock Co.		16,134		527,743
				4,425,854
Passenger Airlines–0.20%
Alaska Air Group, Inc.(b)		7,830		328,625
American Airlines Group, Inc.(b)		41,454		610,617
Delta Air Lines, Inc.		41,033		1,759,495
Southwest Airlines Co.(c)		37,991		1,200,516
United Airlines Holdings, Inc.(b)		20,621		1,027,132
				4,926,385
Personal Care Products–0.20%
Estee Lauder Cos., Inc. (The), Class A		14,803		2,376,326
Kenvue, Inc.		109,866		2,532,411
				4,908,737
Pharmaceuticals–3.97%
Bristol-Myers Squibb Co.		134,110		8,267,881
Catalent, Inc.(b)		11,134		556,366
Eli Lilly and Co.		50,302		27,877,368
Johnson & Johnson		153,441		24,808,341
Merck & Co., Inc.		161,998		17,654,542
Organon & Co.		15,522		340,863

	Shares		Value
Pharmaceuticals–(continued)
Pfizer, Inc.		360,415		$   12,751,483
Viatris, Inc.		76,492		822,289
Zoetis, Inc.		29,413		5,603,471
				98,682,604
Property & Casualty Insurance–0.76%
Allstate Corp. (The)		16,729		1,803,554
Arch Capital Group Ltd.(b)		23,648		1,817,585
Chubb Ltd.		26,443		5,311,605
Cincinnati Financial Corp.		10,013		1,059,275
Loews Corp.		12,148		754,269
Progressive Corp. (The)		37,372		4,988,041
Travelers Cos., Inc. (The)		14,783		2,383,463
W.R. Berkley Corp.		12,911		798,675
				18,916,467
Publishing–0.03%
News Corp., Class A		24,060		517,049
News Corp., Class B		7,296		160,512
				677,561
Rail Transportation–0.62%
CSX Corp.		129,796		3,919,839
Norfolk Southern Corp.		14,478		2,968,135
Union Pacific Corp.		38,925		8,585,687
				15,473,661
Real Estate Services–0.15%
CBRE Group, Inc., Class A(b)		19,930		1,695,047
CoStar Group, Inc.(b)		26,083		2,138,545
				3,833,592
Regional Banks–0.29%
Citizens Financial Group, Inc.		31,065		873,858
Huntington Bancshares, Inc.		91,001		1,009,201
M&T Bank Corp.		10,532		1,317,027
Regions Financial Corp.		59,905		1,098,658
Truist Financial Corp.		85,034		2,597,789
Zions Bancorporation N.A.		9,742		345,841
				7,242,374
Reinsurance–0.04%
Everest Group Ltd.		2,722		981,771
Research & Consulting Services–0.23%
Equifax, Inc.		7,830		1,618,461
Jacobs Solutions, Inc.		7,977		1,075,459
Leidos Holdings, Inc.		8,723		850,580
Verisk Analytics, Inc.		9,193		2,226,728
				5,771,228
Restaurants–1.13%
Chipotle Mexican Grill, Inc.(b)		1,761		3,392,813
Darden Restaurants, Inc.		7,720		1,200,537
Domino’s Pizza, Inc.		2,262		876,299
McDonald’s Corp.		46,611		13,104,683
Starbucks Corp.		73,190		7,131,633
Yum! Brands, Inc.		17,944		2,321,595
				28,027,560
Retail REITs–0.26%
Federal Realty Investment Trust		4,611		451,601

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco S&P 500 Index Fund

	Shares		Value
Retail REITs–(continued)
Kimco Realty Corp.		39,576		$     749,570
Realty Income Corp.		42,747		2,395,542
Regency Centers Corp.		9,825		611,115
Simon Property Group, Inc.		20,876		2,369,217
				6,577,045
Self-Storage REITs–0.18%
Extra Space Storage, Inc.		13,429		1,728,044
Public Storage		10,046		2,776,513
				4,504,557
Semiconductor Materials & Equipment–0.86%
Applied Materials, Inc.		53,955		8,242,166
Enphase Energy, Inc.(b)(c)		8,749		1,107,011
KLA Corp.		8,756		4,394,374
Lam Research Corp.		8,528		5,990,067
SolarEdge Technologies, Inc.(b)		3,597		584,764
Teradyne, Inc.(c)		10,048		1,083,878
				21,402,260
Semiconductors–6.62%
Advanced Micro Devices, Inc.(b)		102,811		10,869,179
Analog Devices, Inc.		32,295		5,870,585
Broadcom, Inc.		26,618		24,565,486
First Solar, Inc.(b)		6,254		1,182,757
Intel Corp.		266,289		9,357,395
Microchip Technology, Inc.		34,973		2,862,190
Micron Technology, Inc.		69,504		4,861,110
Monolithic Power Systems, Inc.		2,876		1,499,000
NVIDIA Corp.		157,762		77,863,435
NXP Semiconductors N.V. (China)		16,583		3,411,455
ON Semiconductor Corp.(b)		27,422		2,699,970
Qorvo, Inc.(b)		6,395		686,759
QUALCOMM, Inc.		71,121		8,145,488
Skyworks Solutions, Inc.		10,110		1,099,361
Texas Instruments, Inc.		57,948		9,738,741
				164,712,911
Single-Family Residential REITs–0.05%
Invitation Homes, Inc.		37,113		1,265,182
Soft Drinks & Non-alcoholic Beverages–1.41%
Coca-Cola Co. (The)		248,485		14,866,858
Keurig Dr Pepper, Inc.		53,436		1,798,121
Monster Beverage Corp.(b)		48,783		2,800,632
PepsiCo, Inc.		87,956		15,649,131
				35,114,742
Specialty Chemicals–0.62%
Albemarle Corp.(c)		7,491		1,488,537
Celanese Corp.		6,292		795,057
DuPont de Nemours, Inc.		29,305		2,253,261
Eastman Chemical Co.		7,568		643,356
Ecolab, Inc.		15,699		2,885,633
International Flavors & Fragrances, Inc.		16,082		1,132,977
PPG Industries, Inc.		15,029		2,130,511
Sherwin-Williams Co. (The)		14,997		4,074,985
				15,404,317
Steel–0.15%
Nucor Corp.		16,043		2,761,000

	Shares		Value
Steel–(continued)
Steel Dynamics, Inc.		10,041		$    1,070,270
				3,831,270
Systems Software–7.36%
Fortinet, Inc.(b)		41,381		2,491,550
Gen Digital, Inc.		36,174		732,523
Microsoft Corp.		474,539		155,534,902
Oracle Corp.		98,248		11,828,077
Palo Alto Networks, Inc.(b)(c)		19,319		4,700,313
ServiceNow, Inc.(b)		13,007		7,658,912
				182,946,277
Technology Distributors–0.07%
CDW Corp.		8,605		1,816,946
Technology Hardware, Storage & Peripherals–7.37%
Apple, Inc.		943,623		177,278,453
Hewlett Packard Enterprise Co.		82,282		1,397,971
HP, Inc.		55,356		1,644,627
NetApp, Inc.		13,691		1,050,100
Seagate Technology Holdings PLC		12,478		883,317
Western Digital Corp.(b)		20,315		914,175
				183,168,643
Telecom Tower REITs–0.39%
American Tower Corp.		29,754		5,394,995
Crown Castle, Inc.		27,687		2,782,544
SBA Communications Corp., Class A		6,917		1,553,074
				9,730,613
Timber REITs–0.06%
Weyerhaeuser Co.		46,460		1,521,565
Tobacco–0.59%
Altria Group, Inc.		113,963		5,039,444
Philip Morris International, Inc.		99,097		9,519,258
				14,558,702
Trading Companies & Distributors–0.25%
Fastenal Co.		36,456		2,099,136
United Rentals, Inc.		4,372		2,083,433
W.W. Grainger, Inc.		2,847		2,033,157
				6,215,726
Transaction & Payment Processing Services–2.53%
Fidelity National Information Services, Inc.		37,823		2,112,793
Fiserv, Inc.(b)		39,411		4,784,101
FleetCor Technologies, Inc.(b)		4,652		1,264,088
Global Payments, Inc.		16,534		2,094,693
Jack Henry & Associates, Inc.		4,653		729,497
Mastercard, Inc., Class A		53,422		22,044,054
PayPal Holdings, Inc.(b)		71,231		4,452,650
Visa, Inc., Class A(c)		103,312		25,381,692
				62,863,568
Water Utilities–0.07%
American Water Works Co., Inc.		12,427		1,724,122

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco S&P 500 Index Fund

	Shares		Value
Wireless Telecommunication Services–0.20%
T-Mobile US, Inc.(b)		36,771	$	5,010,049
Total Common Stocks & Other Equity Interests (Cost $938,430,675)				2,402,642,415
Money Market Funds–3.21%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(d)(f)		28,598,847		28,598,847
Invesco Liquid Assets Portfolio, Institutional Class, 5.38%(d)(f)		18,497,482		18,499,332
Invesco Treasury Portfolio, Institutional Class, 5.25%(d)(f)		32,684,397		32,684,397
Total Money Market Funds (Cost $79,780,183)				79,782,576
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $1,018,210,858)				2,482,424,991

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.06%
Invesco Private Government Fund, 5.30%(d)(f)(g)		14,324,601	$	14,324,601
Invesco Private Prime Fund, 5.51%(d)(f)(g)		36,834,686		36,834,686
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $51,159,465)				51,159,287
TOTAL INVESTMENTS IN SECURITIES–101.89% (Cost $1,069,370,323)				2,533,584,278
OTHER ASSETS LESS LIABILITIES–(1.89)%				(47,019,952	)
NET ASSETS–100.00%			$	2,486,564,326

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value August 31, 2023		Dividend Income
Invesco Ltd.	$	328,856	$	141,239	$	-		$	(14,624	)	$	-	$	455,471	$	21,752
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		9,532,355		88,172,546		(69,106,054	)		-			-		28,598,847		858,535
Invesco Liquid Assets Portfolio, Institutional Class		4,881,331		62,980,390		(49,361,467	)		(772	)		(150)		18,499,332		543,327
Invesco Treasury Portfolio, Institutional Class		10,894,120		100,768,624		(78,978,347	)		-			-		32,684,397		978,148
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		12,103,315		290,584,307		(288,363,021	)		-			-		14,324,601		724,576*
Invesco Private Prime Fund		31,122,812		563,977,321		(558,272,365	)		(2,633	)		9,551		36,834,686		1,959,430*
Total	$	68,862,789	$	1,106,624,427	$	(1,044,081,254	)	$	(18,029	)	$	9,401	$	131,397,334	$	5,085,768

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

^(f)  The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

Open Futures Contracts
Long Futures Contracts	Number of Contracts	Expiration Month		Notional Value		Value		Unrealized Appreciation
Equity Risk
E-Mini S&P 500 Index	362		September-2023	$	81,739,600	$	1,755,838		$1,755,838

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco S&P 500 Index Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $ 937,839,540)*	$	2,402,186,944
Investments in affiliates, at value (Cost $ 131,530,783)		131,397,334
Cash		6,548
Receivable for:
Fund shares sold		2,517,834
Dividends		4,144,001
Investment for trustee deferred compensation and retirement plans		67,051
Other assets		85,828
Total assets		2,540,405,540
Liabilities:
Other investments:
Variation margin payable — futures contracts		149,329
Payable for:
Fund shares reacquired		994,374
Collateral upon return of securities loaned		51,159,465
Accrued fees to affiliates		1,181,774
Accrued trustees’ and officers’ fees and benefits		2,368
Accrued other operating expenses		276,659
Trustee deferred compensation and retirement plans		77,245
Total liabilities		53,841,214
Net assets applicable to shares outstanding	$	2,486,564,326

Net assets consist of:
Shares of beneficial interest	$	1,026,887,354
Distributable earnings		1,459,676,972
	$	2,486,564,326
Net Assets:
Class A	$	1,681,628,083
Class C	$	330,697,747
Class Y	$	450,318,486
Class R6	$	23,920,010
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		35,135,957
Class C		7,251,584
Class Y		9,252,727
Class R6		490,687
Class A:
Net asset value per share	$	47.86
Maximum offering price per share (Net asset value of $47.86 ÷ 94.50%)	$	50.65
Class C:
Net asset value and offering price per share	$	45.60
Class Y:
Net asset value and offering price per share	$	48.67
Class R6:
Net asset value and offering price per share	$	48.75

* At August 31, 2023, securities with an aggregate value of $50,437,354 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco S&P 500 Index Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Dividends (net of foreign withholding taxes of $8,894)	$	34,522,973
Dividends from affiliates (includes net securities lending income of $152,709)		2,554,471
Total investment income		37,077,444
Expenses:
Advisory fees		2,558,275
Administrative services fees		293,917
Custodian fees		23,286
Distribution fees:
Class A		3,676,396
Class C		3,171,631
Transfer agent fees – A, C and Y		2,567,731
Transfer agent fees – R6		5,742
Trustees’ and officers’ fees and benefits		32,389
Registration and filing fees		117,240
Licensing fees		458,855
Reports to shareholders		93,232
Professional services fees		67,057
Other		26,464
Total expenses		13,092,215
Less: Fees waived and/or expense offset arrangement(s)		(81,827	)
Net expenses		13,010,388
Net investment income		24,067,056
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(5,830,136	)
Affiliated investment securities		9,401
Futures contracts		5,890,810
		70,075
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		295,938,615
Affiliated investment securities		(18,029	)
Futures contracts		1,505,642
		297,426,228
Net realized and unrealized gain		297,496,303
Net increase in net assets resulting from operations	$	321,563,359

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco S&P 500 Index Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	24,067,056		$	18,700,160
Net realized gain		70,075			763,744
Change in net unrealized appreciation (depreciation)		297,426,228			(292,359,933	)
Net increase (decrease) in net assets resulting from operations		321,563,359			(272,896,029	)
Distributions to shareholders from distributable earnings:
Class A		(14,619,410	)		(30,656,639	)
Class C		(2,697,142	)		(5,524,672	)
Class Y		(3,119,500	)		(6,585,646	)
Class R6		(201,236	)		(322,866	)
Total distributions from distributable earnings		(20,637,288	)		(43,089,823	)
Share transactions–net:
Class A		83,378,064			62,649,656
Class C		(39,240,029	)		(18,470,272	)
Class Y		114,438,275			43,987,251
Class R6		4,627,333			5,899,741
Net increase in net assets resulting from share transactions		163,203,643			94,066,376
Net increase (decrease) in net assets		464,129,714			(221,919,476	)
Net assets:
Beginning of year		2,022,434,612			2,244,354,088
End of year	$	2,486,564,326		$	2,022,434,612

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco S&P 500 Index Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 08/31/23		$41.94		$0.51		$ 5.84			$ 6.35			$(0.43	)		$    –			$(0.43	)		$47.86		15.33	%		$1,681,628		0.54	%		0.54	%		1.18	%		2	%
Year ended 08/31/22		48.42		0.44		(5.97	)		(5.53	)		(0.39	)		(0.56	)		(0.95	)		41.94		(11.70	)		1,392,433		0.54			0.54			0.95			2
Year ended 08/31/21		37.59		0.39		10.94			11.33			(0.43	)		(0.07	)		(0.50	)		48.42		30.46			1,544,523		0.54			0.54			0.93			5
Year ended 08/31/20		31.59		0.45		6.21			6.66			(0.45	)		(0.21	)		(0.66	)		37.59		21.33	(d)		1,147,062		0.54	(d)		0.54	(d)		1.36	(d)		2
Year ended 08/31/19		31.63		0.45		0.20			0.65			(0.42	)		(0.27	)		(0.69	)		31.59		2.36	(d)		906,581		0.55	(d)		0.55	(d)		1.47	(d)		3
Class C
Year ended 08/31/23		40.17		0.18		5.58			5.76			(0.33	)		–			(0.33	)		45.60		14.49	(e)		330,698		1.28	(e)		1.28	(e)		0.44	(e)		2
Year ended 08/31/22		46.48		0.09		(5.75	)		(5.66	)		(0.09	)		(0.56	)		(0.65	)		40.17		(12.38	)		329,140		1.29			1.29			0.20			2
Year ended 08/31/21		36.09		0.12		10.52			10.64			(0.18	)		(0.07	)		(0.25	)		46.48		29.65	(e)		400,963		1.18	(e)		1.18	(e)		0.29	(e)		5
Year ended 08/31/20		30.36		0.19		5.96			6.15			(0.21	)		(0.21	)		(0.42	)		36.09		20.41			353,371		1.30			1.30			0.60			2
Year ended 08/31/19		30.43		0.21		0.21			0.42			(0.22	)		(0.27	)		(0.49	)		30.36		1.60			294,011		1.31			1.31			0.71			3
Class Y
Year ended 08/31/23		42.57		0.63		5.94			6.57			(0.47	)		–			(0.47	)		48.67		15.63			450,318		0.29			0.29			1.43			2
Year ended 08/31/22		49.12		0.56		(6.05	)		(5.49	)		(0.50	)		(0.56	)		(1.06	)		42.57		(11.48	)		284,424		0.29			0.29			1.20			2
Year ended 08/31/21		38.11		0.50		11.10			11.60			(0.52	)		(0.07	)		(0.59	)		49.12		30.80			286,102		0.29			0.29			1.18			5
Year ended 08/31/20		32.01		0.53		6.30			6.83			(0.52	)		(0.21	)		(0.73	)		38.11		21.62			203,430		0.30			0.30			1.60			2
Year ended 08/31/19		32.04		0.53		0.20			0.73			(0.49	)		(0.27	)		(0.76	)		32.01		2.62			181,204		0.31			0.31			1.71			3
Class R6
Year ended 08/31/23		42.61		0.67		5.95			6.62			(0.48	)		–			(0.48	)		48.75		15.74			23,920		0.20			0.20			1.52			2
Year ended 08/31/22		49.15		0.60		(6.05	)		(5.45	)		(0.53	)		(0.56	)		(1.09	)		42.61		(11.40	)		16,438		0.20			0.20			1.29			2
Year ended 08/31/21		38.13		0.53		11.09			11.62			(0.53	)		(0.07	)		(0.60	)		49.15		30.86			12,765		0.24			0.24			1.23			5
Year ended 08/31/20		32.02		0.55		6.31			6.86			(0.54	)		(0.21	)		(0.75	)		38.13		21.70			8,020		0.24			0.24			1.66			2
Year ended 08/31/19		32.05		0.54		0.20			0.74			(0.50	)		(0.27	)		(0.77	)		32.02		2.65			5,646		0.26			0.26			1.76			3

^(a)  Calculated using average shares outstanding.

^(b)  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)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended August 31, 2020 and 2019, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.99% and 0.89% for the years ended August 31, 2023 and 2021, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco S&P 500 Index Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco S&P 500 Index Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return through growth of capital and current income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

20 Invesco S&P 500 Index Fund

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action

21 Invesco S&P 500 Index Fund

letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $9,731 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.

J. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $2 billion		0.120%
Over $2 billion		0.100%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.12%.

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. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or expense reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 2.00%, 2.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $53,648.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $292,937 in front-end sales commissions from the sale of Class A shares and $14,246 and $26,003 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $9,919 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

22 Invesco S&P 500 Index Fund

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	2,402,642,415	$	–		$–	$	2,402,642,415
Money Market Funds		79,782,576		51,159,287		–		130,941,863
Total Investments in Securities		2,482,424,991		51,159,287		–		2,533,584,278
Other Investments - Assets*
Futures Contracts		1,755,838		–		–		1,755,838
Total Investments	$	2,484,180,829	$	51,159,287		$–	$	2,535,340,116

* Unrealized appreciation.

NOTE 4–Derivative Investments

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, 2023:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)		$ 1,755,838
Derivatives not subject to master netting agreements		(1,755,838	)
Total Derivative Assets subject to master netting agreements		$         –

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended August 31, 2023

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain on Statement of Operations
	Equity Risk
Realized Gain:
Futures contracts		$5,890,810
Change in Net Unrealized Appreciation:
Futures contracts		1,505,642
Total		$7,396,452

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value	$	57,153,122

23 Invesco S&P 500 Index Fund

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $28,179.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:

	2023			2022
Ordinary income*	$	20,637,288		$	23,767,779
Long-term capital gain		–			19,322,044
Total distributions	$	20,637,288		$	43,089,823

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	16,608,518
Net unrealized appreciation – investments		1,446,264,144
Temporary book/tax differences		(59,213	)
Capital loss carryforward		(3,136,477	)
Shares of beneficial interest		1,026,887,354
Total net assets	$	2,486,564,326

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$2,543,597		$592,880		$3,136,477

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $155,213,036 and $37,764,867, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$1,484,375,997
Aggregate unrealized (depreciation) of investments	(38,111,853	)
Net unrealized appreciation of investments	$1,446,264,144

Cost of investments for tax purposes is $1,089,075,972.

24 Invesco S&P 500 Index Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REITs, on August 31, 2023, undistributed net investment income was increased by $598,735, undistributed net realized gain (loss) was decreased by $595,777 and shares of beneficial interest was decreased by $2,958. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended August 31, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		4,837,964		$	209,631,036			4,519,315		$	208,693,476
Class C		1,178,645			48,451,033			1,215,205			53,651,131
Class Y		4,620,383			203,223,167			2,834,966			133,402,035
Class R6		207,835			9,135,762			218,902			10,153,148
Issued as reinvestment of dividends:
Class A		316,821			12,853,339			555,173			27,286,842
Class C		62,346			2,422,774			106,663			5,049,443
Class Y		59,929			2,467,868			108,842			5,420,328
Class R6		4,666			192,374			6,202			308,974
Automatic conversion of Class C shares to Class A shares:
Class A		972,593			42,215,051			679,046			31,059,957
Class C		(1,017,674	)		(42,215,051	)		(707,353	)		(31,059,957	)
Reacquired:
Class A		(4,193,571	)		(181,321,362	)		(4,447,608	)		(204,390,619	)
Class C		(1,164,496	)		(47,898,785	)		(1,048,533	)		(46,110,889	)
Class Y		(2,109,204	)		(91,252,760	)		(2,086,614	)		(94,835,112	)
Class R6		(107,591	)		(4,700,803	)		(99,040	)		(4,562,381	)
Net increase in share activity		3,668,646		$	163,203,643			1,855,166		$	94,066,376

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 45% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

25 Invesco S&P 500 Index Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco S&P 500 Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco S&P 500 Index Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

26 Invesco S&P 500 Index Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,142.00	$2.92	$1,022.48	$2.75	0.54%
Class C	1,000.00	1,137.70	6.90	1,018.75	6.51	1.28
Class Y	1,000.00	1,143.60	1.57	1,023.74	1.48	0.29
Class R6	1,000.00	1,144.10	1.08	1,024.20	1.02	0.20

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

27 Invesco S&P 500 Index Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco S&P 500 Index Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy

and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the S&P 500^® Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund seeks to

28 Invesco S&P 500 Index Fund

track the investment results of the Index, and that the Fund’s performance will typically lag the Index due to the fees associated with the Fund. The Board considered that the Fund is passively managed and discussed reasons for differences in the Fund’s performance versus its peers and the Index. The Board considered that the Fund underwent a change in portfolio management in 2020, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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 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 has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed affiliated exchange traded funds advised or

sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

 The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated

29 Invesco S&P 500 Index Fund

securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 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.

30 Invesco S&P 500 Index Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	100.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

31 Invesco S&P 500 Index Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco S&P 500 Index Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco S&P 500 Index Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco S&P 500 Index Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco S&P 500 Index Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco S&P 500 Index Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco S&P 500 Index Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-09913 and 333-36074     Invesco Distributors, Inc. MS-SPI-AR-1          

Annual Report to Shareholders August 31, 2023

Invesco Senior Floating Rate Fund

Nasdaq:

A: OOSAX ∎ C: OOSCX ∎ R: OOSNX ∎ Y: OOSYX ∎ R5: SFRRX ∎ R6: OOSIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
26	Financial Statements
30	Financial Highlights
31	Notes to Financial Statements
40	Report of Independent Registered Public Accounting Firm
41	Fund Expenses
42	Approval of Investment Advisory and Sub-Advisory Contracts
45	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Senior Floating Rate Fund (the Fund), at net asset value (NAV), underperformed the JP Morgan Leveraged Loan Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.72	%
Class C Shares	7.91
Class R Shares	8.29
Class Y Shares	8.83
Class R5 Shares	8.89
Class R6 Shares	9.06
Custom Invesco Senior Floating Rate Index ▼	10.03
JP Morgan Leveraged Loan Index ∎	10.03
Source(s): ▼Invesco, Bloomberg LP; ∎Bloomberg LP

Market conditions and your Fund

During the fiscal year covered by this report, the senior loan market was characterized by persistent inflation, rapidly escalating interest rates, rising energy prices, and a softening, but robust economy. Following a volatile start to the fiscal year, in part due to hawkish US Federal Reserve (Fed) guidance and the resulting risk-off sentiment, the senior loan market went on to rebound for the remainder of the first half of the fiscal year. The second half of the fiscal year began with a broad risk-off sentiment as investors reevaluated the interest rate outlook amid stronger inflation data. Risk aversion accelerated in early March with the failures of Silicon Valley Bank and Signature Bank, as concerns around regional banks and the banking sector more broadly, arose. Increased uncertainty drove market volatility, and although loans have no direct exposure to the banking sector, loans, as a credit risk asset class, also experienced price softening. Despite this, loans still outperformed almost all other asset classes. The last quarter of the fiscal year saw the loan market rebound as improved economic sentiment overshadowed hawkish central bank rhetoric to create a positive backdrop for risk assets. Interest rate expectations repriced higher on the back of the hawkish Fed policy guidance, signaling a longer runway for today’s high carry environment to continue and an expectation of “higher for longer” interest rates. The historically strong carry in loans has powered 2023’s year-to-date return profile, comprising nearly three quarters of the year-to-date total return,¹ and we believe it looks increasingly likely to create a similar return tailwind in 2024.

 Senior loans, as represented by the JP Morgan Leveraged Loan Index, returned 10.03% during the Fund’s fiscal year.² During the fiscal year, BB-, B- and CCC/Split CCC-rated^† loans returned 9.40%, 12.65% and

9.51%, respectively.¹ Energy was the best performing sector returning 13.35% for the fiscal year, while media
/telecommunications was relatively the worst performing sector returning a positive 5.76%.¹ More recently, the senior loan market was up 9.16% calendar year-to-date, having also outperformed high yield by approximately 140 basis points (bps).^2,3

 Throughout the 2022 calendar year, risk assets performed poorly, however loans significantly outperformed most other asset classes with a slight positive return for the full year of 0.06%.² The first month of calendar year 2023 continued this positive trend, leading to a relatively high positive return of 2.58%;² however, stronger than expected economic data and broad banking sector turmoil began to influence performance over the following few months, with loans finishing the first quarter with a 3.26%² return. Starting the following quarter with a slight positive, loan flattened in the middle of the quarter before returns rebounded towards the end of the fiscal year as improved economic sentiment overshadowed hawkish central bank rhetoric, improving the calendar quarterly return to 3.17%,² while also driving the following two months’ returns to both above 1.00%.² Since the middle of 2022, collateralized loan obligations (CLO) creation has come back in earnest, stabilizing market technicals and acting as a balance to retail outflows. CLO managers sought to buy assets for new structures, despite a dearth of new issue supply, and overall, this increase in CLO demand, as well as supportive fundamentals and relatively high coupon levels, helped enable the loan market to produce only two months of negative returns during the fiscal year covered in this report.²

 During the fiscal year, the loan market continued to benefit from a supportive fundamental backdrop. As of August 31, 2023, the 12-month default rate was 1.55%.⁴ Issuer

fundamentals ended the most recent quarter relatively robust, with companies showing a strong ability to service their debt, even in this rising rate environment. Interest coverage ratios, while off their near-term highs, are currently 3.0x⁵ and still sufficient to absorb higher rates. Economic data is moderating but still trending higher, with persistent core inflation pushing expectations for a “higher for longer” interest rate environment. This may place incremental pressure on certain issuers but the extent to which this creates distress depends more on the corporate earnings environment. The supply/demand balance has remained supportive and loan investors have continued to reap the benefit of interest rates at 20+ year highs through floating rate coupons. Additionally, leverage levels have remained at their pre-pandemic levels as borrowers have repaired their balance sheets and pushed out their maturities. Debt maturity concerns are held at bay as only 3.3% of outstanding loans mature in the next 18 months, as of June 30, 2023.¹ The average price in the senior loan market was $95.75 as of August 31, 2023.² Given the price of senior loans at the end of the fiscal year, they provided a 9.80% yield (represented by the yield to 3-year life).² Heading into what we presume will be a period of higher but manageable default activity, it is worth noting that historically the loan market has reliably discounted higher likelihood of defaults (particularly during periods of market turbulence) than what ultimately occurred. Loan prices as of August 31, 2023, were still implying a 4.9%¹ default rate in the market, well in excess of the 3.5%6 default rate JP Morgan was forecasting for the end of 2023 and well above the 1.55% August 31, 2023, rolling twelve-month default rate.⁴ While it is impossible to predict where and when loan prices will bottom, the market has time and again over-corrected relative to eventual realized defaults in past episodes of market dislocation and current loan investors are being well compensated for the potential risk of credit loss. This is not to suggest the market cannot or will not trade lower but rather highlights one reason that loans may often provide compelling value for investors. Despite expectations of an increase in default rates, loans are senior secured with high average recovery rates, which have historically mitigated potential credit loss.⁶ Spreads and yields continue to remain robust, with the average loan coupon still surpassing the average coupon for high-yield bonds for the first time on record.^2,3

 During the fiscal year ending August 31, 2023, QuarterNorth Energy Holding, My Alarm Center and Douglas all contributed to absolute Fund performance, while Avaya, Tribune Resources and Crown Finance US all detracted from absolute performance.

 In managing the Fund, we seek out the best risk-adjusted-return opportunities. We seek to

2 Invesco Senior Floating Rate Fund

efficiently allocate risk within the portfolio in order to maximize risk-adjusted returns.

 The senior loan asset class behaves differently from many traditional fixed-income investments. The interest income generated by a portfolio of senior loans is usually determined by a fixed-credit spread over the Secured Overnight Financing Rate (SOFR) or a similar reference rate. Because senior loans generally have a very short duration and the coupons, or interest rates, are usually adjusted every 30 to 90 days as the reference rate changes, the yield on the portfolio adjusts with the changing rates. Interest rate risk refers to the tendency for traditional fixed-income prices to decline when interest rates rise. For senior loans, however, interest rates and income are variable, and the prices of loans are therefore less sensitive to interest rate changes than traditional fixed-income bonds. As a result, senior loans can provide a natural hedge against rising interest rates.

 We are monitoring interest rates, the market, macroeconomic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and other central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments and the market price of the Fund’s shares.

 As always, we appreciate your continued participation in Invesco Senior Floating Rate Fund.

1 Source: Credit Suisse Leveraged Loan Index

2 Source: JP Morgan Leveraged Loan Index

3 Source: JP Morgan US High Yield Index

4 Source: Morningstar LSTA Leveraged Loan Index

5 Source: Pitchbook LCD

6 Source: JP Morgan Research

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit www.spglobal.com and select Understanding Credit Ratings’ under About Ratings on the homepage.

Portfolio manager(s):

Thomas Ewald

David Lukkes

Philip Yarrow

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be

relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

  

3 Invesco Senior Floating Rate Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

1 Source: Invesco, Bloomberg LP

2 Source: Bloomberg LP

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Senior Floating Rate Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (9/8/99)	4.11	%
10 Years	2.57
5 Years	1.28
1 Year	5.16
Class C Shares
Inception (9/8/99)	4.08	%
10 Years	2.30
5 Years	1.16
1 Year	6.93
Class R Shares
Inception (10/26/12)	2.89	%
10 Years	2.64
5 Years	1.66
1 Year	8.29
Class Y Shares
Inception (11/28/05)	4.02	%
10 Years	3.16
5 Years	2.16
1 Year	8.83
Class R5 Shares
10 Years	3.04	%
5 Years	2.20
1 Year	8.89
Class R6 Shares
Inception (10/26/12)	3.50	%
10 Years	3.25
5 Years	2.29
1 Year	9.06

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Senior Floating Rate Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Senior Floating Rate Fund. The Fund was subsequently renamed the Invesco Senior Floating Rate Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 Class 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.

 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 3.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

  

5 Invesco Senior Floating Rate Fund

Supplemental Information

Invesco Senior Floating Rate Fund’s investment objective is to seek income.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The Custom Invesco Senior Floating Rate Index is composed of the Credit Suisse Leveraged Loan Index through September 30, 2014, and the JP Morgan Leveraged Loan Index from October 1, 2014 to present. The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, noninvestment-grade loans.

∎ The JP Morgan Leveraged Loan Index tracks the performance of US dollar-denominated senior floating rate bank loans.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

  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, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

  At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

  The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Committee had established an HLIM for the Fund and the Fund complied with its HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Senior Floating Rate Fund

Fund Information

 

Portfolio Composition^†

By credit quality	% of total investments
BBB-		2.14	%
BB+		1.15
BB		7.79
BB-		6.72
B+		14.42
B		20.12
B-		16.88
CCC+		6.45
CCC		4.47
CCC-		0.25
CC		0.23
D		0.35
Non-Rated		9.88
Equity		9.15

^† Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit spglobal.com and select “Understanding Credit Ratings” under About Ratings on the homepage.

Top Five Debt Issuers*

		% of total net assets
1.	Carnival Corp.		1.03	%
2.	AAdvantage Loyalty IP Ltd. (American Airlines, Inc.)		0.95
3.	Monitronics International, Inc.		0.88
4.	Robertshaw US Holding Corp.		0.87
5.	First Student Bidco, Inc.		0.87

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

 

7 Invesco Senior Floating Rate Fund

Schedule of Investments

August 31, 2023

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Variable Rate Senior Loan Interests–80.01%(b)(c)
Aerospace & Defense–4.00%
ADB Safegate (ADBAS/CEP IV) (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.75%)	8.21%	10/03/2026	EUR		14,104	$	14,161,504
Barnes Group, Inc., Term Loan B(d)	–	08/10/2030		$	1,534		1,538,522
Brown Group Holding LLC (Signature Aviation US Holdings, Inc.)
Incremental Term Loan B-2 (1 mo. Term SOFR + 3.75%)	9.17%	07/02/2029			3,994		3,996,937
Term Loan (1 mo. Term SOFR + 2.50%)	8.18%	06/07/2028			14,870		14,715,930
Castlelake Aviation Ltd.
Incremental Term Loan (1 mo. Term SOFR + 2.75%)	8.00%	10/22/2027			5,778		5,778,554
Term Loan (3 mo. USD LIBOR + 2.75%)	8.30%	10/22/2026			12,814		12,817,576
Dynasty Acquisition Co., Inc.
Term Loan B-1	9.31%	04/08/2026			6,017		6,016,573
Term Loan B-2	8.81%	04/08/2026			3,228		3,228,152
KKR Apple Bidco LLC
First Lien Term Loan (1 mo. Term SOFR + 2.75%)	8.20%	09/22/2028			14,866		14,724,177
First Lien Term Loan (1 mo. Term SOFR + 4.00%)	9.33%	09/22/2028			3,024		3,029,577
Peraton Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)	13.23%	02/01/2029			9,237		9,083,106
Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan B (3 mo. Term SOFR + 4.00%)	8.99%	09/13/2029			5,335		5,329,949
Rand Parent LLC (Atlas Air), Term Loan B (1 mo. Term SOFR + 4.25%)	9.49%	02/09/2030			5,468		5,314,341
Spirit AeroSystems, Inc., Term Loan B (1 mo. Term SOFR + 4.50%)	9.62%	01/14/2027			6,592		6,590,028
Titan Acquisition Holdings L.P., Term Loan B (1 mo. Term SOFR + 4.50%)(e)	9.81%	04/27/2030			3,484		3,492,697
TransDigm, Inc.
Term Loan H (1 mo. Term SOFR + 3.25%)	8.49%	02/28/2027			493		495,000
Term Loan I (1 mo. Term SOFR + 3.25%)	8.49%	08/24/2028			17,314		17,346,361
							127,658,984
Air Transport–2.12%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (1 mo. Term SOFR + 4.75%)	10.34%	04/20/2028			29,224		30,390,785
American Airlines, Inc., Term Loan (1 mo. Term SOFR + 2.75%)	8.54%	02/09/2028			2,043		2,036,058
Avolon Borrower 1 (US) LLC, Term Loan B-6 (1 mo. Term SOFR + 2.50%)	7.81%	06/08/2028			3,379		3,386,466
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)	9.29%	04/21/2028			19,778		19,858,972
WestJet Airlines Ltd. (Canada), Term Loan (3 mo. Term SOFR + 3.00%)	8.42%	12/11/2026			12,207		11,992,516
							67,664,797
Automotive–2.34%
Adient PLC, Term Loan B-1 (1 mo. Term SOFR + 3.25%)	8.70%	04/10/2028			8,417		8,438,532
Autokiniton US Holdings, Inc., Term Loan B (1 mo. Term SOFR + 4.50%)	9.95%	04/06/2028			9,472		9,436,496
Belron Group S.A., First Lien Term Loan B (3 mo. Term SOFR + 2.75%)	8.16%	04/06/2029			3,930		3,938,476
Constellation Auto (CONSTE/BCA) (United Kingdom)
First Lien Term Loan B-2 (6 mo. SONIA + 4.75%)	9.68%	07/28/2028	GBP		1,187		1,381,919
Second Lien Term Loan B-1 (6 mo. SONIA + 7.50%)	12.68%	07/27/2029	GBP		5,046		4,404,930
DexKo Global, Inc., Incremental Term Loan (1 mo. Term SOFR + 4.25%)	9.60%	10/04/2028			2,031		1,988,417
Driven Holdings LLC, Term Loan B (1 mo. Term SOFR + 3.00%)	8.43%	12/16/2028			2,306		2,259,740
Engineered Components & Systems LLC (aka CentroMotion), Term Loan B(d)(e)	–	07/25/2030			3,384		3,359,041
First Brands Group Intermediate LLC
Term Loan B (6 mo. Term SOFR + 5.00%)	10.88%	03/30/2027			7,775		7,685,270
Term Loan B (1 mo. Term SOFR + 5.00%)	10.88%	03/30/2027			11,480		11,343,301
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. Term SOFR + 4.50%)	9.93%	11/09/2027			6,090		5,924,455
Mavis Tire Express Services TopCo L.P., First Lien Term Loan (1 mo. Term SOFR + 4.00%)	9.45%	05/04/2028			9,350		9,337,567
Panther BF Aggregator 2 L.P. (Canada), Term Loan B (1 mo. Term SOFR + 3.75%)	9.08%	05/06/2030			5,186		5,185,334
							74,683,478
Beverage & Tobacco–0.84%
Al Aqua Merger Sub, Inc., Term Loan B (1 mo. Term SOFR + 3.75%)	9.06%	07/31/2028			12,606		12,583,489
City Brewing Co. LLC, Term Loan B (3 mo. Term SOFR + 3.50%)	9.07%	03/31/2028			21,606		14,259,682
							26,843,171

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Brokers, Dealers & Investment Houses–0.12%
AqGen Island Intermediate Holdings, Inc., Second Lien Term Loan B (3 mo. USD LIBOR + 6.50%)	12.03%	08/05/2029		$	143	$	135,591
Zebra Buyer LLC, Term Loan (3 mo. Term SOFR + 3.25%)	8.75%	11/01/2028			3,792		3,790,774
							3,926,365
Building & Development–1.69%
Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)	10.43%	04/01/2028			12,069		9,964,898
Flakt Woods (Fusilli Holdco) (France), Term Loan B (3 mo. EURIBOR + 6.00%)	2.00%	10/12/2023	EUR		1,700		1,705,544
Icebox Holdco III, Inc., First Lien Term Loan (3 mo. Term SOFR + 3.75%)	9.25%	12/22/2028			3,210		3,191,090
Janus International Group LLC, Term Loan B (1 mo. Term SOFR + 3.25%)	8.67%	07/25/2030			1,587		1,589,106
LBM Holdings LLC, First Lien Term Loan (1 mo. Term SOFR + 3.75%)	9.07%	12/17/2027			15		14,578
LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. Term SOFR + 4.75%)	10.18%	02/16/2029			12,781		11,351,454
Mayfair Mall LLC, Term Loan (1 mo. USD LIBOR + 3.25%)(e)	8.68%	04/20/2024			3,324		3,024,529
Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. Term SOFR + 4.50%)	9.84%	04/29/2029			8,737		8,721,510
Quikrete Holdings, Inc.
First Lien Term Loan (1 mo. Term SOFR + 2.63%)	8.07%	02/01/2027			1,259		1,259,792
Term Loan B (1 mo. Term SOFR + 3.00%)	8.32%	03/18/2029			5,538		5,548,432
Standard Industries, Inc., Term Loan B (1 mo. Term SOFR + 2.25%)	7.93%	09/22/2028			1,976		1,981,027
TAMKO Building Products LLC, Term Loan (3mo. USD LIBOR + 3.00%)	8.40%	05/29/2026			3,368		3,374,520
TenCate Grass (TCG AcqCo B.V.) (Netherlands), Term Loan B-1 (3 mo. EURIBOR + 5.00%)	8.48%	09/14/2028	EUR		2,000		2,128,038
							53,854,518
Business Equipment & Services–8.92%
AlixPartners L.L.P., Term Loan (1 mo. Term SOFR + 2.50%)	8.20%	02/04/2028			3,247		3,248,643
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM)
Incremental Term Loan(d)	–	05/11/2028			10,805		10,722,316
Term Loan (1 mo. Term SOFR + 3.75%)	9.18%	05/12/2028			803		781,500
Camelot Finance L.P.
Incremental Term Loan (1 mo. Term SOFR + 3.00%)	8.45%	10/30/2026			8,336		8,344,981
Term Loan (1 mo. Term SOFR + 3.00%)	8.45%	10/30/2026			4,356		4,361,999
Checkout Holding Corp., Term Loan (3 mo. SOFR + 9.50%)	12.87%	05/10/2027			9,555		5,792,445
Cimpress USA, Inc., Term Loan B (1 mo. Term SOFR + 3.50%)	8.95%	05/17/2028			9,650		9,587,023
Constant Contact
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)	13.06%	02/15/2029			3,742		3,096,920
Term Loan B (1 mo. USD LIBOR + 4.00%)	9.56%	02/10/2028			7,079		6,816,853
Corporation Service Co., Term Loan B (1 mo. Term SOFR + 3.25%)	8.68%	11/02/2029			4,967		4,978,104
Creation Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 5.50%)	11.01%	10/05/2028			6,028		5,726,443
Dakota Holding Corp.
First Lien Term Loan (3 mo. Term SOFR + 3.75%)	8.99%	04/09/2027			13,813		13,364,182
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)	12.29%	04/07/2028			1,901		1,798,591
Dun & Bradstreet Corp. (The)
Incremental Term Loan B-2 (1 mo. Term SOFR + 3.25%)	8.32%	01/18/2029			2,805		2,808,252
Revolver Loan (3 mo. USD LIBOR + 3.00%)(e)	7.75%	09/11/2025			2,032		2,018,452
Revolver Loan(e)(f)	0.00%	09/11/2025			11,786		11,707,020
Term Loan B (1 mo. Term SOFR + 3.00%)	8.17%	02/06/2026			10,606		10,627,276
Garda World Security Corp. (Canada)
Term Loan (1 mo. Term SOFR + 4.25%)	9.57%	02/01/2029			7,998		8,000,822
Term Loan B-2 (1 mo. Term SOFR + 4.25%)	9.67%	10/30/2026			5,214		5,217,774
GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)	9.45%	05/12/2028			15,241		14,861,380
I-Logic Tech Bidco Ltd. (United Kingdom), Term Loan (3 mo. Term SOFR + 4.00%)	9.39%	02/16/2028			1,052		1,046,862
ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan (3 mo. Term SOFR + 4.75%)	10.09%	04/01/2028			3,995		3,921,245
iQor US, Inc.
Second Lien Term Loan (1 mo. Term SOFR + 7.50%)	12.39%	11/19/2025			15,462		10,900,785
Term Loan (1 mo. Term SOFR + 7.50%)	12.93%	11/19/2024			11,445		11,339,815
Karman Buyer Corp., First Lien Term Loan B-1 (1 mo. Term SOFR + 4.50%)	9.93%	10/28/2027			6,405		6,150,181
KronosNet CX Bidco (Comspa Konecta) (Spain), Term Loan B (3 mo. EURIBOR + 5.75%)	9.45%	09/30/2029	EUR		4,832		5,134,958
Learning Care Group (US) No. 2, Inc., Term Loan (1 mo. Term SOFR + 4.75%)	10.12%	08/08/2028			2,725		2,728,053
Monitronics International, Inc., Term Loan (3 mo. Term SOFR + 7.50%)	13.00%	06/30/2028			27,667		28,040,792
Orchid Merger Sub II LLC, Term Loan (1 mo. Term SOFR + 4.75%)	10.14%	07/27/2027			10,307		7,562,829

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Business Equipment & Services–(continued)
Prime Security Services Borrower LLC, First Lien Term Loan B-1 (1 mo. Term SOFR + 2.75%)	8.18%	09/23/2026		$	1,334	$	1,335,931
QA Group (IndigoCyan) (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)	10.06%	06/23/2024	GBP		8,612		10,817,181
Red Ventures LLC (New Imagitas, Inc.), Term Loan B (1 mo. Term SOFR + 3.00%)	8.33%	02/24/2030			7,691		7,678,708
Sitel Worldwide Corp., Term Loan (1 mo. USD LIBOR + 3.75%)	9.20%	08/28/2028			2,826		2,799,438
Skillsoft Corp., Term Loan (1 mo. Term SOFR + 4.75%)	10.68%	07/14/2028			4,109		3,832,300
Solera (Polaris Newco LLC), Term Loan B (1 mo. SONIA + 5.25%)	10.44%	06/05/2028	GBP		1,501		1,712,443
Spin Holdco, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)	9.23%	03/04/2028			30,093		25,353,405
Tempo Acquisition LLC, Term Loan B (1 mo. Term SOFR + 3.00%)	8.33%	08/31/2028			3,080		3,089,726
Trans Union LLC, First Lien Term Loan (1 mo. Term SOFR + 2.25%)	7.70%	11/30/2028			5,481		5,486,933
Verra Mobility Corp., Term Loan B (1 mo. Term SOFR + 3.25%)	8.70%	03/19/2028			6,663		6,671,094
WebHelp (France), Term Loan B (1 mo. Term SOFR + 4.00%)	8.81%	08/04/2028			5,193		5,197,266
							284,660,921
Cable & Satellite Television–2.54%
Altice Financing S.A. (Luxembourg), Term Loan (1 mo. Term SOFR + 0.00%)	10.31%	10/31/2027			13,370		12,709,673
Atlantic Broadband Finance LLC, Incremental Term Loan B-5 (1 mo. Term SOFR + 2.50%)	7.95%	09/01/2028			1,112		1,096,359
CSC Holdings LLC
Term Loan (1 mo. Term SOFR + 2.50%)	7.92%	04/15/2027			563		510,567
Term Loan B (1 mo. Term SOFR + 4.50%)	9.81%	01/15/2028			12,969		12,249,949
Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (1 mo. Term SOFR + 4.00%)	9.63%	08/14/2026			9,430		8,899,244
Term Loan B-12 (1 mo. Term SOFR + 3.69%)	9.26%	01/31/2026			18,894		17,870,886
UPC – LG, Term Loan AX (1 mo. USD LIBOR + 2.93%)	8.35%	01/31/2029			10,002		9,709,942
Virgin Media 02 – LG (United Kingdom)
Term Loan N (1 mo. Term SOFR + 2.50%)	7.92%	01/31/2028			6,928		6,747,735
Term Loan Q (1 mo. Term SOFR + 3.25%)	8.67%	01/31/2029			3,195		3,165,556
Term Loan Y (1 mo. Term SOFR + 3.25%)	8.31%	03/06/2031			8,195		8,118,904
							81,078,815
Chemicals & Plastics–5.49%
AkzoNobel Chemicals
Incremental Term Loan (1 mo. Term SOFR + 4.00%)	9.35%	03/03/2028			3,464		3,459,720
Term Loan (1 mo. Term SOFR + 4.00%)	9.32%	04/03/2028			9,300		9,281,730
Aruba Investments, Inc., Second Lien Term Loan (1 mo. Term SOFR + 7.75%)	13.18%	11/24/2028			4,299		3,969,063
Ascend Performance Materials Operations LLC, Term Loan (6 mo. Term SOFR + 4.75%)	9.71%	08/27/2026			13,005		12,722,061
Axalta Coating Systems U.S. Holdings, Inc.
Term Loan B (1 mo. Term SOFR + 2.50%)	7.81%	12/20/2029			1,173		1,177,087
Term Loan B-4 (1 mo. Term SOFR + 3.00%)	8.24%	12/20/2029			5,390		5,406,839
BES (Discovery Purchaser Corp.), First Lien Term Loan (3 mo. Term SOFR + 4.38%)	9.62%	10/03/2029			1,387		1,335,895
Charter NEX US, Inc., First Lien Term Loan (1 mo. Term SOFR + 3.75%)	9.20%	12/01/2027			6,313		6,283,154
Chemours Co. (The), Term Loan B (1 mo. Term SOFR + 3.50%)	8.83%	08/10/2028			11,528		11,383,685
Cyanco Intermediate 2 Corp., Term Loan B (1 mo. Term SOFR + 4.75%)	10.08%	07/07/2028			5,533		5,555,600
Eastman Tire Additives (River Buyer, Inc.), First Lien Term Loan (1 mo. Term SOFR + 5.25%)	10.75%	11/01/2028			11,017		10,057,438
Flint Group (ColourOz Inv) (Germany)
First Lien Term Loan (1 mo. EURIBOR + 4.25%)	7.83%	09/21/2023	EUR		14		10,454
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.52% Cash Rate (3 mo. USD LIBOR + 4.25%)(g)	5.75%	09/21/2024			157		47,144
Flint Group GmbH (Germany), Term Loan(d)	–	06/30/2026	EUR		14		14,929
Fusion (Fusion UK Holding Ltd. & US HoldCo VAD, Inc.), Term Loan B (3 mo. Term SOFR+ 3.75%)	9.39%	05/28/2029			1,945		1,930,753
Gemini HDPE LLC, Term Loan (3 mo. Term SOFR + 3.00%)	8.63%	12/31/2027			7,928		7,936,530
ICP Group Holdings LLC, First Lien Term Loan (1 mo. Term SOFR + 3.75%)	9.25%	12/29/2027			6,870		5,580,023
INEOS Enterprises (-Holdings II Ltd./-US Finco LLC) (United Kingdom), Incremental Term Loan B (1 mo. Term SOFR + 3.75%)	9.27%	06/22/2030			3,557		3,521,627
INEOS Quattro Holdings Ltd. (United Kingdom), Term Loan B (1 mo. Term SOFR + 3.75%)(e)	9.18%	03/03/2030			2,618		2,608,278
INEOS US Finance LLC
Term Loan (1 mo. Term SOFR + 3.75%)	8.95%	11/08/2027			12,523		12,490,374
Term Loan (1 mo. Term SOFR + 3.50%)(e)	8.93%	02/09/2030			5,357		5,328,315

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Chemicals & Plastics–(continued)
Kersia International S.A.S. (Belgium), Term Loan B (3 mo. EURIBOR + 3.93%)	7.52%	12/23/2027	EUR		14	$	14,529
Momentive Performance Materials USA, Inc., Term Loan B (1 mo. Term SOFR + 4.50%)	9.83%	03/22/2028		$	7,831		7,782,111
Oxea Corp., Term Loan B-2 (1 mo. Term SOFR + 3.25%)	8.92%	10/14/2024			1,444		1,442,474
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. Term SOFR + 3.75%)	9.32%	11/03/2025			1,896		1,896,344
Quantix, Incremental Term Loan (3 mo. Term SOFR + 6.25%)(e)	11.65%	05/03/2025			4,891		4,890,895
Trinseo Materials Finance, Inc.
Term Loan (1 mo. Term SOFR + 2.00%)	7.54%	09/06/2024			1,856		1,832,253
Term Loan B (1 mo. Term SOFR + 2.50%)	7.95%	03/18/2028			6,542		5,073,060
Tronox Finance LLC
Incremental Term Loan B (1 mo. Term SOFR + 3.25%)	8.49%	03/03/2029			6,557		6,485,164
Term Loan (1 mo. Term SOFR + 3.50%)	8.81%	08/10/2028			3,327		3,306,829
Univar, Inc., Term Loan B (3 mo. Term SOFR + 4.50%)	9.82%	06/22/2030			13,236		13,208,525
Vertellus
Revolver Loan (1 mo. SOFR + 5.75%)(e)	4.82%	12/22/2025			314		304,033
Revolver Loan(e)(f)	0.00%	12/22/2025			576		558,150
Term Loan (6 mo. SOFR + 5.75%)(e)	11.43%	12/22/2027			7,223		6,999,204
W.R. Grace & Co., Term Loan B (3 mo. USD LIBOR + 3.75%)	9.31%	09/22/2028			11,222		11,231,561
							175,125,831
Clothing & Textiles–0.71%
ABG Intermediate Holdings 2 LLC
First Lien Term Loan B-1 (1 mo. Term SOFR + 3.50%)	8.93%	12/21/2028			15,266		15,291,613
Second Lien Term Loan (1 mo. Term SOFR + 6.00%)	11.43%	12/20/2029			1,108		1,118,987
BK LC Lux SPV S.a.r.l. (Birkenstock), Term Loan B (1 mo. Term SOFR + 3.25%)	8.88%	04/28/2028			6,383		6,373,197
							22,783,797
Conglomerates–0.44%
APi Group DE, Inc., Incremental Term Loan (1 mo. Term SOFR + 2.75%)	8.20%	01/03/2029			3,246		3,259,109
Safe Fleet Holdings LLC
First Lien Incremental Term Loan (1 mo. Term SOFR + 5.00%)(e)	10.42%	02/23/2029			1,233		1,238,979
Term Loan B (1 mo. Term SOFR + 3.75%)	9.17%	02/17/2029			9,453		9,477,242
							13,975,330
Containers & Glass Products–2.09%
Berlin Packaging LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)	9.29%	03/11/2028			5,390		5,347,695
Keter Group B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 4.25%)	7.96%	10/31/2023	EUR		16,109		16,272,435
Term Loan B-3-A (3 mo. EURIBOR + 4.25%)	7.89%	10/31/2023	EUR		6,460		6,525,193
LABL, Inc. (Multi-Color), Term Loan (1 mo. Term SOFR + 5.00%)	10.43%	10/29/2028			11,200		11,183,727
Libbey Glass, Inc., Term Loan B (1 mo. SOFR + 6.50%) (Acquired 11/22/2022-08/22/2023; Cost $11,774,333)(e)(h)	7.16%	11/22/2027			12,509		12,071,332
Logoplaste (Mar Bidco S.a.r.l.) (Portugal), Term Loan B (1 mo. USD LIBOR + 4.30%)	9.49%	07/07/2028			3,550		3,419,741
Mold-Rite Plastics LLC (Valcour Packaging LLC)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)	9.40%	10/04/2028			7,314		5,856,346
Second Lien Term Loan (6 mo. USD LIBOR + 7.00%)	12.65%	10/04/2029			1,504		846,005
Refresco Group N.V. (Netherlands), Term Loan B (3 mo. Term SOFR + 4.25%)	9.61%	07/12/2029			4,971		4,983,770
							66,506,244
Cosmetics & Toiletries–0.74%
Bausch and Lomb, Inc., Term Loan (1 mo. Term SOFR + 3.25%)	8.59%	05/10/2027			18,794		18,413,302
Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%)	8.71%	06/29/2028	EUR		4,831		5,064,446
							23,477,748
Drugs–0.18%
Grifols Worldwide Operations USA, Inc., Term Loan B (3 mo. Term SOFR + 2.00%)	7.43%	11/15/2027			1,640		1,621,844
Perrigo Investments LLC, Term Loan B (1 mo. Term SOFR + 2.50%)	7.68%	04/06/2029			4,024		4,014,426
							5,636,270
Ecological Services & Equipment–0.63%
Anticimex (Sweden), Term Loan B-1 (3 mo. Term SOFR + 3.50%)	8.45%	11/16/2028			3,210		3,194,830

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Ecological Services & Equipment–(continued)
EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)	9.29%	05/11/2025		$	7,113	$	7,092,001
GFL Environmental, Inc. (Canada), Term Loan (1 mo. Term SOFR + 3.00%)	8.47%	05/31/2027			629		631,236
Groundworks LLC
Delayed Draw Term Loan (3 mo. SOFR + 0.50%)(e)	1.00%	03/14/2030			243		236,729
Delayed Draw Term Loan(e)(f)	0.00%	03/14/2030			586		571,771
Revolver Loan(e)(f)	0.00%	03/14/2029			265		258,720
Term Loan B (3 mo. SOFR + 6.50%)(e)	11.81%	01/31/2030			4,544		4,430,579
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 8.76%)	14.13%	11/02/2028			5,636		3,541,028
							19,956,894
Electronics & Electrical–8.43%
Altar BidCo, Inc. (Brooks Automation, Inc.), Second Lien Term Loan (6 mo. Term SOFR + 5.60%)	10.49%	02/01/2030			1,428		1,387,941
AppLovin Corp., Term Loan (1 mo. Term SOFR + 3.00%)	8.43%	10/25/2028			3,953		3,952,308
Boxer Parent Co., Inc., Term Loan B (1 mo. EURIBOR + 4.00%)	7.63%	10/02/2025	EUR		134		144,686
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. Term SOFR + 4.00%)	9.52%	04/18/2025			5,431		5,418,846
CommerceHub, Inc., Term Loan B (6 mo. Term SOFR + 4.00%)	9.52%	01/01/2028			5,536		5,065,253
CommScope, Inc., Term Loan (1 mo. Term SOFR+ 3.25%)	8.70%	04/06/2026			10,168		9,378,472
Diebold Nixdorf, Inc., Term Loan (3 mo. Term SOFR + 7.50%)	12.82%	08/11/2028			1,741		1,736,681
Digi International, Inc., Term Loan (6 mo. USD LIBOR + 5.00%)(e)	10.45%	11/01/2028			4,799		4,808,041
E2Open LLC, Term Loan (1 mo. Term SOFR + 3.50%)	8.95%	02/04/2028			3,327		3,331,371
Energizer Holdings, Inc., Term Loan (1 mo. Term SOFR + 2.25%)	7.68%	12/22/2027			2,844		2,845,111
Entegris, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)	7.99%	07/06/2029			8,505		8,529,325
EverCommerce, Term Loan B (1 mo. Term SOFR + 3.25%)	8.70%	07/01/2028			1,389		1,390,768
Go Daddy Operating Co. LLC, Term Loan (1 mo. Term SOFR + 3.00%)	7.83%	11/09/2029			494		495,621
GoTo Group, Inc. (LogMeIn), First Lien Term Loan (1 mo. USD LIBOR + 4.75%)	10.27%	08/31/2027			26,277		17,071,822
Idemia (Oberthur Tech/Morpho/OBETEC) (France)
Term Loan B (3 mo. EURIBOR + 4.75%)	8.32%	09/30/2028	EUR		1,124		1,218,165
Term Loan B (1 mo. Term SOFR + 4.75%)	10.06%	09/30/2028			4,725		4,734,201
Imperva, Inc.
First Lien Term Loan (3 mo. Term SOFR + 4.00%)	9.63%	01/12/2026			4,870		4,888,399
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)	13.39%	01/11/2027			5,160		5,185,629
Inetum (Granite Fin Bidco SAS) (France), Term Loan B (3 mo. EURIBOR + 5.00%)	8.55%	10/17/2028	EUR		5,123		5,569,003
Infinite Electronics, Second Lien Term Loan (3 mo. Term SOFR + 7.00%)	12.50%	03/02/2029			1,609		1,402,138
Informatica Corp., Term Loan (1 mo. Term SOFR + 2.75%)	8.20%	10/27/2028			5,062		5,064,570
Internap Corp., Term Loan(d)	–	08/15/2028			1,348		1,348,233
ION Corporates, Term Loan B (1 mo. Term SOFR + 4.25%)	9.60%	07/12/2030			2,025		2,012,189
Learning Pool (Brook Bidco Ltd.) (United Kingdom)
Term Loan (3 mo. SONIA + 6.87%)(e)	11.80%	08/17/2028	GBP		2,276		2,830,723
Term Loan 1 (3 mo. SOFR + 7.01%)(e)	11.63%	08/17/2028			3,014		2,893,633
Mavenir Systems, Inc., Term Loan B (3 mo. USD LIBOR + 4.75%)	10.39%	08/13/2028			12,775		9,865,618
McAfee LLC, Term Loan B-1 (1 mo. Term SOFR + 4.50%)	9.17%	03/01/2029			9,584		9,428,651
Mirion Technologies, Inc., Term Loan (1 mo. Term SOFR + 2.75%)	8.25%	10/20/2028			6,757		6,763,421
Natel Engineering Co., Inc., Term Loan (1 mo. Term SOFR + 6.25%)	11.68%	04/29/2026			13,507		10,485,139
Native Instruments (Music Creation Group GMBH/APTUS) (Germany), Term Loan (3 mo. EURIBOR + 6.00%)(e)	9.49%	03/03/2028	EUR		5,364		5,350,960
NCR Corp., Term Loan B (1 mo. Term SOFR + 2.50%)	7.95%	08/28/2026			5,058		5,057,562
NortonLifeLock, Inc., Term Loan A (1 mo. SOFR + 1.50%)	6.93%	09/10/2027			2,804		2,776,299
Open Text Corp. (Canada), Term Loan B (1 mo. Term SOFR + 2.75%)	8.18%	01/31/2030			14,476		14,509,602
Philips Domestic Appliances (Nobel Bidco) (Netherlands), Term Loan B (6 mo. EURIBOR + 3.50%)	7.27%	06/23/2028	EUR		5,000		5,147,276
Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)	8.70%	08/31/2028			6,943		6,885,565
Quest Software US Holdings, Inc., Term Loan B (3 mo. Term SOFR + 4.25%)	9.77%	02/01/2029			19,703		16,217,692
RealPage, Inc., Term Loan B (1 mo. Term SOFR + 3.00%)	8.45%	04/24/2028			8,100		8,023,524
Sandvine Corp.
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)	9.82%	10/31/2025			2,011		1,744,791
Second Lien Term Loan (1 mo. SOFR + 8.00%)(e)	13.43%	11/02/2026			1,652		1,222,493

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Electronics & Electrical–(continued)
SonicWall U.S. Holdings, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)	12.93%	05/18/2026		$	1,804	$	1,709,121
Term Loan B(d)	–	05/16/2028			7,397		7,304,973
Ultimate Software Group, Inc.
First Lien Incremental Term Loan (3 mo. Term SOFR + 3.25%)	8.62%	05/04/2026			8,106		8,117,531
First Lien Term Loan (3 mo. Term SOFR + 3.75%)	9.22%	05/04/2026			5,364		5,371,870
Second Lien Incremental Term Loan (3 mo. Term SOFR + 5.25%)	10.62%	05/03/2027			1,068		1,065,709
UST Holdings Ltd., Term Loan B (1 mo. Term SOFR + 3.75%)	8.95%	11/19/2028			6,446		6,352,422
Utimaco (Germany)
Term Loan B-1 (3 mo. EURIBOR + 6.00%)(e)	10.03%	05/31/2029	EUR		13,364		13,751,913
Term Loan B-2 (3 mo. SOFR + 6.25%)(e)	11.81%	05/31/2029			7,500		7,042,784
Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 5.00%)	10.45%	09/01/2025			6,287		5,332,660
WebPros, Term Loan (3 mo. USD LIBOR + 5.51%)	10.75%	02/18/2027			6,751		6,742,641
							268,973,346
Financial Intermediaries–0.89%
Edelman Financial Center LLC (The)
Incremental Term Loan (1 mo. Term SOFR + 3.75%)	8.95%	04/07/2028			8,010		7,929,942
Second Lien Term Loan (1 mo. Term SOFR + 6.75%)	12.20%	07/20/2026			705		693,186
LendingTree, Inc., First Lien Delayed Draw Term Loan (1 mo. USD LIBOR + 3.75%)	9.20%	09/15/2028			10,094		8,461,932
Tegra118 Wealth Solutions, Inc., Term Loan (3 mo. Term SOFR + 4.00%)(e)	9.38%	02/18/2027			7,461		6,957,614
Virtue (Vistra+Tricor/Thevelia LLC)
First Lien Term Loan B (3 mo. Term SOFR + 4.00%)	9.39%	06/17/2029			3,367		3,367,038
First Lien Term Loan B (1 mo. Term SOFR + 4.75%)	10.26%	06/22/2029			1,063		1,066,215
							28,475,927
Food Products–2.34%
Biscuit Hld S.A.S.U. (BISPOU/Cookie Acq) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%)	7.27%	02/15/2027	EUR		16,538		15,256,971
Florida Food Products LLC
First Lien Term Loan (1 mo. Term SOFR + 5.00%)(e)	10.33%	10/18/2028			3,040		2,614,167
First Lien Term Loan (1 mo. Term SOFR + 5.00%)	10.45%	10/18/2028			19,373		16,708,983
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)(e)	13.45%	10/08/2029			4,194		3,460,155
H-Food Holdings LLC
Incremental Term Loan B-2 (1 mo. USD LIBOR + 4.00%)	9.58%	05/23/2025			2,388		2,161,561
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)	10.58%	05/23/2025			732		667,604
Term Loan (1 mo. USD LIBOR + 3.69%)	9.27%	05/23/2025			7,790		7,089,486
Nomad Foods US LLC (United Kingdom), Term Loan B (1 mo. Term SOFR + 3.75%)	8.56%	11/10/2029			2,212		2,218,005
Sigma Bidco (Netherlands)
Term Loan B (3 mo. EURIBOR + 5.00%)	7.41%	01/02/2028	EUR		17,675		18,780,512
Term Loan B (1 mo. Term SOFR + 4.75%)	8.21%	01/02/2028			3,338		3,269,162
United Natural Foods, Inc., Term Loan (1 mo. Term SOFR + 3.25%)	8.70%	10/22/2025			348		349,467
Valeo Foods (Jersey) Ltd. (Ireland), Term Loan B (6 mo. EURIBOR + 4.00%)	7.24%	09/29/2028	EUR		2,109		2,006,566
							74,582,639
Food Service–0.80%
Areas (Telfer Inv/Financiere Pax)
Revolver Loan(e)(f)	0.00%	01/02/2026	EUR		1,582		1,453,897
Term Loan B (6 mo. EURIBOR + 4.75%)	8.49%	07/01/2026	EUR		12,436		12,988,160
Euro Garages (Netherlands), Term Loan B (1 mo. Term SOFR + 4.00%)	9.16%	02/07/2025			1,026		1,028,404
US Foods, Inc., Incremental Term Loan B (1 mo. Term SOFR + 2.75%)	7.95%	11/22/2028			4,425		4,435,021
Weight Watchers International, Inc., Term Loan B (1 mo. Term SOFR + 3.50%)	8.95%	04/13/2028			7,475		5,653,029
							25,558,511
Forest Products–0.13%
NewLife Forest Restoration LLC, Term Loan (d)(e)	–	11/30/2023			4,281		4,280,746
Health Care–2.18%
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom), Term Loan B (1 mo. SONIA + 4.75%)	9.94%	06/08/2028	GBP		2,000		2,453,372
Ascend Learning LLC, First Lien Term Loan (1 mo. Term SOFR + 3.50%)	8.93%	12/11/2028			7,538		7,275,532

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Health Care–(continued)
athenahealth Group, Inc., Term Loan (1 mo. Term SOFR + 3.50%)	8.57%	02/15/2029		$	14,110	$	13,962,555
Bracket Intermediate Holding Corp. (Signant), Term Loan (1 mo. Term SOFR + 5.00%)	10.42%	05/03/2028			4,020		4,008,609
Curium BidCo S.a.r.l. (Luxembourg), Term Loan(d)(e)	–	07/31/2029			2,205		2,207,832
Ethypharm (Financiere Verdi, Orphea Ltd.) (France), Term Loan B (1 mo. SONIA + 4.50%)	9.43%	04/17/2028	GBP		1,378		1,497,731
Explorer Holdings, Inc., First Lien Term Loan (1 mo. Term SOFR + 4.50%)	9.95%	02/04/2027			3,900		3,822,199
Global Medical Response, Inc.
Term Loan (1 mo. Term SOFR+ 4.25%)	9.88%	03/14/2025			1,980		1,404,433
Term Loan (1 mo. USD LIBOR + 4.25%)	9.78%	10/02/2025			7,296		5,174,513
International SOS L.P., Term Loan B (3 mo. USD LIBOR + 3.75%)(e)	9.25%	09/07/2028			4,588		4,593,592
MedAssets Software Intermediate Holdings, Inc. (nThrive TSG)
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)	9.45%	12/18/2028			7,821		6,687,141
Second Lien Term Loan (1 mo. Term SOFR + 6.75%)	12.58%	12/17/2029			2,752		1,741,459
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany)
Term Loan B (3 mo. EURIBOR + 3.75%)	7.46%	12/15/2027	EUR		10		11,109
Term Loan B-2 (3 mo. EURIBOR + 3.75%)	7.46%	12/15/2027	EUR		6		6,417
Organon & Co., Term Loan B (3 mo. Term SOFR + 3.00%)	8.43%	06/02/2028			3,729		3,741,343
Sharp Midco LLC, Incremental Term Loan B(d)(e)	–	12/31/2028			1,362		1,362,324
Stamina BidCo B.V. (Synthon) (Netherlands), Term Loan B (3 mo. EURIBOR + 4.00%)	7.66%	11/02/2028	EUR		883		958,408
Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. Term SOFR + 4.75%)	10.43%	11/24/2028			3,524		3,533,941
Veonet (Blitz F21-433 GmbH) (Germany), Term Loan B (3 mo. EURIBOR + 4.25%)	7.85%	03/14/2029	EUR		762		824,519
Verscend Holding Corp., Term Loan B-1 (1 mo. Term SOFR + 4.00%)	9.45%	08/27/2025			1,489		1,490,991
Women’s Care Holdings, Inc. LLC
First Lien Term Loan (3 mo. Term SOFR + 4.50%)	10.05%	01/15/2028			1,577		1,406,283
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)	13.80%	01/15/2029			1,507		1,311,482
							69,475,785
Home Furnishings–1.93%
Hunter Douglas Holding B.V.
Term Loan B-1 (3 mo. Term SOFR + 3.50%)	8.89%	02/26/2029			16,531		16,107,407
Term Loan B-2 (3 mo. EURIBOR + 4.00%)	7.83%	02/26/2029	EUR		666		695,788
Mattress Holding Corp., Term Loan (6 mo. USD LIBOR + 4.25%)	9.95%	09/25/2028			15,241		15,153,451
Serta Simmons Bedding LLC, Term Loan (1 mo. Term SOFR + 7.50%)	12.69%	06/29/2028			10,673		10,701,466
SIWF Holdings, Inc., Term Loan B (1 mo. Term SOFR + 4.00%)	9.45%	10/06/2028			9,243		7,735,149
TGP Holdings III LLC, Term Loan B (1 mo. Term SOFR + 3.25%)	8.68%	06/29/2028			1,656		1,507,576
VC GB Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)	12.20%	07/01/2029			2,063		1,846,129
Weber-Stephen Products LLC
Incremental Term Loan B (1 mo. Term SOFR + 4.25%)	9.68%	10/30/2027			1,864		1,688,256
Term Loan B (1 mo. Term SOFR + 3.25%)	8.70%	10/30/2027			6,894		6,252,395
							61,687,617
Industrial Equipment–4.32%
Arconic Rolled Products Corp., Term Loan B (1 mo. Term SOFR + 4.50%)	9.88%	07/26/2030			4,831		4,841,699
Chart Industries, Inc., Term Loan B (1 mo. Term SOFR + 3.75%)	9.16%	03/14/2030			7,486		7,500,115
Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo. Term SOFR + 5.50%)	10.74%	06/08/2029			8,414		7,330,458
DXP Enterprises, Inc., Term Loan (1 mo. Term SOFR + 4.75%)	10.63%	12/23/2027			5,793		5,793,001
EMRLD Borrower L.P. (Copeland), Term Loan B (1 mo. Term SOFR + 3.00%)	8.33%	05/05/2030			10,350		10,373,703
Kantar (Summer BC Bidco) (United Kingdom)
Revolver Loan (1 mo. SONIA + 3.50%)(e)	4.03%	06/04/2026			4,004		3,623,489
Revolver Loan(e)(f)	0.00%	06/04/2026			6,246		5,652,761
Term Loan B (3 mo. USD LIBOR + 5.00%)	10.50%	12/04/2026			7,180		6,916,326
Term Loan B-3 (3 mo. EURIBOR + 4.25%)	7.71%	12/04/2026	EUR		1,203		1,274,397
Madison IAQ LLC, Term Loan (3 mo. USD LIBOR + 3.25%)	8.30%	06/21/2028			3,617		3,603,682
MKS Instruments, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)	8.18%	08/17/2029			5,742		5,747,883
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)(e)	9.73%	03/08/2025			4,589		4,497,045
Robertshaw US Holding Corp.
First Lien Term Loan (1 mo. Term SOFR + 0.00%)(e)	10.84%	02/28/2027			3,517		2,549,833
First Lien Term Loan (1 mo. Term SOFR + 0.00%)	12.34%	02/28/2027			22,046		19,456,047
First Lien Term Loan (1 mo. Term SOFR + 5.00%)	5.00%	02/28/2027			5,773		5,831,210

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Industrial Equipment–(continued)
Tank Holding Corp.
Revolver Loan (1 mo. SOFR + 5.75.00%)(e)	5.08%	03/31/2028		$	362	$	350,956
Revolver Loan(e)(f)	0.00%	03/31/2028			560		543,882
Term Loan (1 mo. Term SOFR + 6.00%)	13.00%	03/31/2028			13,714		13,332,685
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (6 mo. USD LIBOR + 3.50%)	9.38%	07/30/2027			17,251		17,249,717
Victory Buyer LLC (Vantage Elevator)
Second Lien Term Loan (1 mo. SOFR + 7.00%)(e)	12.51%	11/19/2029			1,148		990,087
Term Loan B (1 mo. Term SOFR + 3.75%)	9.26%	11/15/2028			11,185		10,262,034
							137,721,010
Insurance–1.66%
Acrisure LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	8.95%	02/15/2027			15,151		14,884,454
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)	9.20%	02/15/2027			4,740		4,662,972
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)	9.70%	02/15/2027			3,601		3,596,509
Term Loan (1 mo. Term SOFR + 5.75%)	11.12%	02/15/2027			4,506		4,528,816
Alliant Holdings Intermediate LLC
Term Loan (1 mo. USD LIBOR + 3.50%)	8.93%	11/06/2027			894		894,529
Term Loan B (1 mo. Term SOFR + 3.50%)	8.81%	11/05/2027			1,168		1,168,480
AmWINS Group LLC, Term Loan B (1 mo. Term SOFR + 2.75%)	8.20%	02/19/2028			1,861		1,862,024
Ryan Specialty Group LLC, Term Loan (1 mo. Term SOFR + 3.00%)	8.43%	09/01/2027			5,445		5,457,172
Sedgwick Claims Management Services, Inc., Term Loan B (1 mo. Term SOFR + 3.75%)	9.08%	02/24/2028			1,124		1,127,226
USI, Inc.
Term Loan (3 mo. Term SOFR + 3.25%)	8.79%	12/02/2026			4,039		4,047,071
Term Loan (1 mo. Term SOFR + 3.75%)	8.99%	11/22/2029			10,613		10,634,467
							52,863,720
Leisure Goods, Activities & Movies–3.07%
Alpha Topco Ltd. (United Kingdom), Term Loan B (1 mo. Term SOFR + 3.25%)	8.33%	01/15/2030			3,330		3,342,389
Callaway Golf Co., Term Loan B (1 mo. Term SOFR + 3.50%)	8.93%	03/09/2030			5,189		5,192,748
Carnival Corp., Incremental Term Loan (6 mo. USD LIBOR + 3.25%)	8.70%	10/18/2028			32,924		32,908,306
Crown Finance US, Inc. (United Kingdom), Term Loan (1 mo. Term SOFR + 8.50%)	14.38%	07/31/2028			10,589		10,683,629
Fitness International LLC, Term Loan B (3 mo. Term SOFR + 3.25%)	8.77%	04/18/2025			2,900		2,880,497
Global University Systems (Netherlands), Term Loan B (6 mo. EURIBOR + 3.00%)	6.66%	01/29/2027	EUR		1,035		1,085,034
Nord Anglia Education, Term Loan B (1 mo. Term SOFR + 4.50%)	9.92%	01/25/2028			4,707		4,720,025
Parques Reunidos (Piolin Bidco s.a.u) (Spain)
Revolver Loan (1 mo. SOFR + 3.50%)(e)	3.96%	03/16/2026	EUR		1,130		1,209,407
Revolver Loan(e)(f)	0.00%	03/16/2026			1,511		1,617,065
Royal Caribbean Cruises Ltd., Revolver Loan(e)(f)	0.00%	04/05/2024			15,663		15,193,211
Scenic (Columbus Capital B.V.) (Australia), Term Loan (3 mo. EURIBOR + 3.75%)	7.35%	02/27/2027	EUR		5,217		4,586,099
SeaWorld Parks & Entertainment, Inc., Term Loan B (1 mo. Term SOFR + 3.00%)	8.45%	08/25/2028			6,961		6,962,203
Vue International Bidco PLC (United Kingdom)
Term Loan (6 mo. EURIBOR + 8.00%)	11.09%	06/30/2027	EUR		1,867		1,935,219
Term Loan (6 mo. EURIBOR + 8.00%)	4.86%	12/31/2027	EUR		10,117		5,732,130
							98,047,962
Lodging & Casinos–3.80%
Aimbridge Acquisition Co., Inc.
First Lien Term Loan (1 mo. Term SOFR + 3.75%)	9.20%	02/02/2026			7,852		7,495,266
First Lien Term Loan (1 mo. Term SOFR + 4.75%)	10.18%	02/02/2026			6,577		6,369,954
Bally’s Corp., Term Loan B (3 mo. Term SOFR + 3.25%)	9.10%	10/02/2028			5,804		5,652,428
Caesars Entertainment, Inc., Term Loan B (1 mo. Term SOFR + 3.25%)	8.68%	02/06/2030			12,869		12,897,642
Everi Payments, Inc., Term Loan B (1 mo. Term SOFR + 2.50%)	7.95%	08/03/2028			7,630		7,632,415
Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. Term SOFR + 4.00%)	9.33%	08/02/2027			9,953		9,872,144
Flutter Financing B.V. (Stars Group), Term Loan B (1 mo. Term SOFR + 3.25%)	8.75%	07/04/2028			8,058		8,073,603
GVC Finance LLC
Incremental Term Loan (6 mo. Term SOFR + 3.50%)	8.44%	10/31/2029			11,186		11,222,439
Term Loan B-4 (6 mo. Term SOFR + 2.50%)	7.44%	03/16/2027			2,463		2,473,112
Hilton Grand Vacations Borrower LLC, Term Loan (1 mo. Term SOFR + 3.00%)	8.45%	08/02/2028			6,413		6,428,232

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Lodging & Casinos–(continued)
HotelBeds (United Kingdom)
Term Loan B-2 (3 mo. EURIBOR + 5.00%)	8.76%	09/12/2028	EUR		4,800	$	5,124,805
Term Loan C (6 mo. EURIBOR + 4.50%)	8.26%	09/30/2027	EUR		8,722		9,303,082
Term Loan D (6 mo. EURIBOR + 5.50%)	8.84%	09/12/2027	EUR		8,230		8,870,669
Light & Wonder, Inc., Term Loan B (1 mo. Term SOFR + 3.00%)	8.41%	04/07/2029		$	4,969		4,979,302
Ontario Gaming GTA L.P. (One Toronto Gaming), First Lien Term Loan B (1 mo. Term SOFR + 4.25%)	9.62%	07/20/2030			4,120		4,133,996
Penn National Gaming, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)	8.18%	05/03/2029			7,827		7,839,333
Scientific Games Lottery, First Lien Term Loan (3 mo. Term SOFR + 3.50%)	8.77%	04/04/2029			467		465,506
Travel + Leisure Co., Incremental Term Loan (1 mo. Term SOFR + 4.00%)	9.35%	12/14/2029			2,492		2,497,478
							121,331,406
Nonferrous Metals & Minerals–0.88%
ACNR Holdings, Inc., PIK Term Loan, 3.00% PIK Rate, 17.50% Cash Rate (3 mo. PRIME + 9.00%)(g)	3.00%	09/16/2025			2,057		2,063,710
American Rock Salt Co. LLC
First Lien Term Loan (1 mo. Term SOFR + 4.00%)	9.45%	06/09/2028			5,851		5,573,273
Second Lien Term Loan (1 mo. Term SOFR + 7.25%)	12.70%	06/11/2029			369		332,886
AZZ, Inc., Term Loan(d)	–	05/13/2029			7,188		7,214,278
Covia Holdings Corp., Term Loan (3 mo. Term SOFR + 4.00%)	9.53%	07/31/2026			4,016		3,998,780
Form Technologies LLC
First Lien Term Loan (3 mo. Term SOFR + 4.50%)	10.02%	07/19/2025			5,085		4,744,915
First Lien Term Loan (3 mo. Term SOFR + 9.00%)	14.52%	10/22/2025			3,037		2,338,845
SCIH Salt Holdings, Inc. (Kissner Group), First Lien Incremental Term Loan B-1 (3 mo. Term SOFR + 4.00%)	9.63%	03/16/2027			1,949		1,948,497
							28,215,184
Oil & Gas–2.06%
Gulf Finance LLC, Term Loan (1 mo. Term SOFR + 6.75%)	12.18%	08/25/2026			4,993		5,013,426
McDermott International Ltd.
LOC(e)(f)	0.00%	06/28/2024			15,188		11,314,830
LOC (3 mo. SOFR + 4.00%)(e)	4.09%	06/30/2024			7,455		5,218,209
PIK Second Lien Term Loan, 3.00% PIK Rate, 6.45% Cash Rate (1 mo. SOFR + 1.00%)(g)	3.00%	09/25/2025			4,015		2,147,940
Term Loan (1 mo. Term SOFR + 3.00%)(e)	8.45%	06/30/2024			425		308,389
Par Petroleum LLC and Par Petroleum Finance Corp. (Par Pacific), Term Loan B (1 mo. Term SOFR + 4.25%)	9.77%	02/14/2030			5,940		5,916,246
Petroleum GEO-Services ASA (Norway)
Term Loan (3 mo. SOFR + 6.75%)(e)	11.99%	03/18/2024			1,752		1,769,530
Term Loan (1 mo. USD LIBOR + 7.00%)	12.54%	03/19/2024			2,416		2,416,333
QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. SOFR + 8.00%) (Acquired 08/03/2021-10/14/2022; Cost $24,097,755)(h)	13.45%	08/27/2026			24,443		24,392,489
TransMontaigne Partners LLC, Term Loan B (1 mo. Term SOFR + 3.50%)	8.93%	11/17/2028			5,032		5,023,921
WhiteWater Whistler Holdings LLC, Term Loan B (1 mo. Term SOFR + 3.25%)	8.49%	01/25/2030			2,222		2,226,907
							65,748,220
Publishing–2.81%
Adtalem Global Education, Inc., Term Loan B (1 mo. Term SOFR + 4.00%)	9.45%	08/12/2028			1,232		1,234,380
Cengage Learning, Inc., Term Loan B (3 mo. Term SOFR + 4.75%)	10.32%	06/29/2026			16,812		16,796,270
Clear Channel Worldwide Holdings, Inc., Term Loan B (3 mo. Term SOFR + 3.50%)	8.81%	08/21/2026			10,285		10,083,321
Dotdash Meredith, Inc., Term Loan B (1 mo. Term SOFR + 4.00%)	9.42%	12/01/2028			18,700		18,069,138
Harbor Purchaser, Inc. (Houghton Mifflin Harcourt)
First Lien Term Loan B (1 mo. Term SOFR + 5.25%)	10.68%	04/09/2029			12,636		11,723,112
Second Lien Term Loan B (1 mo. Term SOFR + 8.00%)	13.83%	04/08/2030			8,093		6,950,160
McGraw-Hill Education, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)	9.99%	07/28/2028			17,186		16,883,576
Micro Holding L.P., Term Loan B-3 (1 mo. Term SOFR + 4.25%)	9.58%	05/03/2028			8,103		7,802,037
							89,541,994
Radio & Television–0.53%
Diamond Sports Holdings LLC, Second Lien Term Loan(i)(j)	0.00%	08/24/2026			9,684		271,503

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Radio & Television–(continued)
iHeartCommunications, Inc.
Second Lien Incremental Term Loan (1 mo. Term SOFR + 3.25%)	8.70%	05/01/2026		$	2,800	$	2,508,220
Term Loan (1 mo. Term SOFR + 3.00%)	8.45%	05/01/2026			9,780		8,754,468
Sinclair Television Group, Inc., Term Loan B-3 (1 mo. Term SOFR + 3.00%)	8.45%	04/01/2028			7,134		5,406,290
							16,940,481
Retailers (except Food & Drug)–1.59%
Bass Pro Group LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.75%)	9.20%	03/06/2028			11,364		11,350,020
CNT Holdings I Corp. (1-800 Contacts), First Lien Term Loan (1 mo. Term SOFR + 3.50%)	8.80%	11/08/2027			9,611		9,609,589
Douglas (Kirk Beauty GmbH) (Germany)
Term Loan B-1 (6 mo. EURIBOR + 5.25%)	9.18%	04/08/2026	EUR		1,102		1,189,999
Term Loan B-2 (6 mo. EURIBOR + 5.25%)	9.18%	04/08/2026	EUR		636		687,287
Term Loan B-3 (6 mo. EURIBOR + 5.25%)	9.18%	04/08/2026	EUR		1,166		1,259,761
Term Loan B-4(d)	–	04/08/2026	EUR		1,941		2,097,109
Term Loan B-5 (6 mo. EURIBOR + 5.25%)	9.43%	04/08/2026	EUR		433		467,906
Petco Animal Supplies, Inc., First Lien Term Loan (3 mo. Term SOFR + 3.25%)	8.75%	03/02/2028			6,031		6,005,729
PetSmart, Inc., Term Loan (1 mo. Term SOFR + 3.75%)	9.18%	02/11/2028			13,792		13,781,771
Savers, Inc., Term Loan (1 mo. Term SOFR + 5.50%)	10.75%	04/26/2028			4,320		4,359,508
							50,808,679
Surface Transport–2.15%
Carriage Purchaser, Inc., Term Loan B (1 mo. Term SOFR + 4.25%)	9.70%	09/30/2028			3,709		3,644,644
First Student Bidco, Inc.
Incremental Term C (3 mo. Term SOFR + 4.00%)	9.34%	07/21/2028			682		674,102
Incremental Term Loan B (3 mo. Term SOFR + 4.00%)	9.34%	07/21/2028			9,766		9,658,047
Term Loan B (3 mo. Term SOFR+ 3.00%)	8.50%	07/21/2028			12,940		12,633,823
Term Loan C (3 mo. Term SOFR + 3.00%)	8.50%	07/21/2028			4,850		4,735,524
Hurtigruten (Explorer II AS) (Norway), Term Loan B (3 mo. EURIBOR + 6.50%)	10.45%	02/26/2027	EUR		14,280		12,731,215
Novae LLC, Term Loan B (3 mo. Term SOFR + 5.00%)	10.34%	12/22/2028			1,671		1,520,746
Odyssey Logistics & Technology Corp., Term Loan B (1 mo. Term SOFR + 4.50%)	9.92%	10/12/2027			3,249		3,235,555
PODS LLC
Incremental Term Loan B (1 mo. Term SOFR + 4.00%)	9.45%	04/01/2028			4,864		4,772,624
Term Loan B (1 mo. Term SOFR + 3.00%)	8.45%	04/01/2028			11,311		11,007,610
STG – XPOI Opportunity, Term Loan B (1 mo. Term SOFR + 6.00%)(e)	11.39%	03/24/2028			4,026		3,875,059
							68,488,949
Telecommunications–5.04%
Avaya, Inc., Term Loan (1 mo. Term SOFR + 8.50%) (Acquired 12/21/2017-08/31/2023; Cost $27,616,587)(h)	7.00%	05/15/2029			8,171		6,853,552
Cablevision Lightpath LLC, Term Loan (1 mo. Term SOFR + 3.25%)	8.67%	11/30/2027			3,167		3,109,460
CCI Buyer, Inc. (Consumer Cellular), Term Loan (3 mo. Term SOFR + 4.00%)	9.24%	12/17/2027			13,752		13,629,173
CenturyLink, Inc., Term Loan B (1 mo. Term SOFR + 2.25%)	7.70%	03/15/2027			20,521		13,498,154
Crown Subsea Communications Holding, Inc.
Incremental Term Loan (1 mo. Term SOFR + 5.25%)	10.68%	04/27/2027			6,089		6,114,494
Term Loan (1 mo. Term SOFR + 4.75%)	10.43%	04/27/2027			10,393		10,430,770
Frontier Communications Corp., Term Loan B (1 mo. Term SOFR + 3.75%)	9.20%	05/01/2028			39		37,803
II-VI, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)	8.20%	07/02/2029			10,734		10,732,842
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. Term SOFR + 3.50%)	8.83%	12/11/2026			1,899		1,897,594
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B (6 mo. Term SOFR + 4.25%)	9.77%	02/01/2029			23,840		23,869,936
MLN US HoldCo LLC, Second Lien Term Loan B (3 mo. Term SOFR + 8.75%)	14.09%	11/30/2026			677		88,045
MLN US HoldCo LLC (dba Mitel)
First Lien Term Loan (3 mo. Term SOFR + 4.50%)	9.84%	11/30/2025			164		23,737
Second Lien Term Loan (6 mo. SOFR + 6.70%)	12.11%	11/01/2027			23,471		8,566,721
Term Loan (6 mo. SOFR + 6.44%)	11.85%	11/01/2027			9,986		7,639,556
Third Lien Term Loan (3 mo. SOFR + 9.25%)(e)	14.66%	11/01/2027			8,152		1,630,374
Radiate Holdco LLC, Term Loan B (1 mo. Term SOFR + 3.25%)	8.70%	09/25/2026			10,374		8,544,393
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)	8.43%	12/07/2026			12,567		9,079,319
Viasat, Inc., Term Loan (1 mo. Term SOFR + 3.75%)	9.83%	03/02/2029			9,123		8,948,623
Voyage Digital (NC) Ltd., Term Loan B (3 mo. Term SOFR + 4.50%)	9.63%	05/10/2029			5,687		5,697,606

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)(a)		Value
Telecommunications–(continued)
Windstream Services LLC, Term Loan (1 mo. Term SOFR + 6.25%)	11.68%	09/21/2027		$	7,778	$	7,438,123
Zayo Group Holdings, Inc.
Incremental Term Loan (1 mo. Term SOFR + 4.25%)	9.66%	03/09/2027			3,806		3,071,947
Term Loan (1 mo. Term SOFR + 3.00%)	8.45%	03/09/2027			12,270		9,864,362
							160,766,584
Utilities–2.55%
APLP Holdings L.P. (Canada), Term Loan (3 mo. USD LIBOR + 3.75%)	9.29%	05/14/2027			2,399		2,393,187
Brookfield WEC Holdings, Inc.
First Lien Term Loan (1 mo. Term SOFR + 2.75%)	8.20%	08/01/2025			1,296		1,296,818
Incremental Term Loan (1 mo. Term SOFR + 3.75%)	9.08%	08/01/2025			9,657		9,685,049
Covanta Energy Corp.
Term Loan B (1 mo. Term SOFR + 3.00%)	8.31%	11/30/2028			1,763		1,766,294
Term Loan C (1 mo. Term SOFR + 0.00%)	8.31%	11/30/2028			132		132,472
Eastern Power LLC, Term Loan (1 mo. Term SOFR + 3.75%)	9.20%	10/02/2025			6,013		5,796,114
Frontera Generation Holdings LLC
First Lien Term Loan (3 mo. SOFR + 13.00%) (Acquired 07/28/2021; Cost $4,144,155)(h)	18.54%	07/28/2026			4,165		4,185,804
Second Lien Term Loan (3 mo. SOFR + 1.50%) (Acquired 07/28/2021; Cost $2,212,086)(h)	7.04%	07/28/2028			4,043		1,869,694
Generation Bridge LLC, Term Loan B (1 mo. Term SOFR + 4.25%)	9.56%	08/07/2029			4,469		4,474,486
Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)	9.20%	11/09/2026			9,229		9,066,423
KAMC Holdings, Inc. (Franklin Energy Group), First Lien Term Loan B (6 mo. Term SOFR + 4.00%)	9.73%	08/14/2026			4,698		4,112,061
Lightstone Holdco LLC
Term Loan B (1 mo. Term SOFR + 5.75%)	11.08%	02/01/2027			14,384		13,101,164
Term Loan C (1 mo. Term SOFR + 5.75%)	11.08%	02/01/2027			810		738,123
Nautilus Power LLC, Term Loan (1 mo. Term SOFR + 5.25%)	10.75%	11/16/2026			6,218		4,716,540
Osmose Utilities Services, Inc., First Lien Term Loan (1 mo. Term SOFR + 3.00%)	8.70%	06/23/2028			510		507,284
Talen Energy Supply LLC
Term Loan B (1 mo. Term SOFR + 4.50%)	9.88%	05/27/2030			7,152		7,186,093
Term Loan C (1 mo. Term SOFR + 4.50%)	9.88%	05/27/2030			4,385		4,405,974
USIC Holding, Inc., First Lien Term Loan (1 mo. Term SOFR + 3.50%)	8.95%	05/12/2028			6,014		5,880,026
							81,313,606
Total Variable Rate Senior Loan Interests (Cost $2,661,783,328)							2,552,655,529
				Shares
Common Stocks & Other Equity Interests–7.02%
Building & Development–0.00%
Haya (Holdco2 PLC/Real Estate SAU) (Acquired 06/14/2022; Cost $0)(e)(h)					12,156		0
Business Equipment & Services–1.61%
iQor US, Inc.					451,676		663,512
Monitronics International, Inc. (Acquired 06/30/2023; Cost $10,864,040)(e)(h)					539,694		11,333,574
My Alarm Center LLC, Class A (Acquired 03/09/2021-12/03/2021; Cost $21,866,485)(e)(h)(k)					162,067		39,252,693
							51,249,779
Containers & Glass Products–0.21%
Libbey Glass LLC (Acquired 11/13/2020-02/10/2022; Cost $3,769,108)(h)					864,916		6,811,214
Electronics & Electrical–0.12%
Diebold Nixdorf, Inc.					41,001		730,228
Fusion Connect, Inc. (Acquired 05/03/2018-12/31/2019; Cost $1,142)(e)(h)					113		1
Fusion Connect, Inc., Wts., expiring 01/14/2040 (Acquired 05/03/2018-12/31/2019; Cost $10,615,018)(e)(h)(k)					1,052,649		10,526
Internap Corp. (Acquired 02/06/2018-02/10/2023; Cost $7,928,094)(e)(h)					2,996,076		3,145,880
Riverbed Technology, Inc. (Acquired 07/03/2023; Cost $28,749)(e)(h)					221,146		28,749
Sungard Availability Services Capital, Inc. (Acquired 06/27/2018-05/03/2019; Cost $3,020,003)(h)					37,318		21,085
							3,936,469

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Senior Floating Rate Fund

						Shares		Value
Home Furnishings–0.22%
Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $69,439)(h)							447,996	$	6,899,138
Industrial Equipment–0.15%
North American Lifting Holdings, Inc.(k)							679,193		4,754,351
Leisure Goods, Activities & Movies–0.33%
Crown Finance US, Inc.							3,261		70,627
Crown Finance US, Inc., Rts.							488,617		10,581,735
Vue International Bidco PLC(e)							9,990,918		0
									10,652,362
Oil & Gas–4.15%
Harvey Gulf International Marine LLC(e)(k)							116,926		4,326,262
Larchmont Resources LLC (Acquired 12/09/2016; Cost $2,732,241)(e)(h)(k)							8,096		210,484
McDermott International Ltd.(e)							789,865		120,059
QuarterNorth Energy Holding, Inc. (Acquired 06/02/2021-10/29/2021; Cost $43,870,908)(e)(h)(k)							671,335		113,489,182
Sabine Oil & Gas Holdings, Inc. (Acquired 01/16/2013-03/12/2021; Cost $18,267,226)(e)(h)(l)							18,025		3,425
Seadrill Ltd.(l)							124,609		6,062,228
Southcross Energy Partners L.P. (Acquired 07/30/2014-10/29/2020; Cost $29,026,224)(h)(k)							2,914,935		40,809
Tribune Resources LLC (Acquired 03/30/2018; Cost $18,014,717)(h)(k)							5,811,199		7,990,398
									132,242,847
Surface Transport–0.14%
Commercial Barge Line Co. (Acquired 01/31/2020-02/06/2020; Cost $1,838,610)(e)(h)							35,397		1,592,865
Commercial Barge Line Co.(e)							29,140		728,500
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023-08/18/2023; Cost $0)(e)(h)(k)							386,228		181,044
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-05/17/2023; Cost $0)(e)(h)(k)							300,345		187,716
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 01/31/2020-08/25/2020; Cost $1,932,877)(h)(k)							37,211		1,674,495
									4,364,620
Telecommunications–0.09%
Avaya Holdings Corp. (Acquired 05/01/2023; Cost $4,295,205)(h)							286,347		2,457,859
Avaya, Inc. (Acquired 05/01/2023; Cost $778,995)(h)							51,933		445,767
									2,903,626
Utilities–0.00%
Frontera Generation Holdings LLC (Acquired 07/28/2021-11/30/2021; Cost $1,035,881)(h)(k)							295,967		21,458
Total Common Stocks & Other Equity Interests (Cost $241,218,700)									223,835,864
	Interest Rate		Maturity Date			Principal Amount (000)
Non-U.S. Dollar Denominated Bonds & Notes–4.14%(m)
Automotive–0.20%
Cabonline Group Holding AB (Sweden)(e)(n)		14.00%		10/31/2023	SEK		4,853		416,703
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)(j)(n)(o)		0.00%		04/19/2026	SEK		71,250		4,718,112
Conceria Pasubio S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)(n)(o)		8.10%		09/30/2028	EUR		1,369		1,416,598
									6,551,413
Building & Development–0.25%
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)(n)(o)		8.66%		01/15/2027	EUR		750		808,517
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)(n)(o)		8.66%		01/15/2027	EUR		1,500		1,617,035
Haya Holdco 2 PLC (United Kingdom) (3 mo. EURIBOR + 9.00%) (Acquired 06/14/2022; Cost $7,841,290)(h)(n)(o)		12.77%		11/30/2025	EUR		10,024		4,021,573
Ideal Standard International S.A. (Belgium)(n)		6.38%		07/30/2026	EUR		2,054		1,386,467
									7,833,592

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Cable & Satellite Television–0.08%
Altice Finco S.A. (Luxembourg)(n)	4.75%	01/15/2028	EUR		3,744	$	2,671,374
Chemicals & Plastics–0.01%
Herens Midco S.a.r.l. (Luxembourg)(n)	5.25%	05/15/2029	EUR		448		268,078
Electronics & Electrical–0.25%
Versuni Group B.V. (Netherlands)(n)	3.13%	06/15/2028	EUR		9,070		7,929,123
Financial Intermediaries–1.91%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%) (Acquired 04/01/2021-11/24/2021; Cost $15,690,195)(h)(n)(o)	8.73%	08/01/2024	EUR		13,583		7,353,909
Garfunkelux Holdco 3 S.A. (Luxembourg)(n)	6.75%	11/01/2025	EUR		2,100		1,830,185
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(n)(o)	9.98%	05/01/2026	EUR		10,341		9,073,441
Garfunkelux Holdco 3 S.A. (Luxembourg)(n)	6.75%	11/01/2025	EUR		1,000		871,516
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(n)(o)	9.98%	05/01/2026	EUR		1,825		1,601,299
Kane Bidco Ltd. (United Kingdom)(n)	5.00%	02/15/2027	EUR		976		1,005,909
Kane Bidco Ltd. (United Kingdom)(n)	6.50%	02/15/2027	GBP		1,219		1,423,369
Sherwood Financing PLC (United Kingdom)(n)	4.50%	11/15/2026	EUR		1,391		1,315,187
Sherwood Financing PLC (United Kingdom)(n)	6.00%	11/15/2026	GBP		1,404		1,475,313
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(n)(o)	8.41%	11/15/2027	EUR		9,180		9,645,853
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(n)(o)	8.41%	11/15/2027	EUR		2,000		2,101,493
Very Group Funding PLC (The) (United Kingdom)(n)	6.50%	08/01/2026	GBP		14,141		14,286,263
Zenith Finco PLC (United Kingdom)(n)	6.50%	06/30/2027	GBP		9,042		8,865,316
							60,849,053
Food Products–0.52%
Sigma Holdco B.V. (Netherlands)(n)	5.75%	05/15/2026	EUR		17,850		16,712,952
Industrial Equipment–0.13%
Summer (BC) Holdco A S.a.r.l. (Luxembourg)(n)	9.25%	10/31/2027	EUR		4,597		4,031,514
Leisure Goods, Activities & Movies–0.05%
Deuce Finco PLC (United Kingdom)(n)	5.50%	06/15/2027	GBP		1,363		1,490,801
Retailers (except Food & Drug)–0.72%
Douglas GmbH (Germany)(n)	6.00%	04/08/2026	EUR		5,000		5,206,916
Douglas GmbH (Germany)(n)	6.00%	04/08/2026	EUR		6,486		6,754,411
Kirk Beauty SUN GmbH 9.00% PIK Rate, 8.25% Cash Rate (Germany)(g)(n)	9.00%	10/01/2026	EUR		10,867		10,923,813
							22,885,140
Surface Transport–0.02%
Zenith Finco PLC (United Kingdom)(n)	6.50%	06/30/2027	GBP		752		737,306
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $160,842,983)							131,960,346
U.S. Dollar Denominated Bonds & Notes–2.88%
Aerospace & Defense–0.38%
Castlelake Aviation Finance DAC(n)	5.00%	04/15/2027		$	5,800		5,352,837
Rand Parent LLC(n)	8.50%	02/15/2030			7,113		6,781,473
							12,134,310
Automotive–0.01%
Clarios Global L.P./Clarios US Finance Co.(n)	6.75%	05/15/2028			314		313,468
Building & Development–0.39%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 11/02/2020-12/11/2020; Cost $4,851,901)(h)(n)	5.75%	05/15/2026			5,180		4,758,684
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 09/22/2021-12/15/2021; Cost $9,307,843)(h)(n)	4.50%	04/01/2027			9,367		7,831,608
							12,590,292
Business Equipment & Services–0.13%
ADT Security Corp. (The)(n)	4.13%	08/01/2029			4,743		4,144,410

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Senior Floating Rate Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Cable & Satellite Television–0.67%
Altice Financing S.A. (Luxembourg)(n)	5.75%	08/15/2029		$	1,414	$	1,121,387
Altice Financing S.A. (Luxembourg)(n)	5.00%	01/15/2028			15,051		12,251,657
Altice France S.A. (France)(n)	5.50%	10/15/2029			6,838		4,945,382
Virgin Media Secured Finance PLC (United Kingdom)(n)	4.50%	08/15/2030			3,741		3,162,137
							21,480,563
Chemicals & Plastics–0.42%
SK Invictus Intermediate II S.a.r.l.(n)	5.00%	10/30/2029			13,475		11,082,783
Windsor Holdings III LLC (Acquired 06/22/2023; Cost $2,290,000)(h)(n)	8.50%	06/15/2030			2,290		2,302,852
							13,385,635
Cosmetics & Toiletries–0.07%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC(n)	6.63%	07/15/2030			2,316		2,318,779
Food Products–0.01%
Sigma Holdco B.V. (Netherlands)(n)	7.88%	05/15/2026			250		212,891
Food Service–0.10%
WW International, Inc.(n)	4.50%	04/15/2029			4,476		3,103,658
Health Care–0.05%
Global Medical Response, Inc. (Acquired 09/24/2020; Cost $2,186,000)(h)(n)	6.50%	10/01/2025			2,186		1,512,842
Industrial Equipment–0.11%
Arsenal AIC Parent LLC(n)	8.00%	10/01/2030			612		625,764
Chart Industries, Inc.(n)	7.50%	01/01/2030			669		686,323
Emerald Debt Merger Sub LLC(n)	6.63%	12/15/2030			2,323		2,289,711
							3,601,798
Lodging & Casinos–0.12%
Caesars Entertainment, Inc.(n)	7.00%	02/15/2030			1,548		1,555,441
Ontario Gaming GTA L.P. (Canada)(n)	8.00%	08/01/2030			2,141		2,166,200
							3,721,641
Publishing–0.03%
McGraw-Hill Education, Inc.(n)	5.75%	08/01/2028			1,101		978,128
Radio & Television–0.06%
Diamond Sports Group LLC/Diamond Sports Finance Co.(i)(j)(n)	0.00%	08/15/2026			6,116		151,738
iHeartCommunications, Inc.	6.38%	05/01/2026			2,000		1,747,030
							1,898,768
Retailers (except Food & Drug)–0.10%
Evergreen Acqco 1 L.P./TVI, Inc.(n)	9.75%	04/26/2028			2,984		3,114,430
Telecommunications–0.23%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom)(n)	6.75%	10/01/2026			4,556		4,326,681
Windstream Escrow LLC/Windstream Escrow Finance Corp.(n)	7.75%	08/15/2028			3,818		3,098,775
							7,425,456
Total U.S. Dollar Denominated Bonds & Notes (Cost $106,216,929)							91,937,069
				Shares
Preferred Stocks–1.80%
Nonferrous Metals & Minerals–1.13%
ACNR Holdings, Inc., Pfd.					68,978		36,213,450
Oil & Gas–0.09%
McDermott International Ltd., Pfd.(e)					4,210		2,736,505
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-10/31/2019; Cost $11,607,048)(e)(h)(k)					11,609,066		103,321
							2,839,826

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco Senior Floating Rate Fund

				Shares		Value
Surface Transport–0.58%
Commercial Barge Line Co., Series A, Pfd. (Acquired 01/31/2020-08/25/2020; Cost $2,944,341)(h)					103,992	$	2,443,812
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/01/2021; Cost $3,094,944)(h)(k)					109,316		2,568,926
Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $3,389,672)(h)					142,554		7,840,470
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-02/17/2021; Cost $2,380,533)(h)(k)					100,115		5,506,325
							18,359,533
Total Preferred Stocks (Cost $24,451,205)							57,412,809
	Interest Rate	Maturity Date		Principal Amount (000)(a)
Asset-Backed Securities–0.55%
Structured Products–0.55%
Babson Euro CLO B.V., Series 2021-1A, Class E (Ireland) (3 mo. EURIBOR + 7.05%)(m)(n)(o)	10.75%	04/24/2034	EUR		977		965,399
CIFC Funding Ltd., Series 2014-4RA, Class DR (Cayman Islands) (3 mo. Term SOFR + 7.26%)(n)(o)	12.57%	01/17/2035		$	1,250		1,189,460
Empower CLO Ltd., Series 2023-1A, Class E (Cayman Islands) (3 mo. Term SOFR + 8.22%)(n)(o)	13.29%	04/25/2036			3,500		3,564,096
Empower CLO Ltd., Series 2023-2A, Class E (Cayman Islands) (3 mo. Term SOFR + 8.25%)(n)(o)	13.59%	07/15/2036			2,000		2,000,928
Jubilee CLO DAC, Series 2018-21A, Class ER (Ireland) (3 mo. EURIBOR + 6.07%)(m)(n)(o)	9.73%	04/15/2035	EUR		1,959		1,944,443
Madison Park Funding XVIII Ltd., Series 2015-18A, Class ER (Cayman Islands) (3 mo. Term SOFR + 6.61%)(n)(o)	11.94%	10/21/2030			3,150		2,982,612
Madison Park Funding XXX Ltd., Series 2018-30A, Class E (Cayman Islands) (3 mo. Term SOFR + 5.21%)(n)(o)	10.52%	04/15/2029			3,275		3,087,578
Regatta XIV Funding Ltd., Series 2018-3A, Class E (Cayman Islands) (3 mo. Term SOFR + 6.21%)(n)(o)	11.56%	10/25/2031			2,200		1,987,808
Total Asset-Backed Securities (Cost $18,183,387)							17,722,324
Municipal Obligations–0.45%
Arizona–0.45%
Arizona (State of) Industrial Development Authority (NewLife Forest Restoration LLC) (Green Bonds), Series 2022 A, RB (Acquired 02/22/2022-07/01/2023; Cost $15,880,339) (Cost $17,204,508)(h)(n)	0.00%	01/01/2028			17,075		14,470,224
				Shares
Money Market Funds–3.31%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(k)(p)					63,601,590		63,601,590
Invesco Treasury Portfolio, Institutional Class, 5.25%(k)(p)					41,937,612		41,937,612
Total Money Market Funds (Cost $105,539,202)							105,539,202
TOTAL INVESTMENTS IN SECURITIES–100.16% (Cost $3,335,440,242)							3,195,533,367
OTHER ASSETS LESS LIABILITIES–(0.16)%							(5,127,822	)
NET ASSETS–100.00%						$	3,190,405,545

Investment Abbreviations:

CLO	- Collateralized Loan Obligation
EUR	- Euro
EURIBOR	- Euro Interbank Offered Rate
GBP	- British Pound Sterling
LIBOR	- London Interbank Offered Rate
LOC	- Letter of Credit
Pfd.	- Preferred
PIK	- Pay-in-Kind
RB	- Revenue Bonds
Rts.	- Rights
SEK	- Swedish Krona
SOFR	- Secured Overnight Financing Rate
SONIA	- Sterling Overnight Index Average
STIBOR	- Stockholm Interbank Offered Rate
USD	- U.S. Dollar
Wts.	- Warrants

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Invesco Senior Floating Rate Fund

Notes to Schedule of Investments:

^(a)  Principal amounts are denominated in U.S. dollars unless otherwise noted.

^(b)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(c)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(d)  This variable rate interest will settle after August 31, 2023, at which time the interest rate will be determined.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(f)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 8.

^(g)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(h)  Restricted security. The aggregate value of these securities at August 31, 2023 was $305,885,779, which represented 9.59% of the Fund’s Net Assets.

⁽ⁱ⁾  The borrower has filed for protection in federal bankruptcy court.

^(j)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $5,141,353, which represented less than 1% of the Fund’s Net Assets.

^(k)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

	Value August 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	110,290,453		$	531,905,809	$	(578,594,672	)	$	-		$	-		$	63,601,590		$	2,488,019
Invesco Treasury Portfolio, Institutional Class		69,840,969			354,603,874		(382,507,231	)		-			-			41,937,612			1,399,400
Investments in Other Affiliates:
Commercial Barge Line Co., Wts., expiring 04/27/2045		725,614			-		-			948,881			-			1,674,495			-
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045		3,484,453			-		(728,499	)		304,684			(491,712	)		2,568,926			-
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045		4,880,606			-		-			625,719			-			5,506,325			-
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030		584,111			-		(584,133	)		(403,067	)		584,133			181,044			-
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045		563,147			-		(563,168	)		(375,431	)		563,168			187,716			-
Frontera Generation Holdings LLC		92,490			-		-			(71,032	)		-			21,458			-
Fusion Connect, Inc., Wts., expiring 01/14/2040		10,526			-		-			-			-			10,526			-
Harvey Gulf International Marine LLC		2,747,761			-		-			1,578,501			-			4,326,262			549,552
Internap Corp.*		485,341			7,928,094		-			3,457,634			(8,725,189	)		3,145,880			-
Larchmont Resources LLC		809,553			-		-			(599,069	)		-			210,484			1,054,723
My Alarm Center LLC, Class A		25,849,729			-		-			13,402,964			-			39,252,693			-
North American Lifting Holdings, Inc.		6,791,930			-		-			(2,037,579	)		-			4,754,351			-
QuarterNorth Energy Holding, Inc.		80,784,090			-		-			16,475,839			-			113,489,182			4,573,942**
Southcross Energy Partners L.P., Series A, Pfd.		870,680			-		-			(767,359	)		-			103,321			1,414,016
Southcross Energy Partners L.P.		87,448			-		-			(46,639	)		-			40,809			-
Tribune Resources LLC, Wts., expiring 04/03/2023		37,614			-		-			112,842			(150,456	)		-			-
Tribune Resources LLC		16,163,850			-		-			(8,173,452	)		-			7,990,398			639,232
Total	$	325,100,365		$	894,437,777	$	(962,977,703	)	$	24,433,436		$	(8,220,056	)	$	289,003,072		$	12,118,884

* As of August 31, 2022, this security was not considered as an affiliate of the Fund.

** Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Invesco Senior Floating Rate Fund

^(l)  Non-income producing security.

^(m)  Foreign denominated security. Principal amount is denominated in the currency indicated.

⁽ⁿ⁾  Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $254,342,933, which represented 7.97% of the Fund’s Net Assets.

^(o)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(p)  The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

Open Forward Foreign Currency Contracts
										Unrealized
Settlement		Contract to								Appreciation
Date	Counterparty	Deliver				Receive				(Depreciation)
Currency Risk
09/29/2023	Barclays Bank PLC		EUR	3,041,509			USD	3,328,080		$	26,218
10/31/2023	Barclays Bank PLC		EUR	86,705,391			USD	94,508,789			236,903
09/29/2023	BNP Paribas S.A.		EUR	87,312,595			USD	97,066,569			2,280,034
09/29/2023	BNP Paribas S.A.		GBP	14,699,768			USD	18,853,389			229,626
09/29/2023	BNP Paribas S.A.		SEK	7,500,000			USD	701,915			16,080
10/31/2023	BNP Paribas S.A.		GBP	14,764,725			USD	18,752,654			45,711
09/29/2023	Citibank N.A.		GBP	715,269			USD	919,216			13,011
10/31/2023	Citibank N.A.		EUR	85,411,281			USD	93,141,087			276,244
10/31/2023	Citibank N.A.		USD	1,877,179			GBP	1,486,319			5,991
09/29/2023	Morgan Stanley and Co. International PLC		EUR	87,383,979			USD	97,167,053			2,303,022
09/29/2023	Morgan Stanley and Co. International PLC		GBP	14,980,369			USD	19,210,915			231,647
09/29/2023	Morgan Stanley and Co. International PLC		SEK	61,295,747			USD	5,917,507			312,337
09/29/2023	Morgan Stanley and Co. International PLC		USD	156,590			SEK	1,714,253			170
10/31/2023	Morgan Stanley and Co. International PLC		GBP	14,764,724			USD	18,774,240			67,297
09/29/2023	Royal Bank of Canada		GBP	14,699,768			USD	18,876,692			252,929
09/29/2023	Royal Bank of Canada		USD	5,163,421			SEK	56,486,636			1,981
10/31/2023	Royal Bank of Canada		EUR	89,388,282			USD	97,400,928			212,023
10/31/2023	Royal Bank of Canada		GBP	14,544,355			USD	18,502,573			74,838
09/29/2023	State Street Bank & Trust Co.		EUR	88,083,979			USD	97,659,712			2,035,762
10/31/2023	State Street Bank & Trust Co.		EUR	7,394			USD	8,049			9
10/31/2023	State Street Bank & Trust Co.		GBP	110,736			USD	140,705			403
09/29/2023	UBS AG		GBP	680,230			USD	868,219			6,407
Subtotal–Appreciation											8,628,643
Currency Risk
09/29/2023	Barclays Bank PLC		USD	94,360,523			EUR	86,705,391			(233,168	)
10/31/2023	Barclays Bank PLC		USD	1,088,183			EUR	1,000,000			(916	)
09/29/2023	BNP Paribas S.A.		USD	20,912,487			GBP	16,447,371			(74,611	)
09/29/2023	Citibank N.A.		USD	92,995,802			EUR	85,411,281			(273,333	)
09/29/2023	Morgan Stanley and Co. International PLC		USD	3,834,174			EUR	3,500,000			(34,574	)
09/29/2023	Morgan Stanley and Co. International PLC		USD	19,633,625			GBP	15,439,632			(72,497	)
09/29/2023	Morgan Stanley and Co. International PLC		USD	735,694			SEK	7,657,127			(35,491	)
09/29/2023	Royal Bank of Canada		GBP	652,694			USD	824,345			(2,581	)
09/29/2023	Royal Bank of Canada		USD	95,983,109			EUR	88,205,391			(227,354	)
09/29/2023	Royal Bank of Canada		USD	18,497,959			GBP	14,541,094			(75,226	)
09/29/2023	Royal Bank of Canada		USD	275,277			SEK	2,937,731			(6,637	)
10/31/2023	Royal Bank of Canada		SEK	56,598,836			USD	5,180,929			(2,118	)
10/31/2023	Royal Bank of Canada		USD	1,633,689			EUR	1,500,000			(2,789	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Invesco Senior Floating Rate Fund

Open Forward Foreign Currency Contracts–(continued)

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

09/29/2023

UBS AG

USD

2,220,600

EUR

2,000,000

$

(49,400

)

Subtotal–Depreciation

(1,090,695

)

Total Forward Foreign Currency Contracts

$

7,537,948

Abbreviations:

EUR - Euro

GBP - British Pound Sterling

SEK - Swedish Krona

USD - U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25 Invesco Senior Floating Rate Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $3,048,745,236)	$	2,906,530,295
Investments in affiliates, at value (Cost $286,695,006)		289,003,072
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		8,628,643
Cash collateral – revolver		434,911
Cash		24,669,448
Foreign currencies, at value (Cost $10,415,722)		10,299,197
Receivable for:
Investments sold		46,140,648
Fund shares sold		3,477,462
Dividends		1,221,981
Interest		43,643,412
Investment for trustee deferred compensation and retirement plans		312,458
Other assets		304,183
Total assets		3,334,665,710
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,090,695
Payable for:
Investments purchased		78,700,827
Dividends		7,609,345
Fund shares reacquired		2,537,495
Accrued fees to affiliates		1,418,488
Accrued trustees’ and officers’ fees and benefits		2,805
Accrued other operating expenses		263,874
Trustee deferred compensation and retirement plans		312,458
Unfunded loan commitments		52,324,178
Total liabilities		144,260,165
Net assets applicable to shares outstanding	$	3,190,405,545

Net assets consist of:
Shares of beneficial interest	$	5,895,281,458
Distributable earnings (loss)		(2,704,875,913	)
	$	3,190,405,545
Net Assets:
Class A	$	1,558,450,874
Class C	$	200,488,760
Class R	$	53,577,755
Class Y	$	1,178,318,857
Class R5	$	19,766
Class R6	$	199,549,533
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		233,670,637
Class C		30,043,396
Class R		8,038,675
Class Y		177,013,916
Class R5		2,962
Class R6		29,979,320
Class A:
Net asset value per share	$	6.67
Maximum offering price per share (Net asset value of $6.67 ÷ 96.75%)	$	6.89
Class C:
Net asset value and offering price per share	$	6.67
Class R:
Net asset value and offering price per share	$	6.66
Class Y:
Net asset value and offering price per share	$	6.66
Class R5:
Net asset value and offering price per share	$	6.67
Class R6:
Net asset value and offering price per share	$	6.66

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26 Invesco Senior Floating Rate Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Interest	$	305,251,250
Dividends		17,040,785
Dividends from affiliates		12,118,884
Total investment income		334,410,919
Expenses:
Advisory fees		20,226,031
Administrative services fees		474,475
Custodian fees		291,127
Distribution fees:
Class A		3,849,366
Class C		2,280,639
Class R		269,146
Interest, facilities and maintenance fees		1,575,829
Transfer agent fees – A, C, R and Y		4,051,882
Transfer agent fees – R5		9
Transfer agent fees – R6		58,561
Trustees’ and officers’ fees and benefits		45,646
Registration and filing fees		230,065
Reports to shareholders		212,085
Professional services fees		515,953
Other		45,488
Total expenses		34,126,302
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(999,335	)
Net expenses		33,126,967
Net investment income		301,283,952
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(116,269,454	)
Affiliated investment securities		(8,220,056	)
Foreign currencies		2,560,294
Forward foreign currency contracts		(17,868,486	)
		(139,797,702	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		87,315,952
Affiliated investment securities		24,433,436
Foreign currencies		266,030
Forward foreign currency contracts		(1,575,445	)
		110,439,973
Net realized and unrealized gain (loss)		(29,357,729	)
Net increase in net assets resulting from operations	$	271,926,223

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27 Invesco Senior Floating Rate Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	301,283,952		$	192,029,545
Net realized gain (loss)		(139,797,702	)		(11,120,621	)
Change in net unrealized appreciation (depreciation)		110,439,973			(174,503,134	)
Net increase in net assets resulting from operations		271,926,223			6,405,790
Distributions to shareholders from distributable earnings:
Class A		(151,908,076	)		(80,741,633	)
Class C		(20,837,505	)		(13,510,386	)
Class R		(5,142,756	)		(2,706,058	)
Class Y		(130,241,833	)		(76,112,499	)
Class R5		(1,525	)		(619	)
Class R6		(19,317,154	)		(10,713,187	)
Total distributions from distributable earnings		(327,448,849	)		(183,784,382	)
Return of capital:
Class A		(5,790,853	)		–
Class C		(794,342	)		–
Class R		(196,046	)		–
Class Y		(4,964,919	)		–
Class R5		(58	)		–
Class R6		(736,385	)		–
Total return of capital		(12,482,603	)		–
Total distributions		(339,931,452	)		(183,784,382	)
Share transactions-net:
Class A		(51,670,541	)		49,014,679
Class C		(62,319,648	)		(116,082,537	)
Class R		(1,057,435	)		(1,790,388	)
Class Y		(242,916,944	)		201,656,747
Class R5		8,335			–
Class R6		(42,684,802	)		59,681,079
Net increase (decrease) in net assets resulting from share transactions		(400,641,035	)		192,479,580
Net increase (decrease) in net assets		(468,646,264	)		15,100,988
Net assets:
Beginning of year		3,659,051,809			3,643,950,821
End of year	$	3,190,405,545		$	3,659,051,809

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28 Invesco Senior Floating Rate Fund

Statement of Cash Flows

For the year ended August 31, 2023

Cash provided by operating activities:
Net increase in net assets resulting from operations	$	271,926,223
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:
Purchases of investments		(1,133,385,948	)
Proceeds from sales of investments		1,567,466,049
Proceeds from sales of short-term investments, net		984,901
Amortization of premium on investment securities		6,828,339
Accretion of discount on investment securities		(30,720,334	)
Net realized loss from investment securities		124,489,510
Net change in unrealized appreciation on investment securities		(111,749,388	)
Net change in unrealized depreciation of forward foreign currency contracts		1,575,445
Change in operating assets and liabilities:
Increase in receivables and other assets		(11,509,946	)
Decrease in accrued expenses and other payables		(428,661	)
Net cash provided by operating activities		685,476,190
Cash provided by (used in) financing activities:
Dividends paid to shareholders from distributable earnings		(94,125,283	)
Return of capital		(12,482,603	)
Proceeds from shares of beneficial interest sold		809,648,871
Disbursements from shares of beneficial interest reacquired		(1,445,323,975	)
Net cash provided by (used in) financing activities		(742,282,990	)
Net decrease in cash and cash equivalents		(56,806,800	)
Cash and cash equivalents at beginning of period		197,749,558
Cash and cash equivalents at end of period	$	140,942,758
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	231,302,680
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	1,575,829

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29 Invesco Senior Floating Rate Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Year ended 08/31/23		$6.79			$0.60			$(0.05	)		$0.55			$(0.65	)		$(0.02	)		$(0.67	)		$6.67			8.72	%		$1,558,451		1.06	%		1.09	%		1.01	%		9.04	%		31	%
Year ended 08/31/22		7.10			0.35			(0.32	)		0.03			(0.34	)		–			(0.34	)		6.79			0.40			1,639,394		1.04			1.04			1.00			5.05			68
Year ended 08/31/21		6.61			0.31			0.49			0.80			(0.31	)		–			(0.31	)		7.10			12.35			1,666,116		1.07			1.10			1.00			4.56			86
Year ended 08/31/20		7.63			0.32			(1.02	)		(0.70	)		(0.32	)		–			(0.32	)		6.61			(9.23	)		1,586,129		1.13			1.16			1.02			4.59			53
One month ended 08/31/19		7.77			0.03			(0.14	)		(0.11	)		(0.03	)		–			(0.03	)		7.63			(1.37	)		2,962,352		1.11	(e)		1.12	(e)		1.01	(e)		5.25	(e)		1
Year ended 07/31/19		8.13			0.41			(0.37	)		0.04			(0.40	)		–			(0.40	)		7.77			0.58			3,104,336		1.10			1.10			1.00			5.12			25
Class C
Year ended 08/31/23		6.79			0.55			(0.05	)		0.50			(0.60	)		(0.02	)		(0.62	)		6.67			7.91			200,489		1.81			1.84			1.76			8.29			31
Year ended 08/31/22		7.11			0.30			(0.33	)		(0.03	)		(0.29	)		–			(0.29	)		6.79			(0.49	)		268,127		1.79			1.79			1.75			4.30			68
Year ended 08/31/21		6.62			0.26			0.49			0.75			(0.26	)		–			(0.26	)		7.11			11.50			398,409		1.82			1.85			1.75			3.81			86
Year ended 08/31/20		7.64			0.27			(1.02	)		(0.75	)		(0.27	)		–			(0.27	)		6.62			(9.90	)		733,122		1.88			1.91			1.77			3.84			53
One month ended 08/31/19		7.78			0.03			(0.14	)		(0.11	)		(0.03	)		–			(0.03	)		7.64			(1.43	)		1,640,440		1.86	(e)		1.87	(e)		1.76	(e)		4.50	(e)		1
Year ended 07/31/19		8.14			0.35			(0.36	)		(0.01	)		(0.35	)		–			(0.35	)		7.78			(0.17	)		1,734,118		1.85			1.85			1.75			4.37			25
Class R
Year ended 08/31/23		6.79			0.58			(0.05	)		0.53			(0.64	)		(0.02	)		(0.66	)		6.66			8.29			53,578		1.31			1.34			1.26			8.79			31
Year ended 08/31/22		7.10			0.34			(0.33	)		0.01			(0.32	)		–			(0.32	)		6.79			0.14			55,615		1.29			1.29			1.25			4.80			68
Year ended 08/31/21		6.61			0.30			0.48			0.78			(0.29	)		–			(0.29	)		7.10			12.07			60,060		1.32			1.35			1.25			4.31			86
Year ended 08/31/20		7.62			0.31			(1.01	)		(0.70	)		(0.31	)		–			(0.31	)		6.61			(9.34	)		59,212		1.38			1.41			1.27			4.34			53
One month ended 08/31/19		7.76			0.03			(0.14	)		(0.11	)		(0.03	)		–			(0.03	)		7.62			(1.39	)		87,586		1.36	(e)		1.37	(e)		1.26	(e)		5.00	(e)		1
Year ended 07/31/19		8.13			0.39			(0.38	)		0.01			(0.38	)		–			(0.38	)		7.76			0.20			91,419		1.35			1.35			1.25			4.87			25
Class Y
Year ended 08/31/23		6.78			0.61			(0.04	)		0.57			(0.66	)		(0.03	)		(0.69	)		6.66			8.99			1,178,319		0.81			0.84			0.76			9.29			31
Year ended 08/31/22		7.09			0.37			(0.33	)		0.04			(0.35	)		–			(0.35	)		6.78			0.63			1,450,652		0.79			0.79			0.75			5.30			68
Year ended 08/31/21		6.60			0.33			0.49			0.82			(0.33	)		–			(0.33	)		7.09			12.65			1,323,124		0.82			0.85			0.75			4.81			86
Year ended 08/31/20		7.61			0.35			(1.02	)		(0.67	)		(0.34	)		–			(0.34	)		6.60			(8.90	)		1,571,552		0.88			0.91			0.77			4.84			53
One month ended 08/31/19		7.75			0.04			(0.14	)		(0.10	)		(0.04	)		–			(0.04	)		7.61			(1.35	)		4,734,607		0.86	(e)		0.87	(e)		0.76	(e)		5.50	(e)		1
Year ended 07/31/19		8.11			0.43			(0.37	)		0.06			(0.42	)		–			(0.42	)		7.75			0.82			5,266,308		0.85			0.85			0.75			5.37			25
Class R5
Year ended 08/31/23		6.80			0.62			(0.06	)		0.56			(0.66	)		(0.03	)		(0.69	)		6.67			8.89			20		0.76			0.76			0.71			9.34			31
Year ended 08/31/22		7.11			0.38			(0.33	)		0.05			(0.36	)		–			(0.36	)		6.80			0.74			12		0.70			0.70			0.66			5.39			68
Year ended 08/31/21		6.62			0.34			0.48			0.82			(0.33	)		–			(0.33	)		7.11			12.65			12		0.73			0.74			0.66			4.90			86
Year ended 08/31/20		7.63			0.34			(1.00	)		(0.66	)		(0.35	)		–			(0.35	)		6.62			(8.80	)		8		0.80			0.80			0.69			4.92			53
One month ended 08/31/19		7.77			0.04			(0.14	)		(0.10	)		(0.04	)		–			(0.04	)		7.63			(1.34	)		10		0.80	(e)		0.82	(e)		0.71	(e)		5.55	(e)		1
Period ended 07/31/19(f)		7.87			0.08			(0.10	)		(0.02	)		(0.08	)		–			(0.08	)		7.77			(0.28	)		10		0.77	(e)		0.77	(e)		0.67	(e)		5.45	(e)		25
Class R6
Year ended 08/31/23		6.77			0.62			(0.04	)		0.58			(0.66	)		(0.03	)		(0.69	)		6.66			9.22			199,550		0.74			0.74			0.69			9.36			31
Year ended 08/31/22		7.08			0.37			(0.32	)		0.05			(0.36	)		–			(0.36	)		6.77			0.72			245,252		0.70			0.70			0.66			5.39			68
Year ended 08/31/21		6.60			0.34			0.47			0.81			(0.33	)		–			(0.33	)		7.08			12.60			196,230		0.69			0.74			0.62			4.94			86
Year ended 08/31/20		7.61			0.36			(1.02	)		(0.66	)		(0.35	)		–			(0.35	)		6.60			(8.80	)		194,825		0.77			0.79			0.66			4.95			53
One month ended 08/31/19		7.75			0.04			(0.14	)		(0.10	)		(0.04	)		–			(0.04	)		7.61			(1.34	)		997,162		0.75	(e)		0.76	(e)		0.65	(e)		5.61	(e)		1
Year ended 07/31/19		8.11			0.43			(0.36	)		0.07			(0.43	)		–			(0.43	)		7.75			0.93			1,056,032		0.74			0.74			0.64			5.48			25

^(a)  Calculated using average shares outstanding.

^(b)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^(c)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 1.12% and 1.10% for the one month ended August 31, 2019 and the year ended July 31, 2019, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended ended August 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $42,745,724 in connection with the acquisition of Invesco Senior Floating Rate Plus Fund into the Fund.

^(e)  Annualized.

^(f)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30 Invesco Senior Floating Rate Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Senior Floating Rate Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

 The Fund’s investment objective is to seek income.

The 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 – Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (“NOCP”) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

31 Invesco Senior Floating Rate Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Facility fees received may be amortized over the life of the loan. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of the loan or note.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit.

H. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. 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.

K. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases

32 Invesco Senior Floating Rate Fund

and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

L. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

M. Industry Focus – To the extent that the Fund invests a greater amount of its assets in securities of issuers in the banking and financial services industries, the Fund’s performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad.

N. 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.

O. LIBOR Transition Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

P. Leverage Risk – The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the net asset value of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.

Q. Other Risks – The Fund may invest all or substantially all of its assets in senior secured floating rate loans and senior secured debt securities that are determined to be rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments.

The Fund invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

33 Invesco Senior Floating Rate Fund

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate*
First $200 million	0.750%
Next $200 million	0.720%
Next $200 million	0.690%
Next $200 million	0.660%
Next $4.2 billion	0.600%
Next $5 billion	0.580%
Next $10 billion	0.560%
Over $20 billion	0.550%

* The advisory fee payable by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with Invesco.

 For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.61%.

 Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

 Effective January 1, 2023, the Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.02%, 1.77%, 1.27%, 0.77%, 0.77% and 0.77%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to January 1, 2023, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.00%, 1.75%, 1.25%, 0.75%, 0.75% and 0.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

 Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

 For the year ended August 31, 2023, the Adviser waived advisory fees of $93,183 and reimbursed class level expenses of $410,519, $66,756, $15,086, $372,987, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

 The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Fund, SSB also serves as the funds’s custodian.

 The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

 The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

 Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $66,730 in front-end sales commissions from the sale of Class A shares and $73,252 and $25,123 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

 Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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

34 Invesco Senior Floating Rate Fund

available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

 The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2				Level 3			Total
Investments in Securities
Variable Rate Senior Loan Interests	$	–		$	2,357,202,361			$	195,453,168		$	2,552,655,529
Common Stocks & Other Equity Interests		6,792,456			42,432,448				174,610,960			223,835,864
Non-U.S. Dollar Denominated Bonds & Notes		–			131,543,643				416,703			131,960,346
U.S. Dollar Denominated Bonds & Notes		–			91,937,069				–			91,937,069
Preferred Stocks		–			54,572,983				2,839,826			57,412,809
Asset-Backed Securities		–			17,722,324				–			17,722,324
Municipal Obligations		–			14,470,224				–			14,470,224
Money Market Funds		105,539,202			–				–			105,539,202
Total Investments in Securities		112,331,658			2,709,881,052				373,320,657			3,195,533,367
Other Investments - Assets*
Forward Foreign Currency Contracts		–			8,628,643				–			8,628,643
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–			(1,090,695	)			–			(1,090,695	)
Total Other Investments		–			7,537,948				–			7,537,948
Total Investments	$	112,331,658		$	2,717,419,000			$	373,320,657		$	3,203,071,315

* Unrealized appreciation (depreciation).

 A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

 The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended August 31, 2023:

	Value 08/31/22		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3*		Transfers out of Level 3*			Value 08/31/23
Variable Rate Senior Loan Interests	$	290,176,775	$	93,659,765	$	(101,859,390	)	$	2,016,950	$	3,222,523		$	4,636,566		$	50,333,142	$	(146,733,163	)	$	195,453,168
Common Stocks & Other Equity Interests		48,978,198		35,916,645		(4,838,753	)		37,682		(7,807,568	)		34,732,102			83,993,367		(16,400,713	)		174,610,960
Preferred Stocks		3,607,185		–		–			–		–			(767,359	)		–		–			2,839,826
Non-U.S. Dollar Denominated Bonds & Notes		–		431,194		–			7,418		–			(21,909	)		–		–			416,703
Total	$	342,762,158	$	130,007,604	$	(106,698,143	)	$	2,062,050	$	(4,585,045	)	$	38,579,400		$	134,326,509	$	(163,133,876	)	$	373,320,657

*Transfers into and out of Level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price.

 Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.

 The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

	Fair Value at 08/31/23	Valuation Technique	Unobservable Inputs	Range of Unobservable Inputs	Unobservable Input Used
QuarterNorth Energy Holding, Inc.	$113,489,182	Valuation Service	N/A	N/A	N/A	(a)
My Alarm Center LLC, Class A	39,252,693	Valuation Service	N/A	N/A	N/A	(a)

^(a)  Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuation is based on an enterprise value approach that utilizes a multiple of the last twelve months’ earnings before interest, taxes, depreciation and amortization of comparable public companies. The Adviser reviews the valuation reports provided by the valuation service on an on-going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re-evaluation of the security’s fair valuation.

35 Invesco Senior Floating Rate Fund

NOTE 4–Derivative Investments

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, 2023:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	8,628,643
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	8,628,643

	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(1,090,695	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(1,090,695	)

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2023.

	Financial Derivative Assets	Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash	Cash	Net Amount
Barclays Bank PLC	$  263,121		$  (234,084	)	$	29,037		$–	$–	$	29,037
BNP Paribas S.A.	2,571,451		(74,611	)		2,496,840		–	–		2,496,840
Citibank N.A.	295,246		(273,333	)		21,913		–	–		21,913
Morgan Stanley and Co. International PLC	2,914,473		(142,562	)		2,771,911		–	–		2,771,911
Royal Bank of Canada	541,771		(316,705	)		225,066		–	–		225,066
State Street Bank & Trust Co.	2,036,174		-			2,036,174		–	–		2,036,174
UBS AG	6,407		(49,400	)		(42,993	)	–	–		(42,993	)
Total	$8,628,643		$(1,090,695	)	$	7,537,948		$–	$–	$	7,537,948

Effect of Derivative Investments for the year ended August 31, 2023

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts	$(17,868,486)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	(1,575,445)
Total	$(19,443,931)

 The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value	$1,099,483,769

36 Invesco Senior Floating Rate Fund

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $40,804.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances and Borrowings

Effective February 17, 2023, the Fund has entered into a credit agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.07 billion, collectively by certain Invesco Funds, and which will expire on February 16, 2024. Prior to February 17, 2023, the credit agreement permitted borrowings up to $1.1 billion. The credit agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the credit agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the credit agreement. During the year ended August 31, 2023, the Fund did not borrow under this agreement.

 Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8–Unfunded Loan Commitments

As of August 31, 2023, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:

Borrower	Type	Unfunded Loan Commitment			Unrealized Appreciation (Depreciation)
Areas (Telfer Inv/Financiere Pax)	Revolver Loan		$ 1,581,302			$  (127,405	)
Dun & Bradstreet Corp. (The)	Revolver Loan		11,060,131			646,889
Groundworks LLC	Delayed Draw Term Loan		578,064			(6,293	)
Groundworks LLC	Revolver Loan		257,852			868
Kantar (Summer BC Bidco)	Revolver Loan		5,791,583			(138,822	)
McDermott International Ltd.	LOC		15,187,692			(3,872,862	)
Parques Reunidos (Piolin Bidco s.a.u)	Revolver Loan		1,042,154			574,911
Royal Caribbean Cruises Ltd.	Revolver Loan		15,285,754			(92,543	)
Tank Holding Corp.	Revolver Loan		971,557			(427,675	)
Vertellus	Revolver Loan		568,089			(9,939	)
			$52,324,178			$(3,452,871	)

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:

	2023			2022
Ordinary income*	$	327,448,849		$	183,784,382
Return of capital		12,482,603			–
Total distributions	$	339,931,452		$	183,784,382

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation (depreciation) – investments	$	(142,020,526	)
Net unrealized appreciation (depreciation) – foreign currencies		(242,254	)
Temporary book/tax differences		(304,451	)
Capital loss carryforward		(2,562,308,682	)
Shares of beneficial interest		5,895,281,458
Total net assets	$	3,190,405,545

37 Invesco Senior Floating Rate Fund

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities, derivative instruments and partnerships.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$189,324,999		$2,372,983,683		$2,562,308,682

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $999,724,207 and $1,470,357,647, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 203,942,139
Aggregate unrealized (depreciation) of investments	(345,962,665	)
Net unrealized appreciation (depreciation) of investments	$(142,020,526	)

Cost of investments for tax purposes is $3,345,091,841.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, return of capital distributions and partnerships, on August 31, 2023, undistributed net investment income was decreased by $41,813,193, undistributed net realized gain (loss) was increased by $47,717,267 and shares of beneficial interest was decreased by $5,904,074. This reclassification had no effect on the net assets of the Fund.

NOTE 12–Senior Loan Participation Commitments

The Fund invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

At the year ended August 31, 2023, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

Selling Participant	Principal Amount			Value
Bank of America, N.A.	$	17,141,989		$16,775,634
Barclays Bank PLC		15,187,691		11,314,830
Citibank, N.A.		15,663,104		15,193,211
Credit Agricole CIB		1,582,065		1,344,755
JPMorgan Europe Ltd.		2,825,635		1,496,985

NOTE 13–Dividends

The Fund declared the following monthly dividends from net investment income subsequent to August 31, 2023.

			Amount Per Share
Share Class	Record Date		Payable September 29, 2023
Class A	Daily		$0.0537
Class C	Daily		$0.0496
Class R	Daily		$0.0523
Class Y	Daily		$0.0550
Class R5	Daily		$0.0552
Class R6	Daily		$0.0554

38 Invesco Senior Floating Rate Fund

NOTE 14–Share Information

	Summary of Share Activity
	Year ended August 31, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		27,920,339		$	185,092,497			47,641,433		$	334,278,812
Class C		4,680,280			31,030,712			8,088,635			56,812,169
Class R		952,149			6,279,368			1,427,305			9,999,546
Class Y		64,350,516			425,812,240			152,010,600			1,065,154,555
Class R5		1,256			8,335			-			-
Class R6		24,908,484			163,305,758			47,951,917			333,995,515
Issued as reinvestment of dividends:
Class A		17,202,634			113,352,430			8,291,919			57,698,731
Class C		2,467,632			16,269,590			1,430,472			9,981,569
Class R		783,138			5,156,425			375,423			2,612,061
Class Y		12,876,307			84,671,387			7,087,693			49,232,229
Class R6		1,801,876			11,852,848			742,943			5,140,709
Automatic conversion of Class C shares to Class A shares:
Class A		7,041,482			46,519,301			15,437,423			108,140,623
Class C		(7,036,400	)		(46,519,301	)		(15,424,045	)		(108,140,623	)
Reacquired:
Class A		(59,950,481	)		(396,634,769	)		(64,565,601	)		(451,103,487	)
Class C		(9,533,796	)		(63,100,649	)		(10,698,524	)		(74,735,652	)
Class R		(1,893,042	)		(12,493,228	)		(2,070,887	)		(14,401,995	)
Class Y		(114,314,162	)		(753,400,571	)		(131,743,792	)		(912,730,037	)
Class R6		(32,934,273	)		(217,843,408	)		(40,196,462	)		(279,455,145	)
Net increase (decrease) in share activity		(60,676,061	)	$	(400,641,035	)		25,786,452		$	192,479,580

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

39 Invesco Senior Floating Rate Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Senior Floating Rate Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Senior Floating Rate Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statements of operations and cash flows for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent, portfolio company investees, brokers and agent banks; when replies were not received from portfolio company investees, brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

40 Invesco Senior Floating Rate Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized    Expense  Ratio
	Beginning  Account Value  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses  Paid During   Period2
Class A	$1,000.00	$1,051.60	$5.58	$1,019.76	$5.50	1.08%
Class C	1,000.00	1,046.10	9.44	1,015.98	9.30	1.83
Class R	1,000.00	1,048.70	6.87	1,018.50	6.77	1.33
Class Y	1,000.00	1,051.30	4.29	1,021.02	4.23	0.83
Class R5	1,000.00	1,051.60	4.09	1,021.22	4.02	0.79
Class R6	1,000.00	1,051.70	3.88	1,021.42	3.82	0.75

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

41 Invesco Senior Floating Rate Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Senior Floating Rate Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Senior Secured Management, Inc. currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the J.P Morgan Leveraged Loan Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the third quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below

42 Invesco Senior Floating Rate Fund

the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund underwent a change in portfolio management in 2020, and that performance results prior to such date were those of the prior portfolio management team. The Board considered that relative performance had improved over more recent periods. The Board also considered that concentrated positions, specifically equity positions, in certain sectors had negatively impacted the Fund’s longer-term performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to the fees comprising the Fund’s total expense ratio relative to those of peers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the

scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that

Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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 considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the

43 Invesco Senior Floating Rate Fund

compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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.

 

 

44 Invesco Senior Floating Rate Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

	Federal and State Income Tax
	Qualified Dividend Income*	8.88	%
	Corporate Dividends Received Deduction*	8.88	%
	U.S. Treasury Obligations*	0.00	%
	Qualified Business Income*	0.00	%
	Business Interest Income*	91.12	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

45 Invesco Senior Floating Rate Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹ Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Senior Floating Rate Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Senior Floating Rate Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Senior Floating Rate Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Senior Floating Rate Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Senior Floating Rate Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Senior Floating Rate Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-09913 and 333-36074 Invesco Distributors, Inc.     O-SFLR-AR-1

Annual Report to Shareholders August 31, 2023

Invesco Short Duration High Yield Municipal Fund

Nasdaq:

A: ISHAX ∎ C: ISHCX ∎ Y: ISHYX ∎ R5: ISHFX ∎ R6: ISHSX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
29	Financial Statements
32	Financial Highlights
33	Notes to Financial Statements
40	Report of Independent Registered Public Accounting Firm
41	Fund Expenses
42	Approval of Investment Advisory and Sub-Advisory Contracts
44	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Short Duration High Yield Municipal Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Short Duration High Yield Municipal Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-0.54	%
Class C Shares	-1.19
Class Y Shares	-0.18
Class R5 Shares	0.25
Class R6 Shares	-0.11
S&P Municipal Bond High Yield Index▼ (Broad Market Index)	0.97
Custom Invesco Short Duration High Yield Municipal Index∎ (Style-Specific Index)	1.24
Lipper High Yield Municipal Debt Funds Index◆ (Peer Group Index)	-0.57
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc.

Market conditions and your Fund

During the fiscal year, investment grade municipal bonds returned 1.71%, high yield municipal bonds returned 0.52% and taxable municipal bonds returned -0.12%.¹

 The municipal market set near record lows in 2022, marking the second worst calendar year return, preceded by 1981, making it one of the most challenging years in history.¹ After the US Federal Reserve’s (the Fed’s) December meeting, the AAA^† municipal yield curve inverted between one- and 10-year maturities. Any inversion is noteworthy, but this was a first for municipal bonds. An inversion on the short end continued through the rest of the fiscal year.

 Debt ceiling concerns dominated most of the second quarter of 2023. The US government might have defaulted on its debt obligations, causing economic fallout across the global economy, had congressional action not been made in early June. After months of on-and-off negotiations between the White House and congressional leaders, just ahead of the payment deadline, the US Congress passed and President Biden signed into law the “Fiscal Responsibility Act,” an agreement which suspends the limit on the federal debt ceiling until 2025 in exchange for capping federal spending.

 In its efforts to rein in inflation without harming employment or the overall economy, the Fed continued with its most aggressive monetary policy since the 1980s. The Fed raised the federal funds rate seven times over the fiscal year bringing the target rate to 5.50%, as of the end of August.² The Federal Open Market Committee explained its commitment to returning inflation to its 2% objective while continuing to assess a wide range of information, including labor market conditions, inflation pressures and expectations

and financial and international developments.²

 New issuance for the fiscal year totaled $338 billion, down 23% from the previous year’s $441 billion.¹ Issuers, with cash on their balance sheets, have been reluctant to issue at higher interest rates.

 Record-breaking inflows reported in 2021 were followed by record breaking outflows totaling $122 billion in 2022. This trend has continued into 2023 and outflows from municipal funds have totaled $7.6 billion for the calendar year.³

 During the Fund’s prior fiscal year, Puerto Rico made significant progress towards its long-winded bankruptcy process as the commonwealth restructured $22 billion of general obligation debt in March 2022. As a result, the Commonwealth’s weight in the Bloomberg High Yield Municipal Bond Index increased from 13% to 17% as the newly restructured bonds reentered the index.¹ During this fiscal year, the main focus turned to the Puerto Rico Electric and Power Authority (PREPA). As of August 31, 2023, bankruptcy negotiations and U.S. District Court proceedings were ongoing.

 Municipal credits have a long history of low defaults as many provide essential services to all Americans. This continues to be the case as evidenced by S&P rating changes. During the second quarter of 2023, S&P’s rating activity was quite positive with 465 ratings upgraded versus 76 downgraded, translating to more than six upgrades for every downgrade.⁴ This marks the ninth consecutive quarter of overall credit quality improvement. This positive dynamic likely stems from benefits of the various federal stimulus measures including the American Rescue Plan Act, the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, as well as higher revenues collected by state and local governments.

 We believe the valuable benefits of municipal bonds, including tax-exempt income, low correlations to other asset classes and low default rates, will again drive demand once the current market volatility and economic uncertainty has subsided. We continue to rely on our experienced portfolio managers and credit analysts to weather the challenges while identifying marketplace opportunities to add long-term value for shareholders.

 During the fiscal year, an overweight allocation to tobacco MSA (Master Settlement Agreement) bonds contributed to relative return. An overweight allocation and security selection in A-rated bonds and below also added to relative performance. On a regional level, overweight exposure and security selection to credits domiciled in Illinois contributed to relative performance.

 An overweight allocation to the public power sector detracted from relative performance over the fiscal year. Security selection in AAA and AA-rated^† bonds also detracted from relative performance. On a regional level, security selection to credits domiciled in Puerto Rico detracted from results.

 During the fiscal year, the Fund continued to strategically employ leverage. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leverage may provide opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund’s use of leverage, see the Notes to Financial Statements later in this report.

 We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

 Thank you for investing in Invesco Short Duration High Yield Municipal Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: Lipper Inc.

2 Invesco Short Duration High Yield Municipal Fund

4 Source: Standard & Poor’s

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodologies, please visit the following NRSRO websites: For more information on Standard and Poor’s rating methodology, please visit www.standardandpoors.com and select ’Understanding Credit Ratings’ under ’About Ratings’ on the homepage. For more information on Moody’s rating methodology, please visit www.ratings.moodys.com and select ’Rating Methodologies’ on the homepage.

Portfolio manager(s):

John Connelly

Tim O’Reilly

Mark Paris

John Schorle

Julius Williams

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco Short Duration High Yield Municipal Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 9/30/15

1 Source: RIMES Technologies Corp.

2 Source(s): Invesco, RIMES Technologies Corp.

3 Source: Lipper Inc.

Past performance cannot guarantee future results.

 The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Short Duration High Yield Municipal Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (9/30/15)	1.92	%
5 Years	0.27
1 Year	-3.07
Class C Shares
Inception (9/30/15)	1.49	%
5 Years	0.04
1 Year	-2.15
Class Y Shares
Inception (9/30/15)	2.51	%
5 Years	1.03
1 Year	-0.18
Class R5 Shares
Inception (9/30/15)	2.60	%
5 Years	1.17
1 Year	0.25
Class R6 Shares
Inception	2.50	%
5 Years	1.10
1 Year	-0.11

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

5 Invesco Short Duration High Yield Municipal Fund

Supplemental Information

Invesco Short Duration High Yield Municipal Fund’s investment objective is to seek federal tax-exempt current income and taxable capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds that are not rated or are rated below investment-grade.

∎ The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index. The S&P Municipal Bond Short Index is considered representative of US municipal bonds with maturities between six months and four years.

∎ The Lipper High Yield Municipal Debt Funds Index is an unmanaged index considered representative of high-yield municipal debt funds tracked by Lipper.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

  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, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market

  value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

  At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

  The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Short Duration High Yield Municipal Fund

Fund Information

 

Portfolio Composition

By credit sector	% of total investments
Revenue Bonds		88.68	%
General Obligation Bonds		10.14
Pre-Refunded Bonds		1.18

Top Five Debt Holdings

		% of total net assets
1.	District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB		1.89	%
2.	California (State of) Community Choice Financing Authority (Green Bonds), Series 2022 A-1, RB		1.61
3.	Chicago (City of), IL Board of Education, Series 2012 A, GO Bonds		1.13
4.	Children’s Trust Fund, Series 2002, RB		0.94
5.	Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB		0.92

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of August 31, 2023.

7 Invesco Short Duration High Yield Municipal Fund

Schedule of Investments

August 31, 2023

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations-99.83%
Alabama-2.44%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB	5.25%	06/01/2025	$	600	$	590,583
Black Belt Energy Gas District (The);
Series 2022 C-1, RB(a)	5.25%	06/01/2029		5,750		5,964,209
Series 2022 F, RB	5.25%	12/01/2027		1,500		1,560,143
Series 2022 F, RB(a)	5.50%	12/01/2028		2,500		2,605,526
Fairfield (City of), AL; Series 2012, GO Wts. (Acquired 04/30/2012; Cost $3,622,756)(b)(c)	6.00%	06/01/2031		3,585		2,868,000
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village);
Series 2007, RB (Acquired 12/29/2015; Cost $90,000)(b)(c)	5.50%	01/01/2028		90		54,000
Series 2014, RB (Acquired 09/28/2019; Cost $2,410,793)(c)	3.50%	07/01/2026		5,022		3,013,491
Mobile (City of), AL Improvement District (McGowin Park);
Series 2016 A, RB	5.00%	08/01/2025		605		598,600
Series 2016 A, RB	5.25%	08/01/2030		200		190,581
Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB(a)	4.00%	12/01/2031		5,390		5,139,537
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(a)	5.50%	12/01/2029		5,000		5,244,954
Talladega (County of), AL; Series 2002 D, Tax Anticipation Wts. (INS - NATL)(d)	5.25%	01/01/2029		25		25,029
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(e)	5.25%	05/01/2044		4,000		3,633,924
						31,488,577
American Samoa-0.08%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB	6.25%	09/01/2029		1,000		1,034,382
Arizona-4.13%
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2030		495		510,930
Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2031		515		531,123
Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2032		545		561,215
Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2033		575		591,309
Arizona (State of) Industrial Development Authority (ACCEL Schools); Series 2018 A, RB(e)	5.00%	08/01/2033		1,955		1,866,636
Arizona (State of) Industrial Development Authority (American Charter Schools Foundation);
Series 2017, Ref. RB(e)	6.00%	07/01/2037		3,295		3,358,745
Series 2017, Ref. RB(e)	6.00%	07/01/2047		1,385		1,393,769
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB(e)	5.00%	07/01/2026		310		310,470
Arizona (State of) Industrial Development Authority (Doral Academy of Nevada - Fire Mesa & Red Rock Campus); Series 2019, RB	3.55%	07/15/2029		570		534,944
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado);
Series 2019, RB(e)	4.50%	07/01/2029		765		743,578
Series 2019, RB(e)	5.00%	07/01/2039		4,520		4,241,980
Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB(e)	5.00%	06/01/2031		2,365		2,349,072
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project); Series 2018 A, RB(e)	4.75%	12/15/2028		1,440		1,429,959
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose Campus Projects); Series 2018 A, RB(e)	5.00%	07/15/2028		750		751,934
Arizona (State of) Industrial Development Authority (Somerset Academy of Las Vegas - Lone Mountain Campus); Series 2019 A, IDR(e)	5.00%	12/15/2039		400		376,178
Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2022, RB(a)(f)	5.00%	09/01/2027		2,000		2,058,977
Glendale (City of), AZ Industrial Development Authority (Terraces of Phoenix); Series 2018 A, Ref. RB	5.00%	07/01/2038		320		276,108
Greater Arizona Development Authority; Series 2007 A, RB (INS - NATL)(d)	4.38%	08/01/2032		5		5,004
Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); Series 2018, RB(e)	4.80%	07/01/2028		2,745		2,726,182
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(e)	5.00%	07/01/2039		2,250		2,113,855
Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools);
Series 2023, RB(e)	5.25%	07/01/2033		725		717,840
Series 2023, RB(e)	6.00%	07/01/2043		1,885		1,867,544

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Arizona-(continued)
Phoenix (City of), AZ Industrial Development Authority (Basis Schools); Series 2016 A, Ref. RB(e)	5.00%	07/01/2035	$	2,900	$	2,884,453
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2014 A, RB(e)	5.75%	07/01/2024		175		175,694
Series 2014 A, RB(e)	6.75%	07/01/2044		3,190		3,223,601
Series 2015, Ref. RB(e)	5.00%	07/01/2035		2,820		2,782,685
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(e)	4.60%	06/15/2025		650		643,411
Series 2015, Ref. RB(e)	5.38%	06/15/2035		3,370		3,393,247
Series 2019, Ref. RB(e)	5.00%	06/15/2034		620		617,909
Series 2022, Ref. RB(e)	4.00%	06/15/2031		545		511,878
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools); Series 2013 Q, Ref. RB	5.38%	07/01/2031		4,505		4,366,319
Pima (County of), AZ Industrial Development Authority (Career Success Schools); Series 2020, Ref. RB(e)	4.75%	05/01/2030		1,725		1,671,315
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(e)	5.00%	09/01/2026		180		178,036
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(e)	4.13%	07/01/2026		765		740,315
Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools);
Series 2019, RB(e)	5.00%	07/01/2029		300		299,979
Series 2019, RB(e)	5.00%	07/01/2034		400		392,764
Series 2019, RB(e)	5.00%	07/01/2039		500		471,250
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB	4.13%	07/01/2029		150		139,904
Tempe (City of), AZ Industrial Development Authority (Friendship Village of Tempe);
Series 2021 A, Ref. RB	4.00%	12/01/2029		380		356,909
Series 2021 A, Ref. RB	4.00%	12/01/2030		495		459,514
Series 2021 A, Ref. RB	4.00%	12/01/2031		465		426,495
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); Series 2017 A, RB(e)	6.13%	10/01/2052		300		180,301
						53,233,331
Arkansas-1.66%
Arkansas (State of) Development Finance Authority (Big River Steel); Series 2019, RB(e)(f)	4.50%	09/01/2049		7,000		6,503,521
Arkansas (State of) Development Finance Authority (Big River Steel) (Green Bonds); Series 2020, RB(e)(f)	4.75%	09/01/2049		7,370		7,113,948
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(f)	5.45%	09/01/2052		8,000		7,806,473
						21,423,942
California-8.49%
California (State of);
Series 1996, GO Bonds (INS - FGIC)(d)	5.38%	06/01/2026		1,415		1,421,342
Series 2020, GO Bonds	4.00%	03/01/2046		2,500		2,480,566
Series 2021, GO Bonds	3.00%	12/01/2046		2,000		1,590,739
Series 2023, GO Bonds	4.00%	10/01/2050		3,000		2,964,896
California (State of) Community Choice Financing Authority (Green Bonds);
Series 2022 A-1, RB(a)	4.00%	08/01/2028		21,065		20,787,134
Series 2023, RB(a)	5.00%	08/01/2029		2,500		2,575,803
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB	6.00%	06/01/2042		135		136,990
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB	5.88%	06/01/2043		1,225		1,225,127
California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB	4.38%	09/20/2036		2,496		2,427,607
California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail); Series 2020, RB(a)(e)(f)	8.00%	08/15/2024		4,000		4,000,630
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB(e)	5.00%	06/01/2038		3,345		3,161,156
California (State of) Municipal Finance Authority (Palomar Health);
Series 2022 A, Ref. COP (INS - AGM)(d)	5.25%	11/01/2035		1,200		1,354,229
Series 2022 A, Ref. COP (INS - AGM)(d)	5.25%	11/01/2036		1,250		1,395,980
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB(f)	4.00%	07/15/2029		7,000		6,913,325
California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2022 A, RB(a)(f)	4.13%	10/01/2025		4,000		4,008,508

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
California-(continued)
California (State of) Pollution Control Financing Authority;
Series 2012, RB(e)(f)	5.00%	07/01/2037	$	2,000	$	1,999,718
Series 2012, RB(e)(f)	5.00%	11/21/2045		4,230		4,129,885
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2016, RB (Acquired 01/22/2016-09/25/2017; Cost $707,500)(b)(c)(e)(f)	7.00%	12/01/2027		710		71,000
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds);
Series 2017, RB (Acquired 09/15/2017-02/12/2019; Cost $5,125,317)(b)(c)(e)(f)	7.50%	07/01/2032		4,950		247,500
Series 2020, RB (Acquired 10/06/2020; Cost $955,203)(b)(c)(e)(f)	7.50%	07/01/2032		1,000		130,000
California (State of) Public Finance Authority (California University of Science and Medicine); Series 2019 A, RB(e)	6.25%	07/01/2054		4,100		4,309,295
California (State of) Public Finance Authority (Excelsior Charter Schools); Series 2020 A, RB(e)	5.00%	06/15/2040		1,060		1,001,214
California (State of) Public Finance Authority (Trinity Classical Academy); Series 2019 B, RB(e)	5.00%	07/01/2026		175		168,441
California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB	5.25%	06/01/2032		930		930,339
California (State of) School Finance Authority (Partnership to Uplift Communities) (Social Bonds);
Series 2023, Ref. RB(e)	5.00%	08/01/2033		740		750,172
Series 2023, Ref. RB(e)	5.25%	08/01/2038		500		494,882
California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB(e)	5.00%	06/01/2039		740		709,578
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB	5.25%	11/15/2034		6,250		6,212,939
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2016, Ref. RB(e)	4.00%	06/01/2026		310		302,446
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2014, RB	5.25%	12/01/2034		500		504,439
Series 2014, RB	5.50%	12/01/2054		10,268		10,251,234
Series 2016 A, RB(e)	5.25%	12/01/2056		3,000		2,934,944
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(e)	5.00%	07/01/2029		900		901,871
Fresno (City of), CA; Series 2023 A, Ref. RB (INS - BAM)(d)(f)	5.00%	07/01/2048		2,000		2,070,553
Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB(a)(g)	5.00%	06/01/2027		145		156,078
North City (City of), CA West School Facilities Financing Authority; Series 2012 A, RB (INS - AGM)(d)	5.00%	09/01/2026		605		605,680
Palomar Health; Series 2016, Ref. RB	4.00%	11/01/2039		1,250		1,102,355
Pomona Unified School District; Series 2021 F, GO Bonds (INS - BAM)(d)	3.00%	08/01/2048		1,000		750,474
Sacramento (County of), CA (Juvenile Courthouse); Series 2003, COP (INS - AMBAC)(d)	5.00%	12/01/2034		5,405		5,413,381
Sacramento (County of), CA (Metro Air Park Community);
Series 2022, Ref. RB	5.00%	09/01/2029		2,000		2,081,455
Series 2022, Ref. RB	5.00%	09/01/2030		2,000		2,087,663
West Covina (City of), CA Public Financing Authority (Big League Dreams); Series 2006 A, RB	5.00%	06/01/2030		2,630		2,633,724
						109,395,292
Colorado-7.20%
3rd and Havana Metropolitan District; Series 2020 A, GO Bonds	4.50%	12/01/2030		2,490		2,285,430
Amber Creek Metropolitan District; Series 2017 A, Ref. GO Bonds	5.00%	12/01/2037		713		671,596
Arista Metropolitan District; Series 2018 A, Ref. GO Bonds	5.00%	12/01/2038		1,240		1,186,392
Baseline Metropolitan District No. 1; Seires 2018 A-2, RB	5.13%	12/01/2028		1,500		1,507,294
Seires 2018 A-2, RB	5.50%	12/01/2034		1,000		1,012,319
Brighton Crossing Metropolitan District No. 6;
Series 2020 A, GO Bonds	5.00%	12/01/2035		1,055		992,242
Series 2020 A, GO Bonds	5.00%	12/01/2040		1,030		919,178
Canyon Pines Metropolitan District; Series 2022 A, GO Bonds(h)	0.00%	12/01/2027		8,770		6,294,017
Canyons Metropolitan District No. 5; Series 2016, GO Bonds	7.00%	12/15/2057		1,500		1,017,674
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2020 A, Ref. GO Bonds	4.00%	12/01/2029		1,115		1,041,025
Clear Creek Transit Metropolitan District No. 2; Series 2021 A, GO Bonds	5.00%	12/01/2041		1,100		993,426
Colliers Hill Metropolitan District No. 2; Series 2022 B-2, GO Bonds	7.63%	12/15/2042		2,000		1,810,467
Colorado (State of) Health Facilities Authority (Aberdeen Ridge);
Series 2021 A, RB	5.00%	05/15/2035		4,035		3,538,144
Series 2021 A, RB	5.00%	05/15/2044		1,170		898,192
Series 2021 B, RB	2.63%	05/15/2029		1,125		998,597

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Colorado-(continued)
Colorado (State of) Health Facilities Authority (CommonSpirit Health);
Series 2022, RB	5.00%	11/01/2027	$	600	$	628,307
Series 2022, RB	5.00%	11/01/2028		500		530,232
Series 2022, RB	5.00%	11/01/2029		900		962,275
Colorado (State of) Health Facilities Authority (Frasier Meadows Retirement Community);
Series 2017 A, Ref. RB	5.00%	05/15/2025		525		525,552
Series 2017 A, Ref. RB	5.00%	05/15/2026		475		475,202
Colorado (State of) Health Facilities Authority (Ralston Creek at Arvada); Series 2017 B, RB	4.00%	11/01/2027		4,200		3,729,820
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); Series 2015 A, Ref. RB(e)	5.00%	12/01/2025		105		96,333
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB	5.30%	07/01/2037		1,285		1,005,954
Colorado (State of) International Center Metropolitan District No. 14; Series 2018, GO Bonds	5.63%	12/01/2032		1,000		988,138
Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB	5.00%	12/01/2033		1,000		981,421
Copperleaf Metropolitan District No. 6; Series 2022 B, GO Bonds	6.00%	12/15/2041		1,225		1,163,841
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(f)	5.00%	10/01/2032		1,000		994,203
Denver (City & County of), CO Health & Hospital Authority (550 Acoma, Inc.);
Series 2018, COP	5.00%	12/01/2028		310		325,710
Series 2018, COP	5.00%	12/01/2029		500		521,966
Series 2018, COP	5.00%	12/01/2030		350		365,633
Series 2018, COP	5.00%	12/01/2031		375		391,331
Series 2018, COP	5.00%	12/01/2032		455		473,373
Denver Gateway Center Metropolitan District; Series 2018 A, GO Bonds	5.50%	12/01/2038		1,369		1,298,502
Dominion Water & Sanitation District;
Series 2022, Ref. RB	5.00%	12/01/2027		2,185		2,165,120
Series 2022, Ref. RB	5.25%	12/01/2032		3,415		3,372,941
Elbert & Highway 86 Commercial Metropolitan District; Series 2021 A, Ref. GO Bonds(e)	5.00%	12/01/2041		1,700		1,515,744
Frisco (Town of), CO (Marina Enterprise); Series 2019, RB	5.00%	12/01/2036		600		599,984
Granby Ranch Metropolitan District; Series 2018, Ref. GO Bonds(e)	4.88%	12/01/2028		675		657,178
Independence Water & Sanitation District; Series 2019, RB	7.25%	12/01/2038		1,254		1,242,696
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB	5.75%	12/15/2050		5,499		5,234,593
Kinston Metropolitan District No. 5; Series 2020 A, GO Bonds	4.63%	12/01/2035		1,000		857,715
Mirabelle Metropolitan District No. 2; Series 2020 A, GO Bonds	5.00%	12/01/2039		700		663,751
Morgan Hill Metropolitan District No. 3;
Series 2021 A, GO Bonds	3.00%	12/01/2031		980		793,544
Series 2021 A, GO Bonds	3.50%	12/01/2041		2,940		2,183,061
Mulberry Metropolitan District No. 2; Series 2022, RB	7.00%	12/01/2034		6,000		6,074,458
Neu Town Metropolitan District; Series 2018 A, Ref. GO Bonds	5.13%	12/01/2031		1,445		1,412,794
Nexus North at DIA Metropolitan District; Series 2021, GO Bonds	5.00%	12/01/2041		520		469,619
Nine Mile Metropolitan District; Series 2020, RB	4.63%	12/01/2030		2,265		2,134,861
Painted Prairie Metropolitain District No. 2; Series 2018, GO Bonds	5.25%	12/01/2048		2,250		2,026,401
Peak Metropolitan District No. 1; Series 2021 A, GO Bonds(e)	4.00%	12/01/2035		540		456,462
Plaza Metropolitan District No. 1; Series 2013, Ref. RB(e)	5.00%	12/01/2040		1,465		1,377,589
Prairie Center Metropolitan District No. 7; Series 2021, GO Bonds	6.38%	06/15/2046		1,330		1,197,377
Rampart Range Metropolitan District No. 5; Series 2021, RB	4.00%	12/01/2036		1,250		1,038,858
Riverwalk Metropolitan District No. 2; Series 2022 A, RB	4.50%	12/01/2032		4,000		3,590,774
Rocky Mountain Rail Park Metropolitan District;
Series 2021 A, GO Bonds(e)	5.00%	12/01/2031		3,445		2,952,371
Series 2021 A, GO Bonds(e)	5.00%	12/01/2041		2,000		1,343,234
St. Vrain Lakes Metropolitan District No. 2; Series 2017 A, GO Bonds	5.00%	12/01/2037		1,500		1,452,330
Transport Metropolitan District No. 3; Series 2021 A-1, GO Bonds	5.00%	12/01/2041		2,700		2,389,162
Vauxmont Metropolitan District; Series 2019, Ref. GO Bonds (INS - AGM)(d)	3.25%	12/15/2050		822		677,057
Verve Metropolitan District No. 1; Series 2023, GO Bonds	5.75%	12/01/2033		2,895		2,732,088
Villages at Castle Rock Metropolitan District No. 6; Series 2021 B, Ref. GO Bonds(e)	5.70%	12/01/2051		166		146,269
Westerly Metropolitan District No. 4;
Series 2021 A, GO Bonds	4.13%	12/01/2031		615		546,007
Series 2021 A, GO Bonds	5.00%	12/01/2040		1,000		906,367
						92,834,191
Delaware-0.15%
Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018, Ref. RB(e)	5.00%	07/01/2028		1,938		1,942,919

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
District of Columbia-2.17%
District of Columbia (Ingleside at Rock Creek);
Series 2017 A, RB	4.13%	07/01/2027	$	950	$	911,774
Series 2017 A, RB	5.00%	07/01/2032		1,500		1,448,012
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB	5.00%	10/01/2035		1,285		1,251,227
District of Columbia Tobacco Settlement Financing Corp.; Series 2001, RB	6.75%	05/15/2040		23,725		24,348,980
						27,959,993
Florida-4.97%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.);
Series 2014, RB (Acquired 12/04/2020; Cost $185,284)(c)	5.63%	11/15/2029		185		155,990
Series 2014, RB (Acquired 06/04/2020; Cost $861,250)(c)	6.00%	11/15/2029		1,000		848,020
Series 2014, RB (Acquired 01/17/2020; Cost $1,409,319)(c)	6.00%	11/15/2034		1,500		1,145,893
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref. RB(e)	5.00%	11/15/2061		965		649,614
Series 2022 B, RB(e)	6.50%	11/15/2033		100		87,091
Boggy Creek Improvement District; Series 2023, Ref. RB	4.50%	05/01/2033		1,100		1,089,820
Broward (County of), FL; Series 2015 A, RB(f)	5.00%	10/01/2045		10,000		10,008,270
Broward (County of), FL Housing Finance Authority (Golden Villas); Series 2008 B, RB(a)(f)	6.75%	04/01/2025		35		35,078
Capital Trust Agency, Inc. (Elim Senior Housing, Inc.); Series 2017, RB(e)	5.38%	08/01/2032		1,000		843,454
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(e)	5.00%	12/15/2035		1,085		1,027,651
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences);
Series 2018 B, RB(b)	4.00%	07/01/2028		750		60,000
Series 2018 B, RB(b)	4.25%	07/01/2033		625		50,000
Capital Trust Agency, Inc. (Imagine School at North Manatee);
Series 2021 C, RB(e)	5.00%	06/01/2041		465		413,217
Series 2021, RB(e)	3.25%	06/01/2031		230		195,897
Series 2021, RB(e)	5.00%	06/01/2041		1,295		1,150,788
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(e)	5.00%	07/01/2027		825		783,363
Capital Trust Agency, Inc. (Sustainability Bonds); Series 2021, RB(e)	4.00%	06/15/2031		700		634,229
Capital Trust Agency, Inc. (University Bridge LLC Student Housing); Series 2018 A, RB(e)	4.00%	12/01/2028		6,310		5,974,535
Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities);
Series 2019, RB(e)(f)	5.00%	10/01/2029		780		780,202
Series 2021, RB(e)(f)	4.00%	10/01/2041		1,800		1,515,439
Escambia (County of), FL Health Facilities Authority; Series 2020, Ref. RB	4.00%	08/15/2050		2,100		1,747,071
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); Series 2022 A, Ref. RB(a)(e)(f)	7.25%	10/03/2023		3,000		3,061,550
Florida Development Finance Corp. (IPS Florida LLC-Idea); Series 2022, RB(e)	5.25%	06/15/2029		1,000		982,835
Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB(a)(e)	6.25%	06/15/2028		3,000		2,940,411
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail);
Series 2019 A, Ref. RB(a)(e)(f)	6.25%	01/01/2024		3,405		3,397,959
Series 2019 A, Ref. RB(a)(e)(f)	6.38%	01/01/2026		5,000		4,839,439
Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA)	3.65%	07/01/2041		455		433,848
Lake (County of), FL (Lakeside at Waterman Village); Series 2020 A, Ref. RB	5.50%	08/15/2030		3,595		3,515,885
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(e)	5.00%	07/15/2028		440		428,232
Series 2018 A, RB(e)	5.38%	07/15/2038		1,300		1,172,172
Miami-Dade (County of), FL;
Series 2014, Ref. RB(f)	5.00%	10/01/2031		3,300		3,321,985
Series 2014, Ref. RB(f)	5.00%	10/01/2032		5,000		5,027,154
Palm Beach (County of), FL Health Facilities Authority (Harbour’s Edge); Series 2004 A, RB	6.00%	11/15/2024		10		10,003
Pembroke Harbor Community Development District; Series 2008 A, RB	7.00%	05/01/2038		1,010		1,011,537
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates);
Series 2019, Ref. IDR	5.00%	01/01/2039		300		277,838
Series 2019, Ref. IDR	5.00%	01/01/2049		1,750		1,491,212
Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB(e)(f)	5.88%	01/01/2033		3,000		2,998,643
						64,106,325

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Georgia-0.80%
Albany (City of) & Dougherty (Country of), GA Payroll Development Authority (Procter & Gamble Paper Products Co. (The)); Series 1998, RB(f)	5.30%	05/15/2026	$	810	$	810,923
Burke (County of), GA Development Authority (Georgia Power Company); Series 1996, RB(a)	3.88%	03/06/2026		2,750		2,724,255
Floyd (County of), GA Development Authority (The Spires at Berry College); Series 2018 A, RB	5.50%	12/01/2028		1,900		1,866,822
Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)(d)	5.00%	12/01/2023		5		5,007
Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); Series 2017 A, RB(e)	5.00%	06/15/2027		320		317,049
Main Street Natural Gas, Inc.; Series 2023 C, RB(a)	5.00%	09/01/2030		2,000		2,077,356
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); Series 2018 A-1, RB	5.75%	12/01/2028		2,630		2,523,051
						10,324,463
Guam-0.55%
Guam (Territory of); Series 2015 D, Ref. RB	5.00%	11/15/2033		3,000		3,021,585
Guam (Territory of) Department of Education (John F. Kennedy);
Series 2020, Ref. COP	4.25%	02/01/2030		1,500		1,450,339
Series 2020, Ref. COP	5.00%	02/01/2040		2,750		2,655,047
						7,126,971
Idaho-0.37%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB	4.00%	11/15/2027		1,015		994,031
Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.); Series 2018 A, RB(e)	4.63%	07/01/2029		150		150,460
Idaho (State of) Housing & Finance Association (Future Public School); Series 2022 A, RB(e)	4.00%	05/01/2042		2,280		1,798,157
Idaho (State of) Housing & Finance Association (North Star Charter School);
Series 2014 A, Ref. RB	6.75%	07/01/2036		526		547,609
Series 2014 A, Ref. RB	6.75%	07/01/2048		1,061		1,102,234
Power County Industrial Development Corp. (FMC Corp.); Series 1999, RB(f)	6.45%	08/01/2032		130		130,386
						4,722,877
Illinois-9.12%
Aurora (City of), IL (East River Area TIF No. 6); Series 2018 A, Ref. RB	5.00%	12/30/2027		820		800,062
Aurora (City of), IL (River City TIF No. 3); Series 2018 B, Ref. RB	4.50%	12/30/2023		420		418,821
Bartlett (Village of), IL (Quarry Redevelopment); Series 2016, Ref. RB	4.00%	01/01/2024		475		473,519
Berwyn (City of), IL (South Berwyn Corridor); Series 2020, RB(e)	4.00%	12/01/2028		1,440		1,347,316
Bradley (Village of), IL (Bradley Commons);
Series 2018 A, Ref. RB	5.00%	01/01/2024		455		455,031
Series 2018 A, Ref. RB	5.00%	01/01/2025		485		484,748
Series 2018 A, Ref. RB	5.00%	01/01/2026		505		503,325
Series 2018 A, Ref. RB	5.00%	01/01/2027		530		527,403
Chicago (City of), IL;
Series 2014 A, Ref. GO Bonds(g)	5.00%	01/01/2035		11,270		11,324,414
Series 2014, RB (INS - BAM)(d)	5.00%	01/01/2039		2,000		2,002,986
Series 2017 A, Ref. GO Bonds	5.63%	01/01/2029		1,000		1,057,481
Series 2017 A, Ref. GO Bonds	5.75%	01/01/2034		1,500		1,590,226
Chicago (City of), IL (O’Hare International Airport);
Series 2012 B, Ref. RB(f)	5.00%	01/01/2030		5,290		5,291,506
Series 2017 D, RB	5.25%	01/01/2029		1,500		1,587,927
Series 2017 D, RB	5.25%	01/01/2030		3,000		3,176,876
Series 2017 G, RB(f)	5.25%	01/01/2028		250		260,569
Series 2017 G, RB(f)	5.25%	01/01/2029		350		365,362
Series 2017 G, RB(f)	5.25%	01/01/2030		400		417,691
Series 2017 G, RB(f)	5.25%	01/01/2031		350		365,650
Chicago (City of), IL Board of Education;
Series 1998 B-1, GO Bonds (INS - NATL)(d)(h)	0.00%	12/01/2025		1,000		908,497
Series 2012 A, GO Bonds	5.00%	12/01/2042		15,000		14,516,306
Series 2017 C, Ref. GO Bonds	5.00%	12/01/2024		1,000		1,010,224
Series 2017 H, GO Bonds	5.00%	12/01/2036		4,000		4,032,117
Series 2018 C, Ref. GO Bonds	5.00%	12/01/2023		2,000		2,004,569
Series 2018 C, Ref. GO Bonds	5.00%	12/01/2026		2,000		2,055,415

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Illinois-(continued)
Evanston (City of), IL (Roycemore School);
Series 2021, RB(e)	4.00%	04/01/2032	$	245	$	202,801
Series 2021, RB(e)	4.38%	04/01/2041		830		612,294
Hillside (Village of), IL (Mannheim Redevelopment);
Series 2018, Ref. RB	5.00%	01/01/2024		335		335,361
Series 2018, Ref. RB	5.00%	01/01/2030		2,195		2,177,148
Illinois (State of);
First Series 2020, GO Bonds (INS - NATL)(d)(i)(j)	6.00%	11/01/2026		3,500		3,643,247
Series 2017 D, GO Bonds	5.00%	11/01/2025		4,000		4,105,794
Series 2020 A, GO Bonds(i)(j)	6.00%	05/01/2025		2,500		2,590,315
Series 2020, GO Bonds	5.50%	05/01/2030		2,000		2,200,678
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(f)	8.00%	06/01/2032		11,805		11,813,207
Illinois (State of) Finance Authority; Series 2007, RB	5.40%	04/01/2027		140		136,540
Illinois (State of) Finance Authority (Benedictine University);
Series 2017, Ref. RB	5.00%	10/01/2030		1,000		1,000,084
Series 2017, Ref. RB	5.00%	10/01/2033		1,000		1,000,965
Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB(e)	5.25%	12/01/2025		255		257,515
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB	5.00%	11/01/2027		2,065		2,020,220
Series 2019 A, Ref. RB	5.00%	11/01/2035		2,020		1,853,817
Illinois (State of) Finance Authority (Montgomery Place); Series 2017, Ref. RB (Acquired 04/12/2017; Cost $573,086)(c)	5.00%	05/15/2024		570		564,117
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB	5.13%	05/15/2060		1,089		600,150
Illinois (State of) Finance Authority (Plymouth Place); Series 2015, Ref. RB(g)	5.00%	05/15/2025		110		111,893
Illinois (State of) Finance Authority (Roosevelt University);
Series 2007, RB	5.50%	04/01/2037		2,000		1,798,009
Series 2019 A, RB(e)	6.13%	04/01/2049		3,000		2,762,666
Illinois (State of) Finance Authority (Rosalind Franklin University);
Series 2017, Ref. RB	5.00%	08/01/2027		425		436,147
Series 2017, Ref. RB	5.00%	08/01/2028		500		513,939
Series 2017, Ref. RB	5.00%	08/01/2029		325		333,865
Series 2017, Ref. RB	5.00%	08/01/2030		380		390,015
Series 2017, Ref. RB	5.00%	08/01/2031		375		384,687
Series 2017, Ref. RB	5.00%	08/01/2033		470		481,047
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB	5.00%	11/15/2038		8,700		8,752,880
Illinois (State of) Finance Authority (Three Crowns Park); Series 2017, Ref. RB	4.00%	02/15/2027		1,460		1,410,708
Illinois (State of) Medical District Commission;
Series 2002, COP (INS - NATL)(d)	5.13%	06/01/2026		35		35,026
Series 2002, COP (INS - NATL)(d)	5.25%	06/01/2032		140		140,064
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2022 B, RB	5.00%	12/15/2027		3,000		3,056,766
Illinois (State of) Regional Transportation Authority; Series 2018 B, RB(j)	5.00%	06/01/2030		3,000		3,262,478
Manhattan (Village of), IL Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref. RB	4.25%	03/01/2024		82		81,820
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB	4.25%	01/01/2029		880		837,376
Yorkville (United City of), IL (Raintree Village); Series 2013, Ref. RB	4.60%	03/01/2025		640		632,439
						117,514,119
Indiana-1.29%
Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB	4.80%	01/01/2028		300		274,463
Indiana (State of) Finance Authority; Series 2022, Ref. RB(a)(f)	4.50%	11/15/2023		10,000		9,985,819
Indiana (State of) Finance Authority (Irvington Community School); Series 2018 A, Ref. RB(e)	5.50%	07/01/2028		660		651,714
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB	4.25%	11/01/2030		1,580		1,577,477
Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB	5.25%	09/01/2037		1,865		1,820,457
Lake County 2000 Building Corp.; Series 2012, RB (CEP - Colorado Higher Education Intercept Program)	5.00%	02/01/2024		775		774,877
Mishawaka (City of), IN (Silver Birch of Mishwaka); Series 2017, RB(e)	5.10%	01/01/2032		555		486,084
Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB(a)(f)	4.40%	06/10/2031		1,000		1,011,368
						16,582,259

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Iowa-2.03%
Ackley (City of), IA (Grand Jivante); Series 2018 A, RB	4.50%	08/01/2033	$	600	$	487,730
Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB	4.30%	10/01/2028		660		623,378
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB	4.75%	08/01/2042		5,000		4,771,549
Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2022, Ref. RB(a)	4.00%	12/01/2032		4,000		3,844,097
Series 2022, Ref. RB	5.00%	12/01/2050		5,410		5,353,982
Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.);
Series 2018, RB	4.45%	08/01/2028		625		574,836
Series 2018, RB	5.00%	08/01/2033		500		441,467
PEFA, Inc.; Series 2019, RB(a)	5.00%	09/01/2026		10,000		10,097,451
						26,194,490
Kansas-0.91%
Lenexa (City of), KS (Lakeview Village, Inc.); Series 2018 A, Ref. RB	5.00%	05/15/2027		1,000		1,002,935
Pittsburgh (City of), KS (North Broadway - Pittsburgh Town Center); Series 2006, RB	4.80%	04/01/2027		190		156,487
University of Kansas Hospital Authority; Series 2015, Ref. RB	5.00%	09/01/2034		5,000		5,108,734
Wichita (City of), KS (Kansas Masonic Home);
Series 2016 II-A, RB (Acquired 05/01/2017; Cost $499,278)(b)(c)	4.25%	12/01/2024		500		115,000
Series 2016 II-A, RB (Acquired 06/24/2016-11/06/2019; Cost $1,846,674)(b)(c)	5.00%	12/01/2031		1,800		414,000
Series 2016 II-A, RB (Acquired 06/24/2016-02/20/2018; Cost $1,013,149)(b)(c)	5.25%	12/01/2036		1,000		230,000
Wichita (City of), KS (Presbyterian Manors, Inc.);
Series 2018 I, Ref. RB	5.00%	05/15/2028		935		872,137
Series 2018 I, Ref. RB	5.00%	05/15/2033		500		432,320
Series 2019, Ref. RB	5.00%	05/15/2027		2,330		2,206,382
Series 2019, Ref. RB	5.00%	05/15/2028		1,220		1,137,975
						11,675,970
Kentucky-0.38%
Christian (County of), KY (Jennie Stuart Medical Center, Inc.);
Series 2016, Ref. RB	5.00%	02/01/2026		470		476,181
Series 2016, Ref. RB	5.50%	02/01/2044		2,170		2,187,214
Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care Communities); Series 2021, Ref. RB	4.25%	07/01/2031		1,000		864,202
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); Series 2015 A, RB	5.00%	07/01/2032		1,000		1,013,800
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); Series 2015, Ref. RB	5.00%	11/15/2025		380		370,894
						4,912,291
Louisiana-2.16%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Livingston (Parish of), LA Gomesha) (Green Bonds); Series 2018, RB(e)	5.38%	11/01/2038		4,095		4,235,271
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Vermilion (Parish of), LA Gomesha) (Green Bonds); Series 2019, RB(e)	4.63%	11/01/2038		1,825		1,828,631
Louisiana (State of) Public Facilities Authority (Encore Academy);
Series 2021, RB (Acquired 11/03/2021; Cost $874,401)(b)(c)(e)	5.00%	06/01/2031		815		570,500
Series 2021, RB (Acquired 11/03/2021; Cost $1,734,351)(b)(c)(e)	5.00%	06/01/2041		1,640		1,148,000
New Orleans (City of), LA Aviation Board; Series 2015 B, RB(f)	5.00%	01/01/2040		7,700		7,705,539
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System);
Series 2018 A, RB (INS - AGM)(d)	5.00%	10/01/2034		540		577,174
Series 2018 A, RB (INS - AGM)(d)	5.00%	10/01/2036		1,115		1,175,106
Series 2018 A, RB (INS - AGM)(d)	5.00%	10/01/2037		755		791,328
Series 2018 A, RB (INS - AGM)(d)	5.00%	10/01/2038		475		496,140
Series 2018 B, Ref. RB (INS - AGM)(d)	5.00%	10/01/2032		1,000		1,075,195
Series 2018 B, Ref. RB (INS - AGM)(d)	5.00%	10/01/2033		715		766,691
Series 2018 B, Ref. RB (INS - AGM)(d)	5.00%	10/01/2034		515		550,453
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2011, RB(a)(e)	5.85%	06/01/2025		4,000		4,097,785
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB	5.25%	05/15/2035		2,780		2,800,330
						27,818,143

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Maryland-0.39%
Baltimore (City of), MD (Convention Center Hotel);
Series 2017, Ref. RB	5.00%	09/01/2026	$	2,160	$	2,136,291
Series 2017, Ref. RB	5.00%	09/01/2027		1,100		1,088,507
Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB	4.00%	09/01/2027		425		417,611
Baltimore (City of), MD (Harbor Point); Series 2022, RB	4.50%	06/01/2033		400		389,906
Howard (County of), MD (Downtown Columbia); Series 2017 A, RB(e)	4.00%	02/15/2028		480		470,041
Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy); Series 2017 A, RB(e)	5.00%	07/01/2027		480		478,976
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Medical Institutions Parking Facilities); Series 1996, RB (INS - AMBAC)(d)	5.50%	07/01/2026		30		30,195
						5,011,527
Massachusetts-0.92%
Lynn Housing Authority & Neighborhood Development;
Series 2018, Ref. RB	3.60%	10/01/2023		100		99,874
Series 2018, Ref. RB	3.75%	10/01/2024		250		246,512
Series 2018, Ref. RB	4.00%	10/01/2025		200		198,755
Series 2018, Ref. RB	4.00%	10/01/2026		100		99,874
Series 2018, Ref. RB	4.00%	10/01/2027		150		150,005
Series 2018, Ref. RB	4.25%	10/01/2028		320		320,106
Series 2018, Ref. RB	4.38%	10/01/2029		385		385,165
Series 2018, Ref. RB	4.50%	10/01/2030		690		690,364
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health); Series 2015, Ref. RB	5.00%	01/01/2041		4,280		4,241,411
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds); Series 2015, RB	5.00%	07/01/2044		750		752,371
Massachusetts (Commonwealth of) Development Finance Agency (Lawrence General Hospital); Series 2017, Ref. RB	5.00%	07/01/2028		675		649,794
Massachusetts (Commonwealth of) Development Finance Agency (Linden Ponds, Inc. Facility); Series 2018, RB(e)	5.00%	11/15/2033		1,500		1,542,132
Massachusetts (Commonwealth of) Development Finance Agency (Plantation Apartments L.P.); Series 2004 A, RB (LOC - Fleet National Bank)(f)(k)	5.00%	12/15/2024		1,155		1,155,323
Massachusetts (State of) Development Finance Agency (Newbridge Charles, Inc.); Series 2017, Ref. RB(e)	5.00%	10/01/2047		1,500		1,334,607
						11,866,293
Michigan-1.72%
Advanced Technology Academy;
Series 2019, Ref. RB	3.88%	11/01/2029		1,210		1,127,610
Series 2019, Ref. RB	5.00%	11/01/2034		1,200		1,184,787
Detroit (City of), MI;
Series 2014 B-1, GO Bonds	4.00%	04/01/2044		2,500		1,870,908
Series 2018, GO Bonds	5.00%	04/01/2026		1,000		1,017,244
Ecorse (City of), MI; Series 2011, GO Bonds	5.80%	11/01/2026		1,430		1,431,702
Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo); Series 2021, Ref. RB(e)	5.00%	08/15/2031		990		930,508
Michigan (State of) Finance Authority (Cesar Chavez Academy);
Series 2019, Ref. RB	3.25%	02/01/2024		90		89,404
Series 2019, Ref. RB	4.00%	02/01/2029		700		660,828
Series 2019, Ref. RB	5.00%	02/01/2033		830		812,904
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2003 B-2, RB	6.00%	11/01/2023		10		10,021
Michigan (State of) Finance Authority (Madison Academy); Series 2021, Ref. RB	4.25%	12/01/2039		1,575		1,213,373
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2019 A, Ref. RB	4.00%	12/01/2049		1,145		1,040,785
Michigan (State of) Finance Authority (Universal Learning Academy); Series 2018, Ref. RB	5.00%	11/01/2023		285		284,632
Michigan (State of) Strategic Fund (Evangelical Homes); Series 2013, Ref. RB	5.50%	06/01/2047		3,000		2,391,924
Michigan (State of) Strategic Fund (Friendship Village of Kalamazoo); Series 2021, Ref. RB(e)	5.00%	08/15/2031		690		648,536
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(a)(f)	4.00%	10/01/2026		2,610		2,586,141
Michigan (State of) Strategic Fund (I-75 Improvement Project);
Series 2018, RB(f)	5.00%	12/31/2032		1,730		1,809,226
Series 2018, RB(f)	5.00%	12/31/2033		2,000		2,088,716

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Michigan-(continued)
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.); Series 2016 A, Ref. RB(e)	5.00%	07/01/2026	$	980	$	906,677
						22,105,926
Minnesota-1.35%
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB	5.00%	12/01/2033		1,250		1,106,119
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB	3.50%	07/01/2027		500		468,213
Brooklyn Park (City of), MN (Athlos Leadership Academy);
Series 2015 A, RB	4.75%	07/01/2025		190		185,369
Series 2015 A, RB	5.25%	07/01/2030		580		546,900
Series 2015, RB	5.50%	07/01/2035		665		602,492
Series 2015, RB	5.75%	07/01/2046		1,400		1,187,803
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); Series 2015, RB	5.75%	08/01/2030		845		631,563
Deephaven (City of), MN (Seven Hills Preparatory Academy);
Series 2017, RB	4.38%	10/01/2027		225		216,106
Series 2017, RB	5.00%	10/01/2037		1,000		894,429
Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy);
Series 2018 A, Ref. RB	4.25%	11/01/2028		1,680		1,609,997
Series 2018 A, Ref. RB	5.00%	11/01/2033		1,070		1,049,900
Minneapolis (City of), MN (Spero Academy);
Series 2017 A, RB(e)	5.50%	07/01/2027		590		590,107
Series 2017 A, RB(e)	6.00%	07/01/2032		1,080		1,098,288
Ramsey (City of), MN; Series 2022 A, Ref. RB	5.00%	06/01/2032		2,000		1,991,453
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB	6.88%	12/01/2048		1,000		980,502
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018; Cost $2,000,000)(a)(b)(c)(e)	6.00%	07/01/2027		2,000		1,060,000
St. Paul (City of), MN Housing & Redevelopment Authority (Great River School); Series 2017 A, RB(e)	5.25%	07/01/2033		140		140,904
St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts); Series 2015, RB	5.13%	10/01/2023		80		80,022
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB	4.25%	12/01/2032		1,315		1,281,561
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); Series 2016, Ref. RB	5.00%	09/01/2026		625		624,310
St. Paul (City of), MN Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom East Campus);
Series 2018, Ref. RB	4.00%	10/01/2031		250		212,903
Series 2018, Ref. RB	4.13%	10/01/2033		250		207,093
St. Paul Park (City of), MN (Presbyterian Homes Bloomington); Series 2017, Ref. RB	4.10%	09/01/2033		500		472,101
Wayzata (City of), MN (Folkstone Senior Living Co.); Series 2019, Ref. RB	5.00%	08/01/2035		100		100,102
						17,338,237
Mississippi-0.71%
Mississippi (State of) Development Bank (Hospital Construction); Series 2014, RB	5.00%	09/01/2030		720		726,785
Mississippi (State of) Development Bank (Jackson County Gomesa); Series 2021, RB(e)	3.63%	11/01/2036		3,500		3,124,238
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care); Series 2016, RB	5.00%	09/01/2046		3,870		3,847,489
Tunica (County of), MS; Series 2019, Ref. RB	6.00%	10/01/2040		1,620		1,428,576
						9,127,088
Missouri-1.79%
Branson (City of), MO Industrial Development Authority (Branson Shoppes Redevelopment);
Series 2017 A, Ref. RB	4.00%	11/01/2025		1,440		1,409,021
Series 2017 A, Ref. RB	4.00%	11/01/2026		750		724,784
Cape Girardeau (County of), MO Industrial Development Authority (Procter & Gamble Paper Products Co. (The)); Series 1998, RB(f)	5.30%	05/15/2028		30		30,046
I-470 Western Gateway Transportation Development District; Series 2019 A, RB(e)	4.50%	12/01/2029		1,680		1,642,371
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District);
Series 2016 A, Ref. RB(e)	4.25%	04/01/2026		235		228,308
Series 2016 A, Ref. RB(e)	5.00%	04/01/2036		2,000		1,843,367

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Missouri-(continued)
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, RB(e)	4.38%	02/01/2031	$	960	$	825,231
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. IDR	5.00%	05/15/2026		1,000		960,280
Series 2017 A, Ref. IDR	5.00%	05/15/2027		800		756,556
Series 2017 A, Ref. RB	5.00%	05/15/2024		1,700		1,682,454
Series 2017 A, Ref. RB	5.25%	05/15/2037		1,000		845,762
Series 2017 A, Ref. RB	5.25%	05/15/2042		1,000		798,623
Lee’s Summit (City of), MO Industrial Development Authority (John Knox Village Obligated Group);
Series 2014 A, RB	5.00%	08/15/2034		490		443,034
Series 2014 A, RB	5.25%	08/15/2039		5,235		4,576,979
Maryland Heights (City of), MO (Westport Plaza Redevelopment);
Series 2020, RB	3.63%	11/01/2031		700		637,338
Series 2020, RB	4.13%	11/01/2038		2,500		2,147,781
Northpark Lane Community Improvement District; Series 2018, RB	4.50%	11/01/2036		420		419,645
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(e)	4.25%	10/01/2034		1,325		1,142,227
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County);
Series 2018 A, RB	5.00%	09/01/2025		1,000		1,000,180
Series 2018 A, RB	5.00%	09/01/2026		1,000		998,896
						23,112,883
Nevada-0.37%
Las Vegas (City of), NV Special Improvement District No. 607; Series 2013, Ref. RB	5.00%	06/01/2024		20		20,149
Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB	4.75%	12/01/2040		345		327,508
Nevada (State of) Department of Business & Industry (Doral Academy of Nevada);
Series 2017 A, RB	5.00%	07/15/2027		285		285,899
Series 2017 A, RB	5.00%	07/15/2037		500		493,111
Nevada (State of) Department of Business & Industry (Somerset Academy); Series 2018 A, RB(e)	4.50%	12/15/2029		525		507,675
North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village 1); Series 2022, RB(e)	5.50%	06/01/2037		750		746,358
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(e)	2.75%	06/15/2028		1,500		1,392,068
Tahoe-Douglas Visitors Authority; Series 2020, RB	5.00%	07/01/2032		1,000		1,022,628
						4,795,396
New Hampshire-0.53%
New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB(a)(e)	3.63%	07/02/2040		3,455		2,614,239
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB	4.00%	10/20/2036		3,955		3,709,814
New Hampshire (State of) Health and Education Facilities Authority (Hillside Village);
Series 2017 A, RB (Acquired 06/12/2017; Cost $1,323,137)(b)(c)(e)	5.25%	07/01/2027		1,323		291,090
Series 2017 B, RB (Acquired 06/12/2017; Cost $1,214,615)(b)(c)(e)	4.13%	07/01/2024		1,215		267,215
						6,882,358
New Jersey-1.51%
New Jersey (State of) Economic Development Authority; Series 2017 B, Ref. RB	5.00%	11/01/2023		1,500		1,502,972
New Jersey (State of) Economic Development Authority (Beloved Community Charter School, Inc.); Series 2019 A, RB(e)	5.00%	06/15/2039		825		779,298
New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 A, RB(e)	5.13%	11/01/2029		215		211,592
New Jersey (State of) Economic Development Authority (Hatikvah International Academy Charter School); Series 2017 A, RB(e)	5.00%	07/01/2027		330		324,356
New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School); Series 2018 A, RB(e)	4.75%	10/01/2028		1,105		1,075,365
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.); Series 2012 C, RB	5.00%	07/01/2032		1,275		1,244,720
New Jersey (State of) Economic Development Authority (Teaneck Community Charter School); Series 2017 A, Ref. RB(e)	4.25%	09/01/2027		165		161,156

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Transportation Trust Fund Authority;
Series 2008 A, RB(h)	0.00%	12/15/2028	$	715	$	588,026
Series 2008 A, RB(h)	0.00%	12/15/2035		1,000		596,166
Series 2009 A, RB(h)	0.00%	12/15/2032		1,465		1,012,321
Series 2018 A, RN(i)(j)	5.00%	06/15/2029		1,000		1,042,209
Series 2018 A, RN(i)(j)	5.00%	06/15/2030		2,845		2,961,003
Series 2019, Ref. RB	5.00%	12/15/2033		2,850		3,087,287
Series 2020 A, Ref. RN(i)(j)	5.00%	06/15/2031		4,680		4,865,668
						19,452,139
New Mexico-0.15%
Winrock Town Center Tax Increment Development District No. 1;
Series 2022, Ref. RB(e)	3.75%	05/01/2028		897		844,844
Series 2022, Ref. RB(e)	4.00%	05/01/2033		1,250		1,097,942
						1,942,786
New York-6.06%
Allegany County Capital Resource Corp. (Houghton College); Series 2022 A, Ref. RB	5.00%	12/01/2032		1,385		1,435,995
Buffalo & Erie County Industrial Land Development Corp. (Medaille College);
Series 2018, Ref. RB(e)	5.00%	10/01/2028		375		281,250
Series 2018, Ref. RB(e)	5.00%	10/01/2038		2,445		1,833,750
Build NYC Resource Corp. (Brooklyn Navy Yard);
Series 2019, Ref. RB(e)(f)	5.25%	12/31/2033		3,000		2,741,992
Series 2019, Ref. RB(e)(f)	5.50%	12/31/2040		5,000		4,298,244
Build NYC Resource Corp. (Shefa School);
Series 2021 A, RB(e)	2.50%	06/15/2031		375		305,609
Series 2021 A, RB(e)	5.00%	06/15/2051		750		628,794
Build NYC Resource Corp. (Unity Preparatory Charter School of Brooklyn); Series 2023, RB(e)	5.25%	06/15/2043		525		510,483
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB	5.00%	06/01/2045		3,210		2,973,117
Metropolitan Transportation Authority;
Series 2013 E, RB	5.00%	11/15/2038		1,400		1,399,849
Subseries 2015 C-1, Ref. RB	5.25%	11/15/2031		2,000		2,051,888
Metropolitan Transportation Authority (Green Bonds); Series 2020 E, Ref. RB	5.00%	11/15/2029		4,100		4,382,655
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB (Acquired 01/19/2016-02/28/2018; Cost $1,087,249)(c)	5.00%	01/01/2058		967		289,417
Series 2021, Ref. RB (Acquired 09/07/2021; Cost $445,000)(b)(c)(e)	9.00%	01/01/2041		445		422,750
New York (City of), NY; Series 2023 F-1, Ref. GO Bonds	5.00%	08/01/2037		1,000		1,108,229
New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB	5.00%	08/01/2035		1,250		1,235,139
New York Counties Tobacco Trust II; Series 2001, RB	5.63%	06/01/2035		35		35,622
New York Counties Tobacco Trust VI;
Series 2016 A, Ref. RB	5.63%	06/01/2035		1,030		1,057,054
Series 2016 A, Ref. RB	6.00%	06/01/2043		3,055		3,091,536
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 3, Ref. RB(e)	7.25%	11/15/2044		3,000		3,027,093
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2020, Ref. RB(f)	5.25%	08/01/2031		2,755		2,848,812
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(f)	5.00%	08/01/2026		4,220		4,229,320
Series 2016, Ref. RB(f)	5.00%	08/01/2031		8,680		8,701,621
Series 2021, Ref. RB(f)	3.00%	08/01/2031		545		483,430
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB(f)	5.00%	01/01/2030		2,000		2,058,913
Series 2018, RB(f)	5.00%	01/01/2032		4,315		4,447,286
Series 2020, RB(f)	4.00%	10/01/2030		6,000		5,919,783
Series 2020, RB(f)	5.00%	10/01/2035		5,000		5,163,043
New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, RB(f)	5.00%	12/01/2029		7,000		7,398,807
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB(b)	5.00%	07/01/2027		1,000		350,000
Series 2013 A, RB(b)	5.00%	07/01/2032		1,000		350,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York-(continued)
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(e)(f)	7.00%	06/01/2046	$	3,500	$	3,001,786
						78,063,267
North Dakota-0.27%
Burleigh (County of), ND (University of Mary); Series 2016, RB	4.38%	04/15/2026		660		645,575
Grand Forks (City of), ND (Altru Health System); Series 2021, Ref. RB	4.00%	12/01/2040		3,375		2,876,912
						3,522,487
Ohio-2.58%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 A-2, Ref. RB	3.00%	06/01/2048		2,755		2,031,580
Series 2020 B-2, Ref. RB	5.00%	06/01/2055		2,475		2,265,803
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Euclid Avenue Development Corp.); Series 2014, Ref. RB	5.00%	08/01/2029		600		606,949
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2010, RB	6.00%	11/15/2035		1,000		1,001,620
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(f)	5.38%	09/15/2027		485		486,330
Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB	5.00%	02/15/2031		2,500		2,550,535
Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB	5.25%	11/15/2040		1,500		1,375,692
Greater Cincinnati (Port of), OH Development Authority;
Series 2004, RB	6.30%	02/15/2024		165		164,810
Series 2004, RB	6.40%	02/15/2034		1,950		1,889,417
Greater Cincinnati (Port of), OH Development Authority (Convention Center Hotel Acquisition and Demolition); Series 2023, Ref. RB(e)	5.00%	05/01/2025		2,500		2,480,564
Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB(a)	4.38%	06/15/2026		1,700		1,629,720
Lucas Metropolitan Housing Authority;
Series 2012, RB	5.25%	09/01/2024		275		278,121
Series 2012, RB	5.25%	09/01/2025		290		293,227
Series 2012, RB	5.25%	09/01/2026		305		308,427
Series 2012, RB	5.25%	09/01/2027		320		323,622
Muskingum (County of), OH (Genesis Healthcare System);
Series 2013, RB	5.00%	02/15/2033		1,000		973,043
Series 2013, RB	5.00%	02/15/2044		3,000		2,717,067
Series 2013, RB	5.00%	02/15/2048		7,180		6,365,960
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(f)	5.00%	12/31/2039		1,000		1,000,249
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(e)(f)	4.25%	01/15/2038		250		241,887
RiverSouth Authority; Series 2007 A, RB	5.75%	12/01/2027		580		578,220
Southern Ohio Port Authority (Purecycle); Series 2020 A, RB(e)(f)	6.25%	12/01/2025		3,620		3,419,423
Youngstown (City of), OH Metropolitan Housing Authority; Series 2014, RB	4.00%	12/15/2024		210		210,020
						33,192,286
Oklahoma-0.65%
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017 A, RB(b)	5.00%	08/01/2037		1,650		1,650
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); Series 2016 B-2, RB(b)	4.75%	11/01/2023		978		685
Tulsa (City of), OK Airports Improvement Trust; Series 2001 C, Ref. RB(f)	5.50%	12/01/2035		2,000		2,004,613
Tulsa (City of), OK Airports Improvement Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(a)(f)	5.00%	06/01/2025		6,340		6,367,793
						8,374,741
Oregon-0.00%
Local Oregon Capital Assets Program; Series 2011 C, COP	4.60%	06/01/2031		35		35,010
Oregon (State of) (Elderly & Disabled Housing); Series 1993 C, GO Bonds(f)	5.65%	08/01/2026		5		5,007
						40,017
Pennsylvania-2.67%
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue);
Series 2018 A, Ref. RB	5.00%	04/01/2032		3,000		3,135,444
Series 2018, Ref. RB	5.00%	04/01/2030		3,875		4,058,124

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Pennsylvania-(continued)
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2019, Ref. RB	4.88%	11/01/2024	$	3,000	$	3,011,350
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615 Waterfront); Series 2021, RB(e)	6.00%	05/01/2042		670		685,187
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center);
Series 2018, RB(e)	5.00%	05/01/2028		1,000		1,022,889
Series 2018, RB(e)	5.00%	05/01/2033		500		510,391
Chester (County of), PA Industrial Development Authority (Woodlands at Greystone); Series 2018, RB(e)	4.38%	03/01/2028		204		200,374
Delaware Valley Regional Finance Authority; Series 1997 B, RB (INS - AMBAC)(d)	5.70%	07/01/2027		380		412,026
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB	5.00%	12/01/2028		630		599,260
Series 2018, Ref. RB	5.00%	12/01/2030		910		853,554
Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014 A, Ref. RB	5.00%	10/01/2024		1,165		1,165,144
Montgomery (County of), PA Industrial Development Authority (Constellation Energy); Series 2023 B, Ref. RB	4.10%	06/01/2029		3,000		3,035,059
Northampton (County of), PA Industrial Development Authority;
Series 2013 A, RB (Acquired 04/03/2013; Cost $308,057)(c)(l)(m)	5.00%	12/31/2023		350		63,025
Series 2013, RB(l)(m)	5.00%	12/31/2023		180		32,330
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB	5.25%	09/01/2050		10,080		10,095,396
Philadelphia (City of), PA Authority for Industrial Development;
Series 2017, Ref. RB(a)(e)(g)	5.00%	03/15/2028		115		123,874
Series 2017, Ref. RB(e)	5.00%	03/15/2045		1,885		1,575,000
Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter School, Inc.);
Series 2019 A, RB	4.00%	06/15/2029		765		717,458
Series 2019 A, RB	5.00%	06/15/2039		1,840		1,699,758
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. RB	5.00%	07/01/2031		500		460,540
Series 2017, Ref. RB	5.00%	07/01/2032		1,000		911,001
						34,367,184
Puerto Rico-8.36%
Children’s Trust Fund;
Series 2002, RB	5.50%	05/15/2039		12,095		12,096,413
Series 2002, RB	5.63%	05/15/2043		7,645		7,683,385
Corp. Para El Financiamiento Publico de Puerto Rico;
Series 2011, RB	6.00%	08/01/2024		10,675		280,219
Series 2011, RB	6.00%	08/01/2025		17,475		458,719
Series 2011, RB	6.00%	08/01/2026		6,495		170,494
Series 2011, RB	0.00%	08/01/2028		37,400		981,750
Series 2011, RB	5.50%	08/01/2031		54,770		1,437,712
PRHTA Custodial Trust; Series 2022, RB(b)	5.75%	12/06/2049		242		86,395
PRPBA Custodial Trust; Series 2022, RB	0.00%	03/15/2049		278		2,698
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(h)	0.00%	07/01/2024		887		854,692
Series 2021 A, GO Bonds(h)	0.00%	07/01/2033		2,034		1,239,651
Series 2021 A-1, GO Bonds	5.63%	07/01/2027		10,510		10,961,453
Series 2021 A-1, GO Bonds	5.63%	07/01/2029		3,000		3,174,121
Series 2021 A-1, GO Bonds	4.00%	07/01/2033		3,300		3,090,059
Subseries 2022, RN	0.00%	11/01/2043		8,027		4,144,161
Subseries 2022, RN	0.00%	11/01/2051		2,118		1,095,854
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB	6.13%	07/01/2024		337		341,520
Series 2020 A, Ref. RB(e)	5.00%	07/01/2035		4,000		4,018,078

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Puerto Rico-(continued)
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - SGI)(d)	5.00%	07/01/2025	$	100	$	99,285
Series 2005 RR, RB (INS - AGC)(d)	5.00%	07/01/2026		155		155,923
Series 2007 TT, RB (INS - NATL)(d)	5.00%	07/01/2026		165		165,084
Series 2007 TT, RB(b)	5.00%	07/01/2037		500		137,500
Series 2007 UU, Ref. RB (INS - AGC)(d)	5.00%	07/01/2026		1,435		1,443,544
Series 2007 VV, Ref. RB (INS - NATL)(d)	5.25%	07/01/2025		1,705		1,686,134
Series 2007 VV, Ref. RB (INS - NATL)(d)	5.25%	07/01/2030		1,000		985,171
Series 2010 AAA, RB(b)	5.25%	07/01/2028		5,685		1,563,375
Series 2010 CCC, RB(b)	5.25%	07/01/2026		3,520		968,000
Series 2010 XX, RB(b)	5.25%	07/01/2027		250		68,750
Series 2010 ZZ, Ref. RB(b)	5.25%	07/01/2025		1,180		324,500
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB	5.00%	07/01/2062		333		328,683
Series 2022 B, RB(h)	0.00%	07/01/2032		217		139,421
Series 2022 C, RB(n)	5.00%	07/01/2053		370		234,789
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB (Acquired 08/06/2009-01/08/2020; Cost $6,580,000)(b)(c)(f)	6.63%	06/01/2026		6,580		4,606,000
Puerto Rico (Commonwealth of) Municipal Finance Agency;
Series 2002 A, RB (INS - AGM)(d)	5.00%	08/01/2027		1,075		1,081,401
Series 2005 A, RB (INS - AGM)(d)	5.00%	08/01/2030		305		306,816
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(h)	0.00%	07/01/2024		211		204,190
Series 2018 A-1, RB(h)	0.00%	07/01/2027		1,027		879,098
Series 2018 A-1, RB(h)	0.00%	07/01/2029		1,003		784,721
Series 2018 A-1, RB(h)	0.00%	07/01/2033		11,167		7,226,707
Series 2018 A-1, RB	4.50%	07/01/2034		7,162		7,161,590
Series 2018 A-1, RB	4.55%	07/01/2040		538		524,563
Series 2018 A-1, RB(h)	0.00%	07/01/2046		13,831		3,852,323
Series 2018 A-1, RB(h)	0.00%	07/01/2051		11,268		2,328,955
Series 2018 A-1, RB	4.75%	07/01/2053		3,953		3,705,857
Series 2019 A-2, RB	4.33%	07/01/2040		7,975		7,573,105
Series 2019 A-2, RB	4.54%	07/01/2053		163		147,523
Series 2019 A-2, RB	4.78%	07/01/2058		2,196		2,058,509
University of Puerto Rico; Series 2006 Q, RB	5.00%	06/01/2025		5,000		4,940,212
						107,799,103
Rhode Island-0.02%
Pawtucket (City of), RI Housing Authority; Series 2010, RB	5.50%	09/01/2028		195		195,301
Rhode Island Housing and Mortgage Finance Corp.; Series 1992 10-A, RB	6.50%	04/01/2027		80		80,141
						275,442
South Carolina-0.53%
South Carolina (State of) Jobs-Economic Development Authority (Green Charter Schools); Series 2021, Ref. RB(e)	4.00%	06/01/2036		2,000		1,654,969
South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at Still Hopes); Series 2018 A, Ref. RB	5.00%	04/01/2027		1,655		1,640,025
South Carolina (State of) Jobs-Economic Development Authority (South Carolina SAVES Green Community Program - AAC East LLC) (Green Bonds); Series 2019, RB(e)	7.00%	05/01/2026		1,125		1,072,468
South Carolina (State of) Public Service Authority; Series 2014 A, RB	5.50%	12/01/2054		2,450		2,454,862
						6,822,324
Tennessee-2.31%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB	5.00%	06/01/2027		4,595		4,368,809
Knox (County of), TN Health, Educational & Housing Facility Board (University Health); Series 2017, Ref. RB	5.00%	04/01/2036		2,605		2,661,308
Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial Development Board (Graceland); Series 2017 A, Ref. RB	5.50%	07/01/2037		350		240,355

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Tennessee-(continued)
Metropolitan Development and Housing Agency (Fifth + Broadway Development);
Series 2018, RB(e)	4.50%	06/01/2028	$	1,035	$	1,036,366
Series 2018, RB(e)	5.13%	06/01/2036		1,000		1,007,234
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018-01/31/2019; Cost $1,995,192)(b)(c)(e)	5.25%	04/03/2028		2,000		440,000
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB	5.38%	09/01/2041		205		174,341
Series 2013 A, Ref. RB	5.50%	09/01/2047		200		163,474
Series 2016 A, Ref. RB(e)	5.00%	09/01/2024		1,000		986,615
Series 2016 A, Ref. RB(e)	5.00%	09/01/2031		3,000		2,706,959
Series 2016 A, Ref. RB(e)	5.00%	09/01/2037		1,475		1,239,809
Tennergy Corp.;
Series 2021 A, RB(a)	4.00%	09/01/2028		3,610		3,537,146
Series 2022 A, RB(a)	5.50%	12/01/2030		5,950		6,202,010
Tennessee Energy Acquisition Corp.; Series 2018, RB(a)	4.00%	11/01/2025		5,000		4,943,212
						29,707,638
Texas-8.89%
Argyle (Town of), TX (The Highlands of Argyle Public Improvement District No. 1); Series 2017, RB	4.25%	09/01/2027		255		253,058
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); Series 2023, RB(a)(e)	4.88%	06/15/2026		1,000		998,259
Arlington Higher Education Finance Corp. (Legacy Traditional Schools);
Series 2021, Ref. RB	4.00%	02/15/2031		1,400		1,265,114
Series 2021, Ref. RB	4.13%	02/15/2041		3,325		2,531,015
Arlington Higher Education Finance Corp. (Newman International Academy);
Series 2016, RB	5.38%	08/15/2036		3,835		3,657,336
Series 2021, RB	4.00%	08/15/2031		200		180,057
Series 2021, RB	5.00%	08/15/2041		600		527,993
Arlington Higher Education Finance Corp. (Odyssey Academy, Inc.); Series 2023 A, RB(e)	5.25%	02/15/2033		1,950		1,911,582
Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB	4.55%	08/15/2028		500		482,871
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB	5.15%	08/15/2029		1,235		1,216,359
Austin (City of), TX; Series 2014, RB(f)	5.00%	11/15/2044		4,000		4,013,837
Austin (City of), TX (Travis, Williamson and Hays Counties); Series 2017 B, RB(f)	5.00%	11/15/2046		4,500		4,532,274
Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation);
Series 2016, Ref. RB	5.00%	07/15/2026		250		247,951
Series 2018, Ref. RB	5.00%	07/15/2026		1,000		991,805
Series 2018, Ref. RB	5.00%	07/15/2033		1,630		1,543,537
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC);
Series 2019, RB(f)	7.00%	03/01/2039		400		367,482
Series 2019, RB(e)(f)	9.00%	03/01/2039		2,095		2,194,121
Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); Series 2021, RN(e)(f)	3.63%	07/01/2026		7,000		6,408,875
Clifton Higher Education Finance Corp.; Series 2018 A, RB	6.00%	03/01/2029		989		992,580
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB	5.75%	08/15/2033		2,000		2,020,449
Crandall (City of), TX;
Series 2021, RB(e)	4.13%	09/15/2026		100		95,809
Series 2021, RB(e)	4.75%	09/15/2031		100		91,255
Series 2021, RB(e)	5.25%	09/15/2051		500		445,698
Edinburg Economic Development Corp.; Series 2019, RB(e)	4.00%	08/15/2029		585		550,129
Gulf Coast Industrial Development Authority; Series 1998, RB(f)	8.00%	04/01/2028		340		340,236
Harris (County of) & Houston (City of), TX Sports Authority; Series 2014 A, Ref. RB	5.00%	11/15/2030		2,000		2,027,313
Houston (City of), TX;
Series 2011, Ref. RB(f)	6.50%	07/15/2030		1,450		1,453,975
Series 2015 B-1, RB(f)	5.00%	07/15/2030		5,000		5,027,094
Series 2015 B-1, RB(f)	5.00%	07/15/2035		7,500		7,507,450
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E);
Series 2014, Ref. RB(f)	5.00%	07/01/2029		1,500		1,499,377
Series 2020 A, Ref. RB(f)	5.00%	07/01/2027		2,325		2,344,509
Houston Higher Education Finance Corp. (Houston Baptist University); Series 2021, RB	3.38%	10/01/2037		700		580,185

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Texas-(continued)
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2016, Ref. RB (Acquired 05/08/2018-12/17/2018; Cost $244,842)(b)(c)	5.00%	02/15/2035	$	246	$	7,378
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(e)(f)	4.63%	10/01/2031		7,500		7,329,395
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);
Series 2016, Ref. RB	4.00%	07/01/2028		2,915		2,597,184
Series 2016, Ref. RB	5.00%	07/01/2036		3,950		3,308,795
New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy); Series 2020 A, RB(e)	4.00%	08/15/2030		4,805		4,388,269
New Hope Cultural Education Facilities Finance Corp. (Forefront Living San Antonio - Bella Vida at LA Cantera)); Series 2023, RN(e)	12.00%	12/01/2028		4,000		4,060,930
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2022, Ref. RB	4.00%	01/01/2032		1,500		1,275,593
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); Series 2016 A, RB	5.38%	11/15/2036		1,165		1,015,335
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The)); Series 2022 B3, RB	4.25%	10/01/2026		1,100		1,079,186
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018, Ref. RB	5.00%	10/01/2024		1,150		1,143,690
New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.); Series 2019, Ref. RB	5.00%	01/01/2039		500		394,537
Port Beaumont Navigation District (Jefferson Gulf Coast Energy);
Series 2020, Ref. RB(e)(f)	3.63%	01/01/2035		3,000		2,372,730
Series 2021, RB(e)(f)	2.50%	01/01/2030		2,150		1,738,027
Series 2021, RB(e)(f)	2.63%	01/01/2031		800		633,258
Red River Health Facilities Development Corp. (MRC Crossing);
Series 2014 A, RB(g)	6.75%	11/15/2024		95		96,525
Series 2014 A, RB(a)(g)	7.50%	11/15/2024		100		104,718
Series 2014 A, RB(a)(g)	7.75%	11/15/2024		1,815		1,905,892
Series 2014 A, RB(a)(g)	8.00%	11/15/2024		1,355		1,425,967
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area);
Series 2016, RB	4.90%	09/15/2024		60		59,561
Series 2016, RB	5.38%	09/15/2030		665		659,204
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2016, Ref. RB	5.00%	05/15/2037		1,400		1,248,178
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2017 A, RB (Acquired 12/15/2016; Cost $1,011,589)(b)(c)	6.00%	02/15/2031		1,000		550,000
Series 2017, RB (Acquired 11/05/2019; Cost $3,271,528)(b)(c)	6.38%	02/15/2041		3,000		1,650,000
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020 B-2, Ref. RB	3.00%	11/15/2026		95		90,718
Series 2020, Ref. RB	4.00%	11/15/2027		1,000		943,351
Series 2020, Ref. RB	6.25%	11/15/2031		1,000		959,100
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2020 A, RB	5.75%	12/01/2054		2,355		1,530,644
Temple (City of), TX; Series 2018 A, RB	5.00%	08/01/2028		3,685		3,720,331
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(f)	6.75%	06/30/2043		10,000		10,017,785
Ysleta Independent School District Public Facility Corp.; Series 2001, Ref. RB (INS - AMBAC)(d)	5.38%	11/15/2024		30		30,087
						114,635,953
Utah-2.25%
Black Desert Public Infrastructure District;
Series 2021 A, GO Bonds(e)	3.25%	03/01/2031		1,050		930,251
Series 2021 A, GO Bonds(e)	3.50%	03/01/2036		1,750		1,454,038
Mida Golf and Equestrian Center Public Infrastructure District;
Series 2021, GO Bonds(e)	4.25%	06/01/2041		2,205		1,673,055
Series 2021, GO Bonds(e)	4.50%	06/01/2051		2,500		1,745,568
Mida Mountain Village Public Infrastructure District;
Series 2020 A, RB(e)	4.25%	08/01/2035		1,645		1,468,620
Series 2020 A, RB(e)	4.50%	08/01/2040		1,205		1,008,283
Military Installation Development Authority; Series 2021 A-2, RB	4.00%	06/01/2041		1,250		975,558
Salt Lake City (City of), UT; Series 2017 A, RB(f)	5.00%	07/01/2036		3,000		3,091,785
Sienna Hills Public Infrastructure District No. 1; Series 2023 A, GO Bonds(e)	6.75%	07/01/2035		2,500		2,494,620
UIPA Crossroads Public Infrastructure District; Series 2021, RB(e)	4.13%	06/01/2041		3,000		2,619,866

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Utah-(continued)
Utah (State of) Charter School Finance Authority (Ascent Academies of Utah);
Series 2022, RB(e)	4.25%	06/15/2027	$	1,810	$	1,705,946
Series 2022, RB(e)	4.50%	06/15/2032		2,000		1,787,323
Series 2022, RB(e)	5.00%	06/15/2037		2,515		2,237,872
Utah (State of) Charter School Finance Authority (Freedom Academy Foundation (The)); Series 2017, Ref. RB(e)	4.50%	06/15/2027		140		135,968
Utah (State of) Charter School Finance Authority (Merit Preparatory Academy);
Series 2019 A, RB(e)	4.50%	06/15/2029		500		470,305
Series 2019 A, RB(e)	5.00%	06/15/2034		1,270		1,179,678
Utah (State of) Charter School Finance Authority (Renaissance Academy);
Series 2020, Ref. RB(e)	3.50%	06/15/2025		175		170,665
Series 2020, Ref. RB(e)	4.00%	06/15/2030		520		488,103
Series 2020, Ref. RB(e)	5.00%	06/15/2040		350		332,796
Wohali Public Infrastructure District No. 1 (Wohali Assessment Area #1); Series 2023, RB(e)	7.00%	12/01/2042		3,000		2,962,140
						28,932,440
Virgin Islands-0.23%
Matching Fund Special Purpose Securitization Corp.;
Series 2022 A, Ref. RB	5.00%	10/01/2025		1,000		1,011,647
Series 2022 A, Ref. RB	5.00%	10/01/2026		1,000		1,010,822
Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. RB(f)	5.00%	09/01/2023		1,000		1,000,000
						3,022,469
Virginia-0.97%
Hanover (County of), VA Economic Development Authority (Covenant Woods); Series 2018, Ref. RB	5.00%	07/01/2038		250		234,290
Peninsula Town Center Community Development Authority;
Series 2018, Ref. RB(e)	4.00%	09/01/2023		140		140,000
Series 2018, Ref. RB(e)	4.50%	09/01/2028		1,450		1,429,795
Roanoke (City of), VA Economic Development Authority (Richfield Living); Series 2020, RB (Acquired 01/23/2020; Cost $770,000)(b)(c)	4.30%	09/01/2030		770		462,000
Virginia (Commonwealth of) Public Building Authority; Series 2022 A, RB	4.00%	08/01/2042		5,000		4,835,409
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB(f)	5.00%	01/01/2037		3,200		3,320,016
Virginia (Commonwealth of) Small Business Financing Authority (Covanta); Series 2018, RB(a)(e)(f)	5.00%	07/01/2038		2,310		2,132,044
						12,553,554
Washington-1.18%
Kalispel Tribe of Indians;
Series 2018 A, RB(e)	5.00%	01/01/2032		395		403,014
Series 2018 B, RB(e)	5.00%	01/01/2032		100		102,029
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB	5.60%	03/01/2028		105		104,179
King (County of), WA Housing Authority (Rural Preservation); Series 1997, RB(f)	5.75%	01/01/2028		5		5,003
King (County of), WA Public Hospital District No. 4; Series 2015 A, RB	6.25%	12/01/2045		1,700		1,666,691
Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB(f)	5.00%	04/01/2030		6,475		6,476,859
Washington (State of) Health Care Facilities Authority (Providence Health & Services); Series 2014 C, RB	5.00%	10/01/2044		2,000		2,000,014
Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref. RB(e)	4.00%	07/01/2026		340		323,153
Washington (State of) Housing Finance Commission (Judson Park); Series 2018, Ref. RB(e)	5.00%	07/01/2038		385		331,861
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016, Ref. RB(e)	5.00%	01/01/2036		1,755		1,524,545
Washington (State of) Housing Finance Commission (Spokane International Academy); Series 2021 A, RB(e)	4.00%	07/01/2040		1,640		1,370,582
Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB(e)	4.50%	07/01/2028		965		880,510
						15,188,440
West Virginia-0.52%
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District); Series 2019 A, RB(b)(e)	5.75%	06/01/2042		1,000		716,061
Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre); Series 2023, Ref. RB(e)	5.75%	06/01/2043		1,000		1,044,631

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25 Invesco Short Duration High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
West Virginia-(continued)
Monongalia (County of), WV Building Commission (Monongalia Health System Obligated Group);
Series 2015, Ref. RB	5.00%	07/01/2025	$	360	$	361,709
Series 2015, Ref. RB	5.00%	07/01/2026		460		460,786
Series 2015, Ref. RB	5.00%	07/01/2027		560		561,586
Series 2015, Ref. RB	4.00%	07/01/2035		190		166,325
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB(e)	4.50%	06/01/2027		2,450		2,459,731
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(b)(e)(f)	6.75%	02/01/2026		1,000		700,000
Series 2018, RB(b)(e)(f)	8.75%	02/01/2036		320		256,000
						6,726,829
Wisconsin-4.00%
Lomira (Village of), WI Community Development Authority;
Series 2018 B, Ref. RB	3.65%	10/01/2028		705		697,883
Series 2018 B, Ref. RB	3.75%	10/01/2029		175		166,399
Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community); Series 2017, Ref. RB	5.00%	06/01/2028		1,205		1,181,044
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB	5.00%	11/01/2028		935		893,189
Series 2019, Ref. RB	5.00%	11/01/2030		1,035		968,552
Series 2019, Ref. RB	5.00%	11/01/2039		1,000		844,162
Wisconsin (State of) Health & Educational Facilities Authority (Clement Manor, Inc.); Series 2019, Ref. RB	4.25%	08/01/2034		1,000		804,465
Wisconsin (State of) Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries); Series 2021, Ref. RB	4.00%	01/01/2037		1,470		1,193,440
Wisconsin (State of) Public Finance Authority;
Series 2020 A, RB(e)	4.00%	03/01/2030		1,810		1,681,264
Series 2022 B, RB(e)	7.00%	02/01/2028		700		688,120
Series 2022, RB(e)	5.38%	06/01/2037		670		652,494
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A, RB(e)	6.25%	10/01/2031		2,000		1,200,000
Wisconsin (State of) Public Finance Authority (Alamance Community School); Series 2021 A, RB(e)	5.00%	06/15/2041		510		425,757
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB(b)(e)	6.25%	08/01/2027		500		381,875
Series 2017, RB(b)(e)	6.75%	08/01/2031		500		350,000
Wisconsin (State of) Public Finance Authority (Ascend Leadership Academy);
Series 2021 A, RB(e)	4.25%	06/15/2031		550		477,465
Series 2021 A, RB(e)	5.00%	06/15/2041		615		510,598
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB(e)	5.00%	06/01/2026		1,005		986,806
Wisconsin (State of) Public Finance Authority (Community School of Davidson); Series 2018, RB	5.00%	10/01/2033		390		381,240
Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center); Series 2017 A, RB (Acquired 04/03/2017; Cost $1,500,000)(b)(c)(e)	5.75%	11/01/2024		1,500		900,000
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2020 A, RB(e)	6.13%	02/01/2039		4,310		3,827,564
Series 2020, RB(e)	7.00%	02/01/2025		285		283,434
Series 2022 A, RB(e)	6.13%	02/01/2039		4,175		3,707,675
Wisconsin (State of) Public Finance Authority (Lariat); Series 2023, RB(e)(h)	0.00%	09/01/2029		2,000		1,272,996
Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(e)	4.38%	06/15/2029		1,470		1,402,273
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities);
Series 2017 A, RB(f)	7.25%	06/01/2035		3,800		3,582,079
Series 2017, Ref. RB(e)(f)	7.13%	06/01/2041		155		135,519
Wisconsin (State of) Public Finance Authority (New Plan Learning, Inc.); Series 2021 A, Ref. RB	3.75%	07/01/2031		3,405		2,932,022
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy);
Series 2019, RB(e)	4.00%	06/15/2029		485		454,399
Series 2019, RB(e)	5.00%	06/15/2039		440		406,894
Series 2019, RB(e)	5.00%	06/15/2049		540		470,194
Wisconsin (State of) Public Finance Authority (Proton International);
Series 2021 A, RB(e)	5.50%	01/01/2031		5,375		4,643,705
Series 2021 A, RB(e)	6.50%	01/01/2041		3,110		2,436,202

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26 Invesco Short Duration High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of) Public Finance Authority (Quality Education Academy); Series 2023, RB(e)		6.00%		07/15/2043	$	690	$	682,056
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2022, RB(e)(g)		4.00%		04/01/2032		15		15,563
Series 2022, RB(e)		4.00%		04/01/2032		860		810,931
Wisconsin (State of) Public Finance Authority (Searstone CCRC); Series 2021 A, Ref. RB(e)		4.00%		06/01/2036		1,500		1,266,316
Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB(e)		4.50%		06/15/2032		500		462,885
Wisconsin (State of) Public Finance Authority (WhiteStone); Series 2017, Ref. RB(e)		4.00%		03/01/2027		910		898,920
Wisconsin (State of) Public Finance Authority (Wingate University);
Series 2018 A, Ref. RB		5.25%		10/01/2029		1,825		1,863,834
Series 2018 A, Ref. RB		5.25%		10/01/2030		1,925		1,963,808
Series 2018 A, Ref. RB		5.25%		10/01/2031		1,030		1,049,491
Series 2018 A, Ref. RB		5.25%		10/01/2032		720		732,063
Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, RB(e)		5.25%		12/01/2039		1,000		841,094
								51,526,670
Total Municipal Obligations (Cost $1,363,551,138)								1,286,676,012
U.S. Dollar Denominated Bonds & Notes-0.29%
California-0.29%
CalPlant I LLC;
Series 21A(b)(e)(l)		9.50%		03/31/2024		255		255,000
Series 21B(b)(e)(l)		9.50%		03/31/2024		955		955,000
Series 22A(b)(e)(l)		9.50%		03/31/2024		530		530,000
Series 22B(b)(e)(l)		9.50%		03/31/2024		45		45,000
Series 22C(b)(e)(l)		9.50%		03/31/2024		345		345,000
Series 22X(b)(e)(l)		9.50%		03/31/2024		520		520,000
Series 23A(b)(e)(l)		9.50%		03/31/2024		180		180,000
Series 23B(b)(e)(l)		9.50%		03/31/2024		165		165,000
Series 23C(b)(e)(l)		9.50%		03/31/2024		260		260,000
Series 23D (Acquired 05/04/2023; Cost $225,000)(b)(c)(e)(l)		9.50%		03/31/2024		225		225,000
Series 23E(b)(e)(l)		9.50%		03/31/2024		255		255,000
Total U.S. Dollar Denominated Bonds & Notes (Cost $3,735,000)								3,735,000
					Shares
Common Stocks & Other Equity Interests-0.00%
Resolute Forest Products, Inc. (Cost $9,595)(l)						6,757		9,595
TOTAL INVESTMENTS IN SECURITIES(o)-100.12% (Cost $1,367,295,733)								1,290,420,607
FLOATING RATE NOTE OBLIGATIONS-(1.00)%
Notes with interest and fee rates ranging from 4.61% to 4.62% at 08/31/2023 and contractual maturities of collateral ranging from 05/01/2025 to 06/15/2031 (See Note 1J)(p)								(12,945,000	)
BORROWINGS-(0.19)%								(2,500,000	)
OTHER ASSETS LESS LIABILITIES-1.07%								13,876,834
NET ASSETS-100.00%							$	1,288,852,441

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27 Invesco Short Duration High Yield Municipal Fund

Investment Abbreviations:

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- American Municipal Bond Assurance Corp.
BAM	- Build America Mutual Assurance Co.
CEP	- Credit Enhancement Provider
COP	- Certificates of Participation
FGIC	- Financial Guaranty Insurance Company
GNMA	- Government National Mortgage Association
GO	- General Obligation
IDR	- Industrial Development Revenue Bonds
INS	- Insurer
LOC	- Letter of Credit
NATL	- National Public Finance Guarantee Corp.
RB	- Revenue Bonds
Ref.	- Refunding
RN	- Revenue Notes
SGI	- Syncora Guarantee, Inc.
Wts.	- Warrants

Notes to Schedule of Investments:

^(a) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(b) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $26,604,224, which represented 2.06% of the Fund’s Net Assets.

^(c) Restricted security. The aggregate value of these securities at August 31, 2023 was $22,809,386, which represented 1.77% of the Fund’s Net Assets.

^(d) Principal and/or interest payments are secured by the bond insurance company listed.

^(e) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $327,508,711, which represented 25.41% of the Fund’s Net Assets.

^(f) Security subject to the alternative minimum tax.

^(g) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(h) Zero coupon bond issued at a discount.

⁽ⁱ⁾ Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $10,940,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(j) Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(k) Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(l) Security valued using significant unobservable inputs (Level 3). See Note 3.

^(m) The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

⁽ⁿ⁾ Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(o) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(p) Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Fund’s investments with a value of $18,364,920 are held by TOB Trusts and serve as collateral for the $12,945,000 in the floating rate note obligations outstanding at that date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28 Invesco Short Duration High Yield Municipal Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $1,367,295,733)	$	1,290,420,607
Receivable for:
Investments sold		7,147,696
Fund shares sold		1,398,169
Interest		19,063,240
Investments matured, at value (Cost $13,724,675)		4,475,566
Investment for trustee deferred compensation and retirement plans		87,032
Other assets		231,280
Total assets		1,322,823,590
Liabilities:
Floating rate note obligations		12,945,000
Payable for:
Borrowings		2,500,000
Investments purchased		6,388,950
Dividends		1,690,617
Fund shares reacquired		5,823,977
Amount due custodian		340,508
Due to broker		3,480,000
Accrued fees to affiliates		503,255
Accrued interest expense		27,207
Accrued trustees’ and officers’ fees and benefits		2,055
Accrued other operating expenses		182,548
Trustee deferred compensation and retirement plans		87,032
Total liabilities		33,971,149
Net assets applicable to shares outstanding	$	1,288,852,441

Net assets consist of:
Shares of beneficial interest	$	1,868,789,331
Distributable earnings (loss)		(579,936,890	)
	$	1,288,852,441
Net Assets:
Class A	$	784,121,630
Class C	$	55,464,053
Class Y	$	414,180,098
Class R5	$	9,292
Class R6	$	35,077,368
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		85,390,403
Class C		6,047,537
Class Y		45,078,391
Class R5		1,004
Class R6		3,815,040
Class A:
Net asset value per share	$	9.18
Maximum offering price per share (Net asset value of $9.18 ÷ 97.50%)	$	9.42
Class C:
Net asset value and offering price per share	$	9.17
Class Y:
Net asset value and offering price per share	$	9.19
Class R5:
Net asset value and offering price per share	$	9.25
Class R6:
Net asset value and offering price per share	$	9.19

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29 Invesco Short Duration High Yield Municipal Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Interest	$	67,311,422
Expenses:
Advisory fees		5,633,485
Administrative services fees		208,220
Custodian fees		20,549
Distribution fees:
Class A		2,118,352
Class C		663,023
Interest, facilities and maintenance fees		1,369,331
Transfer agent fees – A, C and Y		1,134,912
Transfer agent fees – R5		2,713
Transfer agent fees – R6		5,088
Trustees’ and officers’ fees and benefits		28,564
Registration and filing fees		194,690
Reports to shareholders		67,061
Professional services fees		504,965
Other		122,953
Total expenses		12,073,906
Less: Expense offset arrangement(s)		(5,101	)
Net expenses		12,068,805
Net investment income		55,242,617
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(1,858,304))		(158,425,651	)
Futures contracts		714,029
		(157,711,622	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		96,490,240
Futures contracts		(381,716	)
		96,108,524
Net realized and unrealized gain (loss)		(61,603,098	)
Net increase (decrease) in net assets resulting from operations	$	(6,360,481	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30 Invesco Short Duration High Yield Municipal Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	55,242,617		$	47,478,640
Net realized gain (loss)		(157,711,622	)		(27,843,584	)
Change in net unrealized appreciation (depreciation)		96,108,524			(129,965,122	)
Net increase (decrease) in net assets resulting from operations		(6,360,481	)		(110,330,066	)
Distributions to shareholders from distributable earnings:
Class A		(31,652,194	)		(32,038,329	)
Class C		(1,959,484	)		(2,303,684	)
Class Y		(17,991,536	)		(16,315,132	)
Class R5		(105,308	)		(439,600	)
Class R6		(1,365,023	)		(980,820	)
Total distributions from distributable earnings		(53,073,545	)		(52,077,565	)
Share transactions–net:
Class A		(94,739,187	)		81,054,772
Class C		(18,531,139	)		(6,882,430	)
Class Y		(63,922,605	)		180,742,643
Class R5		(9,611,316	)		(3,413,519	)
Class R6		5,479,781			13,644,959
Net increase (decrease) in net assets resulting from share transactions		(181,324,466	)		265,146,425
Net increase (decrease) in net assets		(240,758,492	)		102,738,794
Net assets:
Beginning of year		1,529,610,933			1,426,872,139
End of year	$	1,288,852,441		$	1,529,610,933

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31 Invesco Short Duration High Yield Municipal Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 08/31/23		$ 9.58		$0.36		$(0.41	)		$(0.05	)		$(0.35	)		$ 9.18			(0.54	)%		$784,122		0.91	%		0.91	%		0.81	%		3.86	%	33%
Year ended 08/31/22		10.67		0.32		(1.06	)		(0.74	)		(0.35	)		9.58			(7.07	)		914,354		0.84			0.84			0.77			3.13		26
Year ended 08/31/21		10.17		0.34		0.51			0.85			(0.35	)		10.67			8.50			933,441		0.86			0.86			0.79			3.25		19
Year ended 08/31/20		10.86		0.37		(0.71	)		(0.34	)		(0.35	)		10.17			(3.19	)		826,655		0.84			0.88			0.79			3.59		49
Year ended 08/31/19		10.48		0.36		0.37			0.73			(0.35	)		10.86			7.09			193,076		0.86			0.98			0.79			3.40		24
Class C
Year ended 08/31/23		9.56		0.29		(0.40	)		(0.11	)		(0.28	)		9.17			(1.19	)		55,464		1.66			1.66			1.56			3.11		33
Year ended 08/31/22		10.65		0.24		(1.06	)		(0.82	)		(0.27	)		9.56			(7.79	)		76,878		1.59			1.59			1.52			2.38		26
Year ended 08/31/21		10.16		0.26		0.50			0.76			(0.27	)		10.65			7.60			92,982		1.61			1.61			1.54			2.50		19
Year ended 08/31/20		10.84		0.29		(0.70	)		(0.41	)		(0.27	)		10.16			(3.84	)		167,426		1.59			1.63			1.54			2.84		49
Year ended 08/31/19		10.46		0.28		0.37			0.65			(0.27	)		10.84			6.29			52,195		1.61			1.73			1.54			2.65		24
Class Y
Year ended 08/31/23		9.58		0.38		(0.40	)		(0.02	)		(0.37	)		9.19			(0.18	)		414,180		0.66			0.66			0.56			4.11		33
Year ended 08/31/22		10.67		0.34		(1.06	)		(0.72	)		(0.37	)		9.58			(6.84	)		497,651		0.59			0.59			0.52			3.38		26
Year ended 08/31/21		10.18		0.37		0.50			0.87			(0.38	)		10.67			8.66			365,892		0.61			0.61			0.54			3.50		19
Year ended 08/31/20		10.87		0.40		(0.72	)		(0.32	)		(0.37	)		10.18			(2.94	)		280,243		0.59			0.63			0.54			3.84		49
Year ended 08/31/19		10.48		0.39		0.37			0.76			(0.37	)		10.87			7.45			216,579		0.61			0.73			0.54			3.65		24
Class R5
Year ended 08/31/23		9.60		0.39		(0.37	)		0.02			(0.37	)		9.25			0.25			9		0.68			0.68			0.58			4.10		33
Year ended 08/31/22		10.70		0.35		(1.08	)		(0.73	)		(0.37	)		9.60			(6.93	)		9,800		0.62			0.62			0.55			3.35		26
Year ended 08/31/21		10.20		0.37		0.51			0.88			(0.38	)		10.70			8.78			14,437		0.61			0.61			0.54			3.50		19
Year ended 08/31/20		10.88		0.40		(0.71	)		(0.31	)		(0.37	)		10.20			(2.83	)		10		0.57			0.57			0.52			3.86		49
Year ended 08/31/19		10.49		0.39		0.37			0.76			(0.37	)		10.88			7.44			11		0.61			0.68			0.54			3.65		24
Class R6
Year ended 08/31/23		9.59		0.39		(0.41	)		(0.02	)		(0.38	)		9.19			(0.22	)		35,077		0.60			0.60			0.50			4.18		33
Year ended 08/31/22		10.68		0.35		(1.06	)		(0.71	)		(0.38	)		9.59			(6.77	)		30,929		0.53			0.53			0.46			3.44		26
Year ended 08/31/21		10.19		0.37		0.51			0.88			(0.39	)		10.68			8.73			20,121		0.54			0.54			0.47			3.57		19
Year ended 08/31/20		10.88		0.40		(0.72	)		(0.32	)		(0.37	)		10.19			(2.94	)		12,639		0.57			0.57			0.52			3.86		49
Year ended 08/31/19		10.49		0.39		0.37			0.76			(0.37	)		10.88			7.44			15,350		0.61			0.68			0.54			3.65		24

^(a) Calculated using average shares outstanding.

^(b) 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. For the year ended August 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,007,963,117 in connection with the acquisition of Invesco Oppenheimer Rochester Short Duration High Yield Municipal Fund into the Fund.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32 Invesco Short Duration High Yield Municipal Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Short Duration High Yield Municipal Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek federal tax-exempt current income and taxable capital appreciation.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The 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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income

33 Invesco Short Duration High Yield Municipal Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

H. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The

34 Invesco Short Duration High Yield Municipal Fund

embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

35 Invesco Short Duration High Yield Municipal Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $100 million	0.483%
Next $150 million	0.433%
Next $250 million	0.408%
Next $4.5 billion	0.383%
Next $5 billion	0.373%
Over $10 billion	0.353%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.40%.

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).

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $769 in front-end sales commissions from the sale of Class A shares and $84,739 and $3,251 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3– Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

36 Invesco Short Duration High Yield Municipal Fund

	Level 1			Level 2			Level 3			Total
Investments in Securities
Municipal Obligations		$–			$1,286,580,657		$	95,355			$1,286,676,012
U.S. Dollar Denominated Bonds & Notes		–			–			3,735,000			3,735,000
Common Stocks & Other Equity Interests		–			–			9,595			9,595
Total Investments in Securities		–			1,286,580,657			3,839,950			1,290,420,607
Other Investments - Assets
Investments Matured		–			4,475,566			–			4,475,566
Total Investments		$–			$1,291,056,223		$	3,839,950		$	1,294,896,173

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended August 31, 2023

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on
	Statement of Operations
	Interest
	Rate Risk
Realized Gain:
Futures contracts	$ 714,029
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts	(381,716)
Total	$ 332,313

The table below summarizes the average notional value of derivatives held during the period.

	Futures
	Contracts
Average notional value	$38,208,962

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended August 31, 2023, the Fund engaged in securities purchases of $7,810,846 and securities sales of $25,099,479, which resulted in net realized gains (losses) of $(1,858,304).

NOTE 6–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,101.

NOTE 7–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 8–Cash Balances and Borrowings

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

37 Invesco Short Duration High Yield Municipal Fund

During the year ended August 31, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $2,528,493 with an average interest rate of 4.77%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended August 31, 2023 were $14,647,692 and 4.44%, respectively.

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:

	2023		2022
Ordinary income*	$	582,255	$	52,077,565
Ordinary income-tax-exempt		52,491,290		–
Total distributions	$	53,073,545	$	52,077,565

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2023
Undistributed tax-exempt income	$	6,472,881
Net unrealized appreciation (depreciation) – investments		(87,185,383	)
Temporary book/tax differences		(81,803	)
Capital loss carryforward		(499,142,585	)
Shares of beneficial interest		1,868,789,331
Total net assets	$	1,288,852,441

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to amortization and accretion on debt securities and defaulted bonds.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$67,744,687		$431,397,898		$499,142,585

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $444,004,552 and $576,277,845, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$  12,321,835
Aggregate unrealized (depreciation) of investments	(99,507,218	)
Net unrealized appreciation (depreciation) of investments	$ (87,185,383	)

Cost of investments for tax purposes is $1,382,081,556.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of defaulted bonds and amortization and accretion on debt securities, on August 31, 2023, undistributed net investment income was increased by $11,973,733, undistributed net realized gain (loss) was decreased by $11,873,302 and shares of beneficial interest was decreased by $100,431. This reclassification had no effect on the net assets of the Fund.

38 Invesco Short Duration High Yield Municipal Fund

NOTE 12–Share Information

	Summary of Share Activity
	Year ended August 31, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		30,597,276		$	284,779,360			34,556,377		$	346,153,124
Class C		1,583,339			14,730,603			2,533,501			25,306,548
Class Y		28,101,189			261,582,488			45,685,270			456,750,375
Class R5		-			-			6,348			67,589
Class R6		3,201,975			29,861,840			3,178,747			31,754,461
Issued as reinvestment of dividends:
Class A		2,150,104			19,975,198			1,993,380			20,154,927
Class C		150,504			1,396,812			162,500			1,645,038
Class Y		1,057,979			9,834,306			962,662			9,693,037
Class R5		277			2,588			942			9,529
Class R6		107,836			1,003,472			66,516			668,645
Automatic conversion of Class C shares to Class A shares:
Class A		780,861			7,266,768			898,628			9,081,040
Class C		(781,742	)		(7,266,768	)		(899,832	)		(9,081,040	)
Reacquired:
Class A		(43,626,859	)		(406,760,513	)		(29,478,381	)		(294,334,319	)
Class C		(2,943,363	)		(27,391,786	)		(2,486,886	)		(24,752,976	)
Class Y		(36,016,747	)		(335,339,399	)		(28,989,895	)		(285,700,769	)
Class R5		(1,019,575	)		(9,613,904	)		(336,298	)		(3,490,637	)
Class R6		(2,720,089	)		(25,385,531	)		(1,903,335	)		(18,778,147	)
Net increase (decrease) in share activity		(19,377,035	)	$	(181,324,466	)		25,950,244		$	265,146,425

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 68% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

39 Invesco Short Duration High Yield Municipal Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Short Duration High Yield Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Short Duration High Yield Municipal Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, portfolio company investee and brokers; when replies were not received from portfolio company investee or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

40 Invesco Short Duration High Yield Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized    Expense  Ratio
	Beginning  Account Value  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses  Paid During   Period2
Class A	$1,000.00	$1,004.80	$4.65	$1,020.57	$4.69	0.92%
Class C	1,000.00	1,001.00	8.42	1,016.79	8.49	1.67
Class Y	1,000.00	1,006.10	3.39	1,021.83	3.41	0.67
Class R5	1,000.00	1,010.50	6.28	1,018.95	6.31	1.24
Class R6	1,000.00	1,006.50	3.09	1,022.13	3.11	0.61

¹ The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

41 Invesco Short Duration High Yield Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the Company) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Duration High Yield Municipal Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Short Duration High Yield Municipal Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted

42 Invesco Short Duration High Yield Municipal Fund

that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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 May 2020. 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 has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of

scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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 considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

43 Invesco Short Duration High Yield Municipal Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	100.00	%
Tax-Exempt Interest Dividends*	98.90	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

44 Invesco Short Duration High Yield Municipal Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹ Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Short Duration High Yield Municipal Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Short Duration High Yield Municipal Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Short Duration High Yield Municipal Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Short Duration High Yield Municipal Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Short Duration High Yield Municipal Fund

Trustees and Officers–(continued)

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Short Duration High Yield Municipal 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 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.

SEC file number(s): 811-09913 and 333-36074     Invesco Distributors, Inc. SDHYM-AR-1          

Annual Report to Shareholders August 31, 2023

Invesco Short Term Municipal Fund

Nasdaq:

A: ORSTX ∎ Y: ORSYX ∎ R6: STMUX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
6	Liquidity Risk Management Program
8	Schedule of Investments
26	Financial Statements
29	Financial Highlights
30	Notes to Financial Statements
35	Report of Independent Registered Public Accounting Firm
36	Fund Expenses
37	Approval of Investment Advisory and Sub-Advisory Contracts
40	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Short Term Municipal Fund (the Fund), at net asset value (NAV), outperformed the S&P Municipal Bond Short Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.05	%
Class Y Shares	2.30
Class R6 Shares	2.10
S&P Municipal Bond Short Index▼	1.58
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year, investment grade municipal bonds returned 1.71%, high yield municipal bonds returned 0.52% and taxable municipal bonds returned -0.12%.¹

 The municipal market set near record lows in 2022, marking the second worst calendar year return, preceded by 1981, making it one of the most challenging years in history.¹ After the US Federal Reserve’s (the Fed’s) December meeting, the AAA^† municipal yield curve inverted between one- and 10-year maturities. Any inversion is noteworthy, but this was a first for municipal bonds. An inversion on the short end continued through the rest of the fiscal year.

 Investors remained hopeful for the 2023 calendar year, despite concerns about inflation and interest rates; however, in March, the focus unexpectedly shifted as Silicon Valley Bank collapsed after a bank run, marking the second-largest bank failure in US history. Fears about the health of the global banking system ensued and demand for perceived safe-haven asset classes increased, driving down Treasury and municipal yields. Although three other bank failures followed, fears of larger systemic instability faded in the following months.

 Debt ceiling concerns dominated most of the second quarter of 2023. The US government might have defaulted on its debt obligations, causing economic fallout across the global economy, had congressional action not been made in early June. After months of on-and-off negotiations between the White House and congressional leaders, just ahead of the payment deadline, the US Congress passed and President Biden signed into law the “Fiscal Responsibility Act,” an agreement which suspends the limit on the federal debt ceiling until 2025 in exchange for capping federal spending.

 In its efforts to rein in inflation without harming employment or the overall economy, the Fed continued with its most aggressive monetary policy since the 1980s. The Fed raised the federal funds rate seven times over the fiscal year bringing the target rate to

5.50%, as of the end of August.² The Federal Open Market Committee explained its commitment to returning inflation to its 2% objective while continuing to assess a wide range of information, including labor market conditions, inflation pressures and expectations and financial and international developments.²

 New issuance for the fiscal year totaled $338 billion, down 23% from the previous year’s $441 billion.¹ Issuers, with cash on their balance sheets, have been reluctant to issue at higher interest rates.

 Record-breaking inflows reported in 2021 were followed by record breaking outflows totaling $122 billion in 2022. This trend has continued into 2023 and outflows from municipal funds have totaled $7.6 billion for the calendar year.³

 Municipal credits have a long history of low defaults as many provide essential services to all Americans. This continues to be the case as evidenced by S&P rating changes. During the second quarter of 2023, S&P’s rating activity was quite positive with 465 ratings upgraded versus 76 downgraded, translating to more than six upgrades for every downgrade.⁴ This marks the ninth consecutive quarter of overall credit quality improvement. This positive dynamic likely stems from benefits of the various federal stimulus measures including the American Rescue Plan Act, the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, as well as higher revenues collected by state and local governments.

 We believe the valuable benefits of municipal bonds, including tax-exempt income, low correlations to other asset classes and low default rates, will again drive demand once the current market volatility and economic uncertainty has subsided. We continue to rely on our experienced portfolio managers and credit analysts to weather the challenges while identifying marketplace opportunities to add long-term value for shareholders.

 During the fiscal year, overweight allocations to the public power and higher education sectors contributed to relative return. Overweight exposure to bonds rated BB and

BBB^† credits also added to relative performance. On a regional level, overweight exposure to credits domiciled in Pennsylvania and Texas contributed to relative performance.

 Security selection in dedicated tax and local general obligation bonds detracted from relative performance over the fiscal year. Underweight exposure to non-rated† bonds also detracted from relative performance. On a regional level, underweight exposure to bonds domiciled in Puerto Rico detracted from relative performance.

 We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

 Thank you for investing in Invesco SMA Municipal Bond Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: Lipper Inc.

4 Source: Standard & Poor’s

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodologies, please visit the following NRSRO websites: For more information on Standard and Poor’s rating methodology, please visit www.standardandpoors.com and select ’Understanding Credit Ratings’ under ’About Ratings’ on the homepage. For more information on Moody’s rating methodology, please visit www.ratings.moodys.com and select ’Rating Methodologies’ on the homepage.

Portfolio manager(s):

Michael Magee

Tim O’Reilly

Mark Paris

Rebecca Setcavage

Julius Williams

2 Invesco Short Term Municipal Fund

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco Short Term Municipal Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 8/31/13

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

 The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Index results include

reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Short Term Municipal Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (12/6/10)	1.87	%
10 Years	1.67
5 Years	1.42
1 Year	2.05
Class Y Shares
Inception (12/6/10)	2.11	%
10 Years	1.92
5 Years	1.67
1 Year	2.30
Class R6 Shares
10 Years	1.83	%
5 Years	1.74
1 Year	2.10

Effective May 24, 2019, Class A and Class Y shares of the Oppenheimer Short Term Municipal Fund, (the predecessor fund), were reorganized into Class A and Class Y shares, respectively, of the Invesco Oppenheimer Short Term Municipal Fund. The Fund was subsequently renamed the Invesco Short Term Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A and Class Y shares are those for Class A and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

 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, Class Y and Class R6 shares do not have a front-end sales charge or a contingent deferred sales charge (CDSC); therefore, performance is at net asset value.

 The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.

5 Invesco Short Term Municipal Fund

Supplemental Information

Invesco Short Term Municipal Fund’s investment objective is to seek tax-free income.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The S&P Municipal Bond Short Index tracks fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT) that have maturities between six months and four years.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

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, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program

Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Short Term Municipal Fund

Fund Information

 

Portfolio Composition

By credit sector	% of total investments
Revenue Bonds		63.69%
Other		19.62
General Obligation Bonds		14.24
Pre-Refunded Bonds		2.45

Top Five Debt Holdings

		% of total net assets
1.	Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 B, VRD RB		2.48	%
2.	Rib Floater Trust, Series 2022-006, VRD RB		1.99
3.	Main Street Natural Gas, Inc., Subseries 2018 D, RB		1.65
4.	Main Street Natural Gas, Inc., Series 2018 A, RB		1.54
5.	Mizuho Floater/Residual Trust, Series 2020- MIZ9027, VRD Revenue Ctfs.		1.39

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of August 31, 2023.

 

7 Invesco Short Term Municipal Fund

Schedule of Investments

August 31, 2023

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–97.14%
Alabama–1.27%
Alabama (City of), AL Industrial Development Board; Series 2009, VRD RB(a)		3.05%		06/01/2034	$	8,600	$    8,600,000
Baldwin (County of), AL Public Building Authority (DHR); Series 2007 A, Revenue Wts. (INS - SGI)(b)		4.38%		06/01/2028		10	10,007
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(c)		4.00%		12/01/2025		5,000	4,959,963
Black Belt Energy Gas District (The) (No. 5); Series 2020 A-1, RB(c)		4.00%		10/01/2026		7,000	6,914,867
UAB Medicine Finance Authority; Series 2016 B, Ref. RB		5.00%		09/01/2035		2,500	2,579,283
							23,064,120
Alaska–0.16%
Matanuska-Susitna (Borough of), AK; Series 2014 B, GO Bonds		5.00%		11/01/2026		1,000	1,009,786
Northern Tobacco Securitization Corp.; Series 2021 B-1, Ref. RB		4.00%		06/01/2050		2,010	1,964,650
							2,974,436
Arizona–1.83%
Arizona (State of) Game & Fish Department & Commission; Series 2006, RB		5.00%		07/01/2032		105	105,106
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB		5.00%		12/01/2027		100	101,487
Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2022, RB(c)(d)		5.00%		09/01/2027		10,000	10,294,883
Glendale Municipal Property Corp.;
Series 2012 B, Ref. RB		5.00%		07/01/2025		1,000	1,001,011
Series 2012 B, Ref. RB		5.00%		07/01/2029		3,550	3,553,914
Series 2012 B, Ref. RB		5.00%		07/01/2033		570	570,557
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group); Series 2023 A-1, RB(c)		5.00%		05/15/2026		5,000	5,182,482
Maricopa County School District No. 7; Series 2009 B, GO Bonds (INS - AGM)(b)		4.50%		07/01/2024		10	10,007
Phoenix Civic Improvement Corp.; Series 2017, Ref. RB		5.00%		07/01/2037		5,000	5,187,345
Pima (County of), AZ; Series 2014, RB		5.00%		07/01/2028		745	745,827
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(e)		5.00%		09/01/2026		80	79,126
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB		4.13%		07/01/2029		185	172,548
Salt Verde Financial Corp.; Series 2007, RB		5.25%		12/01/2025		4,000	4,072,958
Sun Devil Energy Center LLC; Series 2008, Ref. RB		5.00%		07/01/2027		100	100,113
Sun Devil Energy Center LLC (Arizona State University); Series 2008, Ref. RB		5.00%		07/01/2030		155	155,157
University of Arizona (The) (Stimulus Plan for Economic and Educational Development); Series 2014, RB		5.00%		08/01/2034		920	927,167
University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); Series 2006, COP (INS - AMBAC)(b)		4.38%		06/01/2024		10	10,008
Westpark Community Facility District; Series 2016, Ref. GO Bonds		4.00%		07/15/2025		670	662,544
Yavapai (County of), AZ Industrial Development Authority; Series 2015 A, Ref. RB(e)		3.90%		09/01/2024		185	182,535
Yavapai (County of), AZ Industrial Development Authority (The) (Yavapai Regional Medical Center); Series 2013 A, Ref. RB		5.00%		08/01/2028		100	100,031
							33,214,806
California–2.69%
Alameda (County of), CA Joint Powers Authority (Multiple Capital);
Series 2013 A, RB		5.00%		12/01/2033		3,465	3,474,771
Series 2013 A, RB		5.00%		12/01/2034		1,865	1,871,430
Alhambra (City of), CA (Police Facilities Assessment District No. 91-1); Series 1992, COP (INS - AMBAC)(b)		6.75%		09/01/2023		2,000	2,000,000
Anaheim (City of), CA Public Financing Authority; Series 1997 A, RB (INS - AGM)(b)		6.00%		09/01/2024		1,265	1,280,617
Beaumont (City of), CA Financing Authority (Improvement Area No. 17A); Series 2013 B, RB(f)		5.00%		09/01/2023		475	475,000
California (State of);
Series 2012, GO Bonds (INS - AGM)(b)		4.00%		09/01/2037		1,000	987,663
Series 2012, Ref. GO Bonds		5.00%		09/01/2025		10	10,015
Series 2013, Ref. GO Bonds		5.00%		10/01/2026		5	5,008
California (State of) Health Facilities Financing Authority (Adventist Health System); Series 2013 A, RB		5.00%		03/01/2025		2,720	2,720,634

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Health Facilities Financing Authority (City of Hope); Series 2012 A, RB		5.00%		11/15/2024	$	100	$      100,113
California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB		5.00%		07/01/2024		405	405,256
California (State of) Health Facilities Financing Authority (Sutter Health);
Series 2017 A, Ref. RB		5.00%		11/15/2032		1,285	1,377,168
Series 2018 A, RB		5.00%		11/15/2032		1,230	1,318,223
California (State of) Housing Finance Agency (Social Certificates);
Series 2021-2A, Revenue Ctfs. (CEP - FHLMC)		3.75%		03/25/2035		3,905	3,753,508
Series 2023-1, RB		4.38%		09/20/2036		2,496	2,427,607
California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2022 A, RB(c)(d)		4.13%		10/01/2025		5,000	5,010,636
California (State of) Public Finance Authority (Enso Village) (Green Bonds); Series 2021 B-3, RB(e)		2.13%		11/15/2027		6,000	5,824,428
California (State of) Public Works Board (California Community Colleges); Series 2005 E, RB (INS - NATL)(b)		4.50%		10/01/2026		170	170,161
California (State of) Public Works Board (Various Capital); Series 2013 I, RB		5.50%		11/01/2031		2,000	2,005,933
Glendale (City of), CA;
Series 2013, RB		5.00%		02/01/2027		125	125,121
Series 2013, Ref. RB		5.00%		02/01/2030		175	175,158
Howell Mountain Elementary School District (Election of 2005); Series 2007, GO Bonds (INS - AGM)(b)(g)		0.00%		08/01/2027		695	595,072
Imperial Irrigation District;
Series 2012 A, Ref. RB		5.00%		11/01/2024		325	325,387
Series 2012 A, Ref. RB		5.00%		11/01/2027		225	225,265
Lodi (City of), CA; Series 2004 A, COP (INS - NATL)(b)		4.75%		10/01/2024		10	10,010
Long Beach Unified School District;
Series 2012, Ref. GO Bonds		5.00%		08/01/2025		675	675,760
Series 2012, Ref. GO Bonds		5.00%		08/01/2028		775	780,697
Series 2012, Ref. GO Bonds		5.00%		08/01/2029		100	100,116
Modesto (City of), CA (Golf Course); Series 1993 B, COP (INS - NATL)(b)		5.00%		11/01/2023		5	4,991
Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB		4.00%		06/01/2049		1,050	1,026,806
Pasadena (City of), CA; Series 2013 A, Ref. RB		5.00%		06/01/2030		320	320,341
Peninsula Corridor Joint Powers Board; Series 2019 A, Ref. RB		5.00%		10/01/2044		1,285	1,317,443
San Francisco (City & County of), CA; Series 2015 R-1, Ref. GO Bonds		5.00%		06/15/2025		370	370,328
San Francisco (City & County of), CA (Multiple Capital Imporovement); Series 2012 A, COP		5.00%		04/01/2031		250	250,303
San Jose (City of), CA; Series 2017 B, Ref. RB		5.00%		03/01/2042		3,730	3,866,322
University of California; Series 2023 BP-2, Ref. VRD RB(a)		1.80%		05/15/2048		3,550	3,550,000
							48,937,291
Colorado–1.65%
Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB		2.13%		05/15/2028		1,000	904,029
Colorado (State of) Regional Transportation District;
Series 2013 A, Ref. COP		5.00%		06/01/2024		2,315	2,318,522
Series 2013, Ref. COP		5.00%		06/01/2026		1,440	1,440,962
Colorado (State of) Regional Transportation District (Fastracks); Series 2016 A, RB		5.00%		11/01/2036		2,715	2,826,531
Colorado Springs (City of), CO; Series 2013 A, Ref. RB(c)(f)		5.00%		11/29/2023		1,160	1,163,569
Denver (City & County of), CO;
Series 2013 B, RB		5.00%		11/15/2025		100	100,203
Series 2013 B, RB		5.25%		11/15/2026		2,390	2,396,644
Denver City & County School District No. 1; Series 2013 C, COP		5.00%		12/15/2024		100	100,424
Larimer County School District No. R-1 Poudre; Series 2018, GO Bonds		5.00%		12/15/2039		2,660	2,809,002
Public Authority for Colorado Energy; Series 2008, RB		6.13%		11/15/2023		440	441,658
Rib Floater Trust; Series 2022-004, VRD RB (LOC - Barclays Bank PLC)(a)(e)(h)		4.36%		02/01/2046		15,500	15,500,000
							30,001,544

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Connecticut–1.56%
Connecticut (State of);
Series 2013 A, RB		5.00%		10/01/2025	$	565	$      565,585
Series 2013 A, RB		5.00%		10/01/2028		350	350,344
Series 2013 A, RB		5.00%		10/01/2031		1,175	1,176,004
Series 2016 A, GO Bonds		5.00%		03/15/2032		3,280	3,405,754
Series 2018 C, GO Bonds		4.00%		06/15/2024		10,000	10,056,930
Connecticut (State of) (Transportation Infrastructure); Series 2013 A, RB		5.00%		10/01/2024		275	275,316
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare);
Series 2014 E, RB		5.00%		07/01/2025		125	126,296
Series 2014 E, RB		5.00%		07/01/2026		1,000	1,009,678
Connecticut (State of) Health & Educational Facilities Authority (New Haven Hospital);
Series 2013 N, RB		5.00%		07/01/2027		225	225,182
Series 2014 A, RB		5.00%		07/01/2032		10,650	10,753,776
South Central Connecticut Regional Water Authority; Twenty Ninth Series 2014, Ref. RB		5.00%		08/01/2025		500	500,574
Willington (Town of), CT; Series 2006, GO Bonds (INS - AGM)(b)		4.00%		12/01/2023		5	5,003
							28,450,442
Delaware–0.02%
Delaware (State of) River & Bay Authority; Series 2014 C, Ref. RB		5.00%		01/01/2028		400	401,893
District of Columbia–0.53%
District of Columbia;
Series 2012, RB		5.00%		12/01/2024		280	280,378
Series 2012, RB		5.00%		12/01/2026		100	100,116
District of Columbia (Children’s Hospital Obligated Group); Series 2015, Ref. RB		5.00%		07/15/2040		3,190	3,216,519
Washington Metropolitan Area Transit Authority;
Series 2017 B, RB		5.00%		07/01/2029		1,110	1,179,259
Series 2017 B, RB		5.00%		07/01/2042		3,750	3,867,873
Series 2018, RB		5.00%		07/01/2037		1,000	1,038,514
							9,682,659
Florida–4.68%
Board of Governors of Florida Atlantic University; Series 2016 A, Ref. RB		5.00%		07/01/2031		1,000	1,037,066
Broward (County of), FL;
Series 2012 Q-1, RB		5.00%		10/01/2024		1,850	1,851,526
Series 2013 B, RB		5.00%		10/01/2026		260	260,217
Broward (County of), FL (Parks & Land Preservation); Series 2012, Ref. GO Bonds		5.00%		01/01/2024		1,500	1,503,405
Broward (County of), FL School Board; Series 2016 A, Ref. COP		5.00%		07/01/2032		1,115	1,154,302
Capital Trust Agency, Inc. (Gardens Apartements); Series 2015 A, RB		3.50%		07/01/2025		440	379,754
Central Florida Expressway Authority; Series 2017, Ref. RB		5.00%		07/01/2037		1,325	1,384,327
Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA)		3.65%		07/01/2041		465	443,383
Florida Housing Finance Corp. (Social Bonds); Series 2022-3, RB (CEP - GNMA)		5.50%		01/01/2054		4,395	4,583,091
Gainesville (City of), FL;
Series 2012 B, Ref. VRD RB(a)		3.00%		10/01/2042		10,600	10,600,000
Series 2017 A, RB		5.00%		10/01/2031		1,265	1,356,511
Greater Orlando Aviation Authority; Series 2016 B, RB		5.00%		10/01/2039		2,375	2,445,029
Hialeah (City of), FL Utility System;
Series 2022, Ref. RB		5.00%		10/01/2033		1,970	2,195,505
Series 2022, Ref. RB		5.00%		10/01/2035		2,170	2,394,372
JEA Electric System;
Series 2017 B, Ref. RB		5.00%		10/01/2031		7,935	8,477,136
Series 2017 B, Ref. RB		5.00%		10/01/2032		1,300	1,387,885
Miami (City of) & Dade (County of), FL School Board;
Series 2014 D, Ref. COP		5.00%		11/01/2030		1,860	1,886,624
Series 2014 D, Ref. COP		5.00%		11/01/2031		1,420	1,440,326
Series 2016, GO Bonds		5.00%		03/15/2037		2,000	2,046,346

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida–(continued)
Miami-Dade (County of), FL;
Series 2012 B, Ref. RB		5.00%		10/01/2024	$	1,285	$    1,286,135
Series 2014, RB		5.00%		10/01/2032		1,160	1,171,507
Series 2015 B, Ref. GO Bonds		5.00%		07/01/2029		1,105	1,122,800
Series 2019, RB		5.00%		10/01/2043		2,400	2,490,304
Series 2023 B, Ref. RB		5.00%		10/01/2037		4,500	4,849,189
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami);
Series 2012 A, RB		5.00%		04/01/2024		250	250,703
Series 2012 A, RB		5.00%		04/01/2027		525	526,613
Series 2012 A, RB		5.00%		04/01/2028		1,500	1,504,605
Miami-Dade (County of), FL Expressway Authority;
Series 2010 A, RB		5.00%		07/01/2040		10,000	10,002,193
Series 2014 B, Ref. RB		5.00%		07/01/2025		300	303,355
Miami-Dade (County of), FL Housing Finance Authority (Palm Lakes); Series 2012, RB (LOC - Fannie Mae)(h)		4.05%		01/15/2028		8,355	8,381,694
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group);
Series 2023 A, RB		5.00%		10/01/2035		1,000	1,101,375
Series 2023 A, RB		5.00%		10/01/2036		710	772,351
Orlando (City of), FL; Series 2013, Ref. RB		5.00%		10/01/2027		750	750,904
Polk (County of), FL;
Series 2012, Ref. RB		5.00%		10/01/2024		125	125,149
Series 2012, Ref. RB		5.00%		10/01/2025		165	165,918
Pompano Beach (City of), FL (John Knox Village);
Series 2021 B-1, RB		2.00%		01/01/2029		1,545	1,325,460
Series 2021 B-2, RB		1.45%		01/01/2027		2,080	1,858,851
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 1998 B, Ref. RB (INS - NATL)(b)		5.25%		07/01/2024		125	126,643
St. Johns (County of), FL Industrial Development Authority (Vicar’s Landing); Series 2021, Ref. RB		4.00%		12/15/2023		120	119,597
Sunrise Lakes Phase 4 Recreation District; Series 2008, Ref. GO Bonds (INS - AGC)(b)		4.13%		08/01/2024		20	20,011
							85,082,162
Georgia–6.40%
Atlanta (City of), GA; Series 2014 A, Ref. RB		5.00%		01/01/2032		5,490	5,514,651
Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle);
Series 2012, Ref. RB(c)		2.88%		08/19/2025		5,000	4,844,768
Series 2013, Ref. RB(c)		2.93%		03/12/2024		7,000	6,922,821
College Park (City of), GA (Atlanta International Airport); Series 2006 B, RB (INS - NATL)(b)		4.38%		01/01/2026		30	30,016
DeKalb (County of), GA; Series 2013, Ref. RB		5.00%		10/01/2030		100	100,122
Fulton (County of), GA; Series 2013, Ref. RB		5.00%		01/01/2027		1,605	1,610,492
Georgia (State of);
Series 2013 D, GO Bonds(c)(f)		5.00%		10/10/2023		100	100,153
Series 2017 A-2, GO Bonds		5.00%		02/01/2029		5,020	5,349,653
Georgia (State of) Municipal Electric Authority (Project One);
Series 2015 A, Ref. RB		5.00%		01/01/2031		1,820	1,843,984
Series 2015 A, Ref. RB		5.00%		01/01/2032		2,030	2,055,544
Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)(b)		5.00%		12/01/2023		25	25,033
Main Street Natural Gas, Inc.;
Series 2018 A, RB(c)(f)		4.00%		09/01/2023		27,930	27,930,000
Series 2018 B, RB (1 mo. Term SOFR + 0.75%)(c)(f)(i)		4.39%		09/01/2023		1,000	1,000,000
Series 2021 A, RB(c)		4.00%		09/01/2027		8,500	8,429,635
Series 2023 C, RB		5.00%		09/01/2023		1,650	1,650,000
Subseries 2018 C, RB(c)		4.00%		12/01/2023		18,970	18,963,600
Subseries 2018 D, RB (1 mo. USD LIBOR + 0.83%)(c)(i)		4.48%		12/01/2023		30,000	30,010,569
Milledgeville (City of) & Baldwin (County of), GA Development Authority; Series 2003 A, RB (INS - AGC)(b)		4.50%		09/01/2025		20	20,009
							116,401,050
Hawaii–0.12%
Honolulu (City & County of), HI; Series 2023, RB(c)		5.00%		06/01/2026		2,125	2,188,439

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Idaho–0.09%
Idaho (State of) Housing & Finance Association; Series 2023 A, RB		5.00%		08/15/2037	$	1,400	$   1,557,519
Illinois–6.60%
Bellwood (Village of), IL; Series 2016 A, Ref. GO Bonds (INS - AGM)(b)		5.00%		12/01/2026		210	221,233
Chicago (City of), IL; Series 1999, GO Bonds (INS - NATL)(b)(g)		0.00%		01/01/2024		6,110	6,029,485
Chicago (City of), IL (O’Hare International Airport);
Series 2012 B, Ref. RB(d)		5.00%		01/01/2024		9,045	9,051,261
Series 2016 B, Ref. RB		5.00%		01/01/2035		3,000	3,089,178
Chicago (City of), IL Board of Education; Series 2005 A, Ref. GO Bonds (INS - AMBAC)(b)		5.50%		12/01/2023		200	200,632
Chicago (City of), IL Midway International Airport;
Series 2014 A, Ref. RB(d)		5.00%		01/01/2034		2,090	2,092,761
Series 2014 B, Ref. RB		5.00%		01/01/2033		3,830	3,841,454
Chicago State University; Series 1998, RB (INS - NATL)(b)		5.50%		12/01/2023		465	466,178
Collinsville (City of), IL Area Recreation District;
Series 2004, GO Bonds (INS - NATL)(b)		4.50%		12/01/2023		630	630,875
Series 2004, GO Bonds (INS - NATL)(b)		4.60%		12/01/2025		350	350,235
Series 2004, GO Bonds (INS - NATL)(b)		4.65%		12/01/2026		450	450,335
Series 2007, Ref. GO Bonds (INS - AMBAC)(b)		4.00%		12/01/2027		65	63,179
Cook County Community High School District No. 212 Leyden; Series 2016 C, RB (INS - BAM)(b)		5.00%		12/01/2028		2,385	2,423,446
Illinois (State of);
Series 2016, GO Bonds		5.00%		11/01/2025		2,000	2,052,897
Series 2017 D, GO Bonds		5.00%		11/01/2025		10,960	11,249,876
Series 2018 A, GO Bonds		4.00%		05/01/2024		2,085	2,088,234
Series 2020 A, GO Bonds		5.00%		11/01/2026		2,935	3,050,946
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(d)		8.00%		06/01/2032		560	560,389
Illinois (State of) Finance Authority; Series 2016 A, Ref. RB		5.00%		10/01/2035		2,000	2,067,714
Illinois (State of) Finance Authority (Advocate Health Care Network);
Series 2013, RB		5.00%		06/01/2024		1,220	1,220,659
Series 2014, Ref. RB		5.00%		08/01/2025		155	157,112
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB		4.00%		11/01/2023		405	404,085
Series 2019 A, Ref. RB		5.00%		11/01/2025		440	435,641
Series 2019 A, Ref. RB		5.00%		11/01/2026		460	452,864
Illinois (State of) Finance Authority (The University of Chicago); Series 2014 A, Ref. RB		5.00%		10/01/2027		10	10,158
Illinois (State of) Housing Development Authority; Series 2005, RB (INS - AGM)(b)		4.60%		09/01/2025		10	10,008
Illinois (State of) Toll Highway Authority;
Series 2013 A, RB		5.00%		01/01/2031		11,035	11,046,306
Series 2013 A, RB		5.00%		01/01/2032		4,600	4,604,557
Series 2013 A, RB		5.00%		01/01/2038		2,740	2,741,512
Series 2014 B, RB		5.00%		01/01/2031		1,190	1,195,175
Series 2016 B, RB		5.00%		01/01/2031		1,000	1,037,397
McHenry County Community Unit School District No. 12 Johnsburg;
Series 2014 A, GO Bonds (INS - AGM)(b)		5.00%		01/01/2031		2,005	2,011,447
Series 2014 A, GO Bonds (INS - AGM)(b)		5.00%		01/01/2033		1,405	1,410,786
Series 2014 A, GO Bonds (INS - AGM)(b)		5.00%		07/01/2034		2,810	2,820,847
Peoria (City of), IL Public Building Commission; Series 2019 A, Ref. RB (INS - AGM)(b)		5.00%		12/01/2029		4,430	4,735,025
Rockford (City of), IL (Waterworks System Alternative Revenue Source); Series 2010, GO Bonds		3.75%		12/15/2025		280	280,103
Sales Tax Securitization Corp.;
Series 2017 A, Ref. RB		5.00%		01/01/2024		10,200	10,243,320
Series 2023 C, Ref. RB		5.00%		01/01/2034		4,000	4,382,813
University of Illinois; Series 2008 A, Ref. COP (INS - AGM)(b)		5.25%		10/01/2026		1,020	1,021,429
University Park (Village of), IL; Series 2003, GO Bonds (INS - AMBAC)(b)		4.65%		12/01/2023		30	30,034
West Chicago Fire Protection District; Series 2008, GO Bonds (INS - NATL)(b)		4.75%		01/01/2029		15	15,013
Will County Community Unit School District No. 365; Series 2003, GO Bonds (INS - AGM)(b)(g)		0.00%		11/01/2023		19,955	19,836,940
							120,083,539
Indiana–0.80%
Gary (City of), IN & Chicago (City of), IL International Airport Authority (Gary/Chicago International Airport); Series 2014, RB(d)		5.50%		02/01/2025		385	385,197

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Indiana–(continued)
Indiana (State of) Finance Authority;
Series 2014 A, RB		5.00%		10/01/2026	$	1,750	$    1,779,419
Series 2022, Ref. RB(c)(d)		4.50%		11/15/2023		10,000	9,985,819
Merrillville (Town of), IN (Belvedere Housing); Series 2016, RB		5.05%		04/01/2026		300	288,056
Northern Indiana Commuter Transportation District; Series 2016, RB		5.00%		07/01/2036		1,980	2,034,802
							14,473,293
Iowa–1.08%
Iowa (State of) Finance Authority (Unitypoint Health);
Series 2014 C, RB		5.00%		02/15/2031		810	813,638
Series 2014 C, RB		5.00%		02/15/2032		3,405	3,419,833
Iowa (State of) Higher Education Loan Authority (Grinnell College); Series 2014, Ref. RB		5.00%		12/01/2032		1,675	1,707,872
PEFA, Inc.; Series 2019, RB(c)		5.00%		09/01/2026		13,500	13,631,559
							19,572,902
Kansas–0.53%
Johnson County Unified School District No. 231 Gardner - Edgerton; Series 2013 A, Ref. GO Bonds(c)(f)		5.00%		10/01/2023		250	250,283
University of Kansas Hospital Authority; Series 2015, Ref. RB		5.00%		09/01/2030		1,930	1,980,360
University of Kansas Hospital Authority (KU Health System); Series 2015, Ref. RB		5.00%		09/01/2033		2,350	2,403,120
Valley Center (City of), KS; Series 2023-1, GO Bonds		4.38%		12/01/2025		5,000	5,014,500
							9,648,263
Kentucky–1.98%
Jefferson County Capital Projects Corp.; Series 2007 A, Ref. RB (INS - AGM)(b)		4.38%		06/01/2028		25	25,129
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); Series 2015 A, RB		5.00%		07/01/2025		1,635	1,648,024
Kentucky (Commonwealth of) Property & Building Commission (No. 112); Series 2016 A, RB		5.00%		02/01/2032		1,000	1,033,708
Kentucky (Commonwealth of) Property & Building Commission (No. 119);
Series 2018, RB		5.00%		05/01/2027		4,750	5,017,358
Series 2018, RB		5.00%		05/01/2028		5,000	5,360,404
Kentucky (Commonwealth of) Public Energy Authority;
Series 2018 A, RB(c)		4.00%		04/01/2024		5,000	5,002,126
Series 2019 A-1, RB(c)		4.00%		06/01/2025		5,000	5,005,018
Series 2019 A-2, RB (1 mo. USD LIBOR + 1.12%)(c)(i)		4.77%		06/01/2025		10,000	9,991,568
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2016 A, Ref. RB		5.00%		10/01/2032		2,660	2,741,933
Louisville (City of) & Jefferson (County of), KY Sewer District; Series 2013 B, Ref. RB		5.00%		05/15/2026		220	220,281
							36,045,549
Louisiana–0.44%
Louisiana (State of); Series 2022 A, Ref. RB (SOFR + 0.50%)(c)(i)		4.22%		05/01/2026		3,150	3,087,789
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Glen Retirement System); Series 2019 A, RB		5.00%		01/01/2024		175	174,040
Louisiana (State of) Public Facilities Authority (Franciscan Missionaries of our Lady Health system, Inc.); Series 2015, Ref. RB		5.00%		07/01/2035		2,000	2,019,017
New Orleans (City of), LA Aviation Board (Consolidated Rental Car);
Series 2018, Ref. RB (INS - AGM)(b)		5.00%		01/01/2036		1,250	1,308,515
Series 2018, Ref. RB (INS - AGM)(b)		5.00%		01/01/2037		1,440	1,499,181
							8,088,542
Maine–0.37%
Maine (State of) State housing Authority (Social Bonds); Series 2023 B, RB(c)		3.13%		05/01/2024		5,000	4,976,591
Maine (State of) Turnpike Authority; Series 2014, RB		5.00%		07/01/2029		1,670	1,688,601
							6,665,192
Maryland–1.23%
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2017, Ref. RB		5.00%		07/01/2031		3,000	3,122,454
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health);
Series 2013 B, RB		5.00%		08/15/2027		200	200,421
Series 2017 A, RB		5.00%		05/15/2042		1,875	1,912,086

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Short Term Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Maryland–(continued)
Maryland Economic Development Corp. (CNX Marine Terminal, Inc. - Port of Baltimore Facility); Series 2010, Ref. RB		5.75%			09/01/2025	$	7,030	$    7,088,594
Washington Metropolitan Area Transit Authority (Sustainability Bonds); Series 2015 B, VRD GO Bonds(a)		2.82%			06/01/2024		10,000	10,000,000
								22,323,555
Massachusetts–0.71%
Cheshire (Town of), MA; Series 2009, GO Bonds (INS - AGM)(b)		4.75%			02/01/2024		10	10,015
Massachusetts (Commonwealth of);
Series 2018 C, GO Bonds		5.00%			05/01/2029		150	150,167
Series 2018 C, GO Bonds		5.00%			05/01/2030		100	100,108
Series 2018 C, GO Bonds		5.00%			05/01/2031		930	930,991
Series 2018 C, GO Bonds		5.00%			05/01/2032		1,245	1,246,319
Massachusetts (Commonwealth of) (Green Bonds); Series 2014 E, GO Bonds		5.00%			09/01/2024		680	680,828
Massachusetts (Commonwealth of) Development Finance Agency; Series 2007 C, RB (3 mo. USD LIBOR + 0.82%)(i)		4.59%			11/15/2032		2,645	2,570,619
North Reading (Town of), MA; Series 2005, GO Bonds (INS - AMBAC)(b)		4.00%			09/15/2023		10	10,003
Rib Floater Trust; Series 2022-021, VRD RB(a)(e)		3.26%			06/01/2058		7,100	7,100,000
Waltham (City of), MA;
Series 2008, GO Bonds		4.00%			09/15/2024		25	25,012
Series 2008, GO Bonds		4.20%			09/15/2027		15	15,008
Worcester (City of), MA;
Series 2005 C, GO Bonds (INS - AMBAC)(b)		4.13%			09/15/2023		15	15,003
Series 2006, GO Bonds (INS - SGI)(b)		4.20%			11/01/2024		10	10,007
								12,864,080
Michigan–2.87%
Advanced Technology Academy; Series 2019, Ref. RB		3.50%			11/01/2024		260	254,581
Charyl Stockwell Academy; Series 2015, Ref. RB (Acquired 04/23/2015; Cost $60,000)(j)		4.88%			10/01/2023		60	59,908
Detroit (City of), MI; Series 2006, Ref. RB (3 mo. Term SOFR + 0.60%) (INS - AGM)(b)(i)		4.07%			07/01/2032		7,825	7,369,015
Michigan (State of) Building Authority (Facilities Program); Series 2023 I-M, VRD RB(a)		4.18%			04/15/2058		11,940	11,940,000
Michigan (State of) Finance Authority; Series 2022 A, Ref. RB		5.00%			11/15/2023		2,210	2,213,979
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); Series 2014 D-4, Ref. RB		5.00%			07/01/2029		1,400	1,413,664
Michigan (State of) Finance Authority (Sparrow Obligated Group); Series 2015, Ref. RB(c)(f)		5.00%			05/15/2025		1,620	1,667,295
Michigan (State of) Housing Development Authority; Series 2021 A, RB		0.55%			04/01/2025		2,750	2,596,856
Muskegon Heights (City of), MI; Series 2006, Ref. RB (INS - NATL)(b)		4.00%			11/01/2026		185	183,132
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport);
Series 2012 A, RB		5.00%			12/01/2024		2,135	2,137,314
Series 2012 A, RB		5.00%			12/01/2026		5,380	5,384,552
Series 2012 D, Ref. RB(d)		5.00%			12/01/2028		9,050	9,052,568
Series 2018, RB		5.00%			12/01/2037		1,250	1,308,090
Wayne State University;
Series 2013 A, RB(c)(f)		5.00%			11/15/2023		1,245	1,247,974
Series 2015 A, Ref. RB		5.00%			11/15/2026		175	178,151
Series 2015 A, Ref. RB		5.00%			11/15/2030		125	126,504
Series 2016 A, Ref. RB		5.00%			11/15/2026		2,750	2,861,765
Series 2018 A, RB		5.00	%		11/15/2038		2,220	2,264,901
								52,260,249
Minnesota–1.15%
Minneapolis & St. Paul (Cities of), MN Housing & Redevelopment Authority (Allina Health System);
Series 2019, Ref. RB		5.00%			11/15/2023		1,600	1,604,295
Series 2019, Ref. RB		5.00%			11/15/2024		1,900	1,931,275
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission;
Series 2014 A, Ref. RB		5.00%			01/01/2026		3,015	3,026,871
Series 2014 A, Ref. RB		5.00%			01/01/2028		4,100	4,117,342
Series 2014 A, Ref. RB		5.00%			01/01/2029		2,150	2,158,408
Minneapolis (City of), MN (Riverton Community Housing); Series 2003, VRD RB (LOC - Bridgewater Bank)(a)(h)		4.31%			10/01/2033		4,490	4,490,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Minnesota–(continued)
Minnesota (State of) Governmental Agency Finance Group (Flexible Term Program); Series 2007 A-1, RB (INS - AGC)(b)		4.13%		03/01/2027	$	15	$       14,965
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas); Series 2017 A, Ref. RB		5.00%		10/01/2029		1,400	1,484,785
Mounds View (City of), MN (Sherman Forbes); Series 2023 A, RB(c)		4.05%		11/01/2024		1,000	997,182
New Prague (City of), MN; Series 2009 A, GO Bonds		4.15%		02/01/2024		5	5,002
North Mankato (City of), MN; Series 2009 C, GO Bonds		4.00%		12/01/2024		10	10,004
Northern Municipal Power Agency;
Series 2013 A, RB		5.00%		01/01/2030		340	340,337
Series 2013 A, RB		5.00%		01/01/2031		460	460,456
St. Paul (City of), MN Housing & Redevelopment Authority (St. Paul City School); Series 2016 A, Ref. RB(c)(f)		4.50%		07/01/2026		280	283,668
							20,924,590
Mississippi–0.08%
Mississippi (State of) Development Bank; Series 2013 B, RB (INS - BAM)(b)		5.00%		10/01/2023		270	270,288
Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital); Series 2019 B, Ref. RB		5.00%		01/01/2025		1,105	1,120,932
Mississippi Business Finance Corp. (Northrop Grumman Corp.); Series 2006, RB		4.55%		12/01/2028		25	24,632
							1,415,852
Missouri–1.84%
Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB		3.00%		11/01/2028		65	60,955
Cassville School District No. R-IV; Series 2023, GO Bonds		5.25%		03/01/2039		2,220	2,338,793
Jackson County Consolidated School District No. 4;
Series 2022, GO Bonds		5.00%		03/01/2037		3,550	3,670,607
Series 2022, GO Bonds		5.00%		03/01/2039		1,155	1,185,346
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(e)		4.25%		04/01/2026		165	160,301
Lindbergh School District; Series 2019 A, GO Bonds		5.00%		03/01/2033		1,475	1,570,248
Missouri (State of) Health & Educational Facilities Authority; Series 2014, RB		5.00%		01/01/2030		1,000	1,005,948
Missouri (State of) Health & Educational Facilities Authority (St. Louis University); Series 2015 A, RB		5.00%		10/01/2038		4,500	4,603,841
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.); Series 2016, Ref. RB		5.00%		11/15/2030		1,215	1,255,437
Missouri (State of) Housing Development Commission (First Place Homeownership Loan); Series 2023, RB (CEP - GNMA)		5.75%		05/01/2053		2,760	2,917,930
Missouri (State of) Joint Municipal Electric Utility Commission (Iatan 2);
Series 2014 A, Ref. RB		5.00%		01/01/2027		1,850	1,856,843
Series 2014 A, Ref. RB		5.00%		01/01/2030		1,195	1,198,650
Series 2014 A, Ref. RB		5.00%		01/01/2032		1,755	1,760,361
Missouri Western State University; Series 2012, Ref. RB		3.00%		10/01/2024		50	49,077
Rib Floater Trust; Series 2019-016, VRD RB (LOC - Barclays Bank PLC)(a)(e)(h)		3.26%		06/01/2045		9,400	9,400,000
Springfield Public Building Corp.; Series 2000 A, RB (INS - AMBAC)(b)(g)		0.00%		06/01/2025		120	110,446
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); Series 2013 A, RB		5.00%		09/01/2023		305	305,000
							33,449,783
Montana–1.39%
Mizuho Floater/Residual Trust; Series 2020-MIZ9027, VRD Revenue Ctfs. (LOC - Mizuho Capital Markets LLC)(a)(e)(h)		4.56%		01/01/2034		25,250	25,250,000
Nebraska–0.56%
Central Plains Energy Project; Series 2019, Ref. RB		4.00%		08/01/2024		1,000	1,000,815
Gretna Public Schools; Series 2022 B, GO Bonds		5.00%		12/15/2027		1,000	1,035,282
Omaha (City of), NE Public Power District; Series 2017 A, Ref. RB		5.00%		02/01/2042		3,000	3,130,003
Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2015, Ref. RB		5.00%		01/01/2031		5,040	5,109,406
							10,275,506

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Short Term Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Nevada–0.43%
Clark (County of), NV Department of Aviation;
Series 2014 A-2, Ref. RB		5.00%		07/01/2030	$	5,050	$    5,107,730
Series 2014 A-2, Ref. RB		5.00%		07/01/2033		1,000	1,011,374
Las Vegas Valley Water District; Series 2016 A, Ref. GO Bonds		5.00%		06/01/2036		1,695	1,755,756
							7,874,860
New Hampshire–0.50%
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB		4.00%		10/20/2036		5,364	5,031,435
New Hampshire (State of) Health and Education Facilities Authority; Series 2016, Ref. RB		5.50%		06/01/2031		4,000	4,145,375
							9,176,810
New Jersey–6.57%
Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)(b)		5.00%		03/01/2027		250	263,576
Camden (County of), NJ Improvement Authority (The) (Rowan University School of Osteopathic Medicine);
Series 2013 A, Ref. RB		5.00%		12/01/2027		1,610	1,612,275
Series 2013, Ref. RB		5.00%		12/01/2032		2,235	2,237,634
Casino Reinvestment Development Authority, Inc.;
Series 2004, RB (INS - AMBAC)(b)		5.25%		01/01/2024		1,500	1,500,663
Series 2014, Ref. RB		5.00%		11/01/2023		3,515	3,517,814
Jersey (City of), NJ; Series 2022 A, GO Notes		5.00%		10/26/2023		1,665	1,667,036
Livingston (Township of), NJ; Series 2022, GO Notes		5.00%		12/12/2023		5,000	5,021,625
New Jersey (State of);
Series 2020 A, GO Bonds		5.00%		06/01/2026		14,015	14,667,450
Series 2020 A, GO Bonds		5.00%		06/01/2027		2,885	3,071,636
New Jersey (State of) Economic Development Authority;
Series 2004 A, RB (INS - NATL)(b)		5.25%		07/01/2025		6,840	6,988,273
Series 2004 A, RB(f)		5.25%		07/01/2025		820	847,261
Series 2005 N-1, Ref. RB (INS - NATL)(b)		5.50%		09/01/2023		3,010	3,010,000
Series 2005 N-1, Ref. RB (INS - AMBAC)(b)		5.50%		09/01/2024		6,000	6,107,395
Series 2024 SSS, Ref. RB		5.00%		06/15/2035		1,500	1,612,762
New Jersey (State of) Economic Development Authority (Rutgers University); Series 2013, RB		5.00%		06/15/2025		130	130,120
New Jersey (State of) Educational Facilities Authority (Montclair University); Series 2014, RB		5.00%		06/15/2026		1,000	1,009,645
New Jersey (State of) Health Care Facilities Financing Authority (Greystone Park Psychiatric Hospital);
Series 2013, Ref. RB		5.00%		09/15/2023		400	400,140
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health
Obligated Group);
Series 2017, Ref. RB		5.00%		07/01/2029		1,120	1,188,641
Series 2017, Ref. RB		5.00%		07/01/2032		815	864,126
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2016, Ref. RB		5.00%		07/01/2031		5,100	5,268,718
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group); Series 2016 A, Ref. RB		5.00%		07/01/2031		8,840	9,270,603
New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); Series 2022 I, RB		5.00%		10/01/2053		2,970	3,041,345
New Jersey (State of) Transportation Trust Fund Authority;
Series 2005 B, RB (INS - AMBAC)(b)		5.25%		12/15/2023		1,000	1,004,325
Series 2006 A, RB (INS - AGM)(b)		5.25%		12/15/2023		1,370	1,376,423
Series 2010 D, RB		5.25%		12/15/2023		4,505	4,524,486
Series 2018 A, Ref. RB		5.00%		06/15/2028		5,000	5,207,948
New Jersey (State of) Turnpike Authority;
Series 2014 A, RB		5.00%		01/01/2027		8,650	8,747,784
Series 2014 A, RB		5.00%		01/01/2033		15,350	15,507,595
Series 2015 E, RB		5.00%		01/01/2032		5,635	5,744,064
Series 2015 E, RB		5.00%		01/01/2034		3,785	3,856,227
Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, PCR(d)(f)		5.00%		12/01/2023		225	225,745
							119,493,335

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Short Term Municipal Fund

			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)		Value
New Mexico–1.01%
Albuquerque Municipal School District No. 12;
Series 2017, GO Bonds	5.00%	08/01/2029	$	2,575	$    2,694,381
Series 2017, GO Bonds	5.00%	08/01/2030		1,250	1,306,540
Series 2017, GO Bonds	5.00%	08/01/2031		1,700	1,776,894
Series 2017, GO Bonds	5.00%	08/01/2032		2,910	3,039,982
Farmington (City of), NM (Public Service Co. of New Mexico San Juan); Series 2010, Ref. RB(c)	3.90%	06/01/2028		3,700	3,673,066
New Mexico (State of) Finance Authority;
Series 2023 A-2, RB	5.00%	06/01/2028		450	462,385
Series 2023 A-2, RB	5.00%	06/01/2033		800	820,311
Series 2023 A-2, RB	5.00%	06/01/2038		1,350	1,375,207
New Mexico Mortgage Finance Authority (Mountain View II & III Apartments); Series 2023, RB(c)	5.00%	09/01/2025		3,000	3,045,216
Saltillo Public Improvement District;
Series 2018, Ref. RB (INS - BAM)(b)	4.00%	10/01/2024		105	105,618
Series 2018, Ref. RB (INS - BAM)(b)	4.00%	10/01/2025		160	161,720
					18,461,320
New York–12.84%
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District);
Series 2013 A, RB	5.00%	05/01/2027		250	250,255
Series 2013 A, RB	5.00%	05/01/2028		970	970,955
Metropolitan Transportation Authority;
Series 2015 D-1, Ref. RB	5.00%	11/15/2024		115	116,751
Series 2015 F, Ref. RB	5.00%	11/15/2027		525	538,223
Subseries 2015 E-1, VRD RB (LOC - Barclays Bank PLC)(a)(h)	2.85%	11/15/2050		3,470	3,470,000
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A2, Ref. RB	4.00%	11/15/2025		145	145,866
Series 2016 A-2, Ref. RB	5.00%	11/15/2023		1,450	1,453,836
Series 2017 B, Ref. RB	5.00%	11/15/2024		3,500	3,553,284
Series 2017 C-1, Ref. RB	5.00%	11/15/2023		3,000	3,007,909
Series 2017 C-1, Ref. RB	5.00%	11/15/2026		605	628,633
Series 2018 B, Ref. RB	5.00%	11/15/2023		7,200	7,219,045
Series 2018 B, Ref. RB	5.00%	11/15/2024		175	177,664
Monroe County Industrial Development Corp. (Rochester Schools Modernization); Series 2013, RB	5.00%	05/01/2024		125	125,142
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB	5.00%	07/01/2032		1,500	1,510,979
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB	5.25%	06/01/2026		2,479	2,447,602
New York & New Jersey (States of) Port Authority;
One Hundred Seventy Fifth Series 2012, RB	5.00%	12/01/2023		2,000	2,004,154
One Hundred Seventy Fifth Series 2012, RB	5.00%	12/01/2025		480	480,596
One Hundred Seventy Fifth Series 2012, RB	4.00%	12/01/2026		470	470,164
New York (City of), NY;
Subseries 2014 I-2, VRD GO Bonds(a)	2.95%	03/01/2040		10,000	10,000,000
Subseries 2017 B, VRD GO Bonds(a)	2.85%	10/01/2046		5,100	5,100,000
New York (City of), NY Industrial Development Agency (123 Washington LLC); Series 2007, VRD RB (LOC - Bank of China Ltd.)(a)(h)	3.40%	10/01/2042		7,980	7,980,000
New York (City of), NY Municipal Water Finance Authority; Series 2022 DD, Ref. VRD RB(a)	4.25%	06/15/2033		20,000	20,000,000
New York (City of), NY Transitional Finance Authority;
Series 2014 A-3, VRD RB(a)	1.12%	08/01/2043		5,000	5,000,000
Series 2014, RB	5.00%	02/01/2033		10,000	10,049,121
New York (State of) Dormitory Authority;
Series 2015 A, Ref. RB	5.00%	03/15/2031		6,000	6,132,516
Series 2015 A, Ref. RB	5.00%	03/15/2033		2,500	2,553,344
Series 2015 A-1, Ref. RB(e)	4.80%	12/01/2023		80	79,421
Series 2016 D, Ref. RB	5.00%	02/15/2029		3,965	4,168,675
New York (State of) Dormitory Authority (New York University); Series 2016 A, RB	5.00%	07/01/2031		1,410	1,472,215
New York (State of) Housing Finance Agency (160 Madison Avenue);
Series 2013 A, VRD RB (LOC - Landesbank Hessen-thrgn)(a)(h)	2.82%	11/01/2046		10,000	10,000,000
Series 2014 A, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(a)(h)	2.82%	11/01/2046		10,000	10,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Short Term Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York–(continued)
New York (State of) Utility Debt Securitization Authority;
Series 2013 TE, RB		5.00%		12/15/2029	$	2,615	$    2,624,527
Series 2013 TE, RB		5.00%		12/15/2031		13,595	13,643,014
New York City Housing Development Corp. (Sustainability Bonds); Series 2020 I-2, RB (CEP - Federal Housing Administration)(c)		0.70%		05/01/2025		5,000	4,666,650
New York City Housing Development Corp. (Sustainable Development Bonds);
Series 2021 F-2, RB (CEP - Federal Housing Administration)(c)		0.60%		07/01/2025		980	909,291
Series 2022 2B, RB(c)		3.40%		12/22/2026		12,845	12,629,306
New York Counties Tobacco Trust VI; Series 2016 B, Ref. RB		5.00%		06/01/2026		460	473,951
New York State Urban Development Corp.;
Series 2013 C, RB		5.00%		03/15/2030		275	275,465
Series 2013 E, RB		5.00%		03/15/2028		10,695	10,711,623
Series 2013 E, RB		5.00%		03/15/2031		7,140	7,147,104
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2020, Ref. RB(d)		5.25%		08/01/2031		14,075	14,554,274
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(d)		5.00%		08/01/2026		8,830	8,849,502
Series 2016, Ref. RB(d)		5.00%		08/01/2031		20,070	20,119,992
Orange County Funding Corp. (Mount St. Mary College); Series 2012 B, RB		4.00%		07/01/2024		695	693,540
Rib Floater Trust; Series 2022-003, VRD RB(a)(e)		4.41%		11/01/2041		10,000	10,000,000
Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB		4.00%		06/01/2050		2,280	2,185,807
Westchester County Local Development Corp.; Series 2021, Ref. RB(e)		2.88%		07/01/2026		3,180	3,031,489
							233,621,885
North Carolina–0.52%
Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2014, Ref. RB		5.00%		07/01/2031		2,540	2,570,388
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 E, RB(c)		0.80%		10/31/2025		5,000	4,593,572
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2013 A, Ref. RB		5.00%		01/15/2026		230	230,171
North Carolina (State of) Turnpike Authority; Series 2017, Ref. RB		5.00%		01/01/2025		2,025	2,058,125
University of North Carolina; Series 2008 A, RB (INS - AGC)(b)		4.75%		10/01/2028		10	10,008
							9,462,264
North Dakota–0.17%
Ward (County of), ND; Series 2017 A, GO Bonds (INS - AGM)(b)		4.00%		04/01/2025		3,125	3,126,011
Ohio–2.50%
American Municipal Power, Inc. (Prairie State Energy);
Series 2015 A, Ref. RB		5.00%		02/15/2028		9,895	9,948,964
Series 2015 A, Ref. RB		5.00%		02/15/2029		6,960	6,998,265
Cleveland (City of), OH; Series 2016 B, Ref. RB (INS - AGM)(b)		5.00%		01/01/2024		2,040	2,048,532
Columbus City School District (Construction and Improvement); Series 2016 A, Ref. GO Bonds		5.00%		12/01/2031		3,260	3,400,218
Cuyahoga (County of), OH (Shaker Square); Series 2010 D, Ref. RB		5.00%		12/01/2025		695	695,787
Dayton (City of), OH (James M. Cox); Series 2014 A, Ref. RB (INS - AGM)(b)(d)		5.00%		12/01/2026		1,335	1,335,589
Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB(c)		4.38%		06/15/2026		1,500	1,437,988
Hamilton (County of), OH (UC Health);
Series 2014, RB		5.00%		02/01/2027		465	465,017
Series 2014, RB		5.00%		02/01/2028		465	465,005
Series 2014, RB		5.00%		02/01/2029		425	425,015
Ohio (State of);
Series 2015, VRD RB(a)		4.50%		01/15/2045		5,000	5,000,000
Series 2017 A, GO Bonds		5.00%		09/01/2031		3,335	3,359,150
Series 2017 A, GO Bonds		5.00%		03/15/2032		1,155	1,163,961
Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2018, Ref. RB(e)		5.00%		12/01/2023		1,050	1,047,104
Ohio (State of) Higher Educational Facility Commission; Series 2006, RB (CPI Rate + 1.12%) (INS - AMBAC)(b)(i)		9.32%		12/01/2023		2,460	2,474,614
Ohio (State of) Higher Educational Facility Commission (University of Dayton); Series 2018, Ref. RB		5.00%		12/01/2035		2,000	2,104,021
RiverSouth Authority; Series 2007 A, RB		5.75%		12/01/2027		575	573,235
Stark (County of), OH; Series 2004, GO Bonds (INS - NATL)(b)		4.38%		12/01/2024		5	5,004

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Short Term Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Ohio–(continued)
Westerville City School District; Series 2018, COP		5.00%		12/01/2039	$	2,450	$    2,537,673
							45,485,142
Oklahoma–0.36%
Oklahoma (State of) Capitol Improvement Authority; Series 2014 A, Ref. RB		5.00%		07/01/2030		1,500	1,517,073
Oklahoma (State of) Capitol Improvement Authority (Capitol Repair); Series 2018 C, RB		5.00%		01/01/2038		2,320	2,434,650
Oklahoma (State of) Development Finance Authority (Sommerset); Series 2015, RB		5.00%		07/01/2025		815	805,606
University of Oklahoma (The);
Series 2014 C, Ref. RB		5.00%		07/01/2024		1,000	1,000,992
Series 2014 C, Ref. RB		5.00%		07/01/2027		500	500,227
Series 2014 C, Ref. RB		5.00%		07/01/2029		250	250,081
							6,508,629
Oregon–0.69%
Multnomah (County of), OR Hospital Facilities Authority (Green Bonds);
Series 2021 B, Ref. RB		1.20%		06/01/2028		1,150	975,034
Series 2021 B2, Ref. RB		0.95%		06/01/2027		2,965	2,594,276
Oregon (State of) (Article XI - Q State); Series 2023 A, GO Bonds		5.00%		05/01/2036		3,875	4,436,030
Oregon Health & Science University; Series 2016 B, Ref. RB		5.00%		07/01/2039		1,390	1,427,724
Portland Community College District; Series 2018, GO Bonds		5.00%		06/15/2032		1,680	1,757,556
Yamhill (County of), OR Hospital Authority (Friendsview); Series 2021 B-3, RB		1.75%		11/15/2026		1,355	1,269,818
							12,460,438
Pennsylvania–6.34%
Allegheny (County of), PA Higher Education Building Authority (Robert Morris University);
Series 2017, RB		5.00%		10/15/2026		445	447,196
Allegheny (County of), PA Hospital Development Authority; Series 2018, Ref. RB		5.00%		04/01/2035		2,150	2,225,485
Allegheny (County of), PA Sanitary Authority; Series 2013, RB (INS - BAM)(b)		5.00%		12/01/2028		145	145,522
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System);
Series 2017 A, Ref. RB		5.00%		10/01/2035		2,025	2,115,917
Coatesville Area School District Building Authority;
Series 2018, RB (INS - BAM)(b)		5.00%		12/01/2023		400	400,333
Series 2018, RB (INS - BAM)(b)		5.00%		12/01/2024		425	425,392
Cumberland Valley School District; Series 2015, GO Bonds(c)(f)		5.00%		11/15/2023		2,580	2,587,484
Geisinger Authority (Geisinger Health System); Series 2014 B, Ref. RB (1 mo. USD LIBOR + 1.07%)(c)(i)		4.72%		06/01/2024		13,600	13,628,730
Luzerne (County of), PA; Series 2015 A, Ref. GO Bonds (INS - AGM)(b)		5.00%		11/15/2023		2,795	2,803,602
Monroeville Finance Authority; Series 2023 C, Ref. RB		5.00%		05/15/2037		1,000	1,071,286
Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014 A, Ref. RB		5.00%		10/01/2024		1,165	1,165,144
Montgomery (County of), PA Industrial Development Authority; Series 2023, RB(c)		4.10%		04/03/2028		3,000	3,028,616
Pennsylvania (Commonwealth of);
First series 2013, GO Bonds		4.00%		04/01/2029		2,150	2,151,239
Second series 2013, GO Bonds		5.00%		10/15/2030		2,000	2,004,218
Second series 2013, GO Bonds		5.00%		10/15/2031		1,000	1,002,109
Second Series 2013, GO Bonds		5.00%		10/15/2025		100	100,178
Second series 2016, Ref. GO Bonds		5.00%		01/15/2024		2,260	2,273,416
Series 2022, GO Bonds		5.00%		10/01/2023		5,000	5,005,807
Pennsylvania (Commonwealth of) Economic Development Financing Authority; Series 2023 B, Ref. RB		5.00%		05/15/2035		1,000	1,107,144
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015 B, VRD RB(a)		4.61%		09/01/2045		45,095	45,095,000
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2014 B, RB		5.00%		12/01/2031		1,000	1,014,878
Series 2016 A, Ref. RB		5.00%		12/01/2030		9,990	10,476,071
Series 2016 B, Ref. RB (INS - AGM)(b)		5.00%		06/01/2029		800	841,135
Series 2017, Ref. RB		5.00%		12/01/2032		3,325	3,547,942
Series 2018 A-1, Ref. RB (SIFMA Municipal Swap Index + 0.60%)(i)		4.66%		12/01/2023		1,500	1,500,361
Pennsylvania State University (The); Series 2015 B, Ref. RB		5.00%		09/01/2031		2,000	2,052,911

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Short Term Municipal Fund

			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)		Value
Pennsylvania–(continued)
Philadelphia (City of), PA;
Series 2016, Ref. RB	5.00%	10/01/2028	$	1,400	$    1,450,844
Series 2016, Ref. RB	5.00%	10/01/2031		3,270	3,383,954
Sayre (City of), PA Health Care Facilities Authority (Guthrie Health); Series 2007, RB (3 mo. USD LIBOR + 0.78%)(i)	4.58%	12/01/2024		30	29,990
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB	5.00%	07/01/2028		1,025	1,021,458
Wilkes-Barre Area School District; Series 2016 B, GO Bonds (INS - BAM)(b)	5.00%	08/01/2026		1,160	1,215,012
					115,318,374
Puerto Rico–0.36%
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - AGC)(b)	5.00%	07/01/2026		100	100,596
Series 2005 RR, RB (INS - SGI)(b)	5.00%	07/01/2026		3,905	3,873,619
Series 2005 RR, RB (INS - SGI)(b)	5.00%	07/01/2027		1,505	1,491,767
Series 2007 UU, Ref. RB (INS - AGM)(b)	5.00%	07/01/2024		500	502,977
Series 2008 WW, RB (INS - AGC)(b)	5.25%	07/01/2033		500	502,977
					6,471,936
Rhode Island–0.46%
Rhode Island Health and Educational Building Corp.; Series 2017 G, RB (INS - AGM)(b)	5.00%	05/15/2039		2,520	2,603,759
Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB	4.50%	06/01/2045		5,995	5,846,781
					8,450,540
South Carolina–0.92%
Florence & Darlington (Counties of), SC Commission for Technical Education; Series 2014, Ref. RB	5.00%	03/01/2028		620	620,688
Piedmont Municipal Power Agency; Series 2021 C, Ref. RB	5.00%	01/01/2032		4,000	4,158,553
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); Series 2018 C, VRD RB(a)	4.63%	05/01/2048		10,000	10,000,000
South Carolina (State of) Public Service Authority; Series 2016 A, Ref. RB	5.00%	12/01/2029		1,885	1,944,229
					16,723,470
South Dakota–0.78%
South Dakota (State of) Health & Educational Facilities Authority (Regional Health); Series 2017, RB	5.00%	09/01/2040		8,345	8,447,839
South Dakota (State of) Housing Development Authority; Series 2009 A, VRD RB(a)	4.31%	11/01/2048		5,760	5,760,000
					14,207,839
Tennessee–1.90%
Nashville (City of) & Davidson (County of), TN Metropolitan Government;
Series 2013 A, Ref. RB	5.00%	05/15/2027		130	130,120
Series 2013 A, Ref. RB	5.00%	05/15/2029		780	780,676
Series 2013, Ref. GO Bonds	5.00%	07/01/2024		120	120,088
Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2017, RB	5.00%	05/01/2035		1,500	1,558,993
Tennessee Energy Acquisition Corp.;
Series 2006 A, RB	5.25%	09/01/2023		2,725	2,725,000
Series 2006 A, RB	5.25%	09/01/2024		15,115	15,248,082
Series 2018, RB(c)	4.00%	11/01/2025		10,130	10,014,946
Tennessee Housing Development Agency (Social Bonds); Series 2022, RB	5.50%	01/01/2053		3,740	3,900,927
					34,478,832
Texas–13.41%
Alamo Community College District;
Series 2007, GO Bonds (INS - NATL)(b)	4.50%	08/15/2033		590	590,263
Series 2012 A, Ref. RB	5.00%	11/01/2023		775	775,912
Alvarado Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(c)	2.75%	08/15/2025		2,000	1,990,515
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); Series 2021, RB(c)(e)	4.50%	06/15/2026		1,100	1,087,505

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Short Term Municipal Fund

			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)		Value
Texas–(continued)
Austin (City of), TX;
Series 2023, Ref. RB	5.00%	11/15/2036	$	7,700	$    8,635,380
Series 2023, Ref. RB	5.00%	11/15/2038		4,000	4,418,366
Bexar (County of), TX Hospital District;
Series 2018, Ctfs. of Obligation	5.00%	02/15/2029		1,000	1,000,918
Series 2018, Ctfs. of Obligation	5.00%	02/15/2030		1,895	1,896,670
Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); Series 2021, RN(d)(e)	3.63%	07/01/2026		4,000	3,662,214
Clear Creek Independent School District; Series 2014 D, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2034		2,820	2,835,628
Conroe Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2028		7,810	8,136,010
Cypress-Fairbanks Independent School District; Series 2014 C, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2028		1,500	1,510,366
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport);
Series 2013 D, Ref. RB(c)(f)	5.25%	11/01/2023		85	85,234
Series 2013 D, Ref. RB(c)(f)	5.25%	11/01/2023		225	225,621
Series 2013 F, Ref. RB(c)(f)	5.00%	11/01/2023		1,000	1,002,376
Series 2013 F, Ref. RB(c)(f)	5.13%	11/01/2023		260	260,667
Series 2013 F, Ref. RB(c)(f)	5.25%	11/01/2023		1,440	1,443,972
Series 2013 F, Ref. RB(c)(f)	5.25%	11/01/2023		795	797,193
Dallas (City of), TX; Series 2014, Ref. GO Bonds (INS - BAM)(b)	5.00%	02/15/2029		1,065	1,072,334
Dallas (City of), TX (Dallas, Denton, Collin and Rockwall Counties); Series 2016 A, Ref. RB	5.00%	10/01/2041		5,000	5,111,714
Dallas (County of), TX; Series 2016, Ctfs. of Obligation	5.00%	08/15/2029		4,605	4,835,146
Dallas College; Series 2022, GO Bonds	5.00%	02/15/2035		1,000	1,028,233
Denton (City of), TX;
Series 2017, RB	5.00%	12/01/2030		1,320	1,371,888
Series 2017, RB	5.00%	12/01/2032		3,000	3,117,747
El Paso (City of), TX; Series 2016, GO Bonds	5.00%	08/15/2028		5,000	5,251,876
El Paso (County of), TX Hospital District; Series 2013, Ctfs. of Obligation	5.00%	08/15/2025		675	675,409
Fort Bend Independent School District (2023 Remarketing); Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)(c)	3.65%	08/01/2024		5,000	4,990,426
Frisco Independent School District; Series 2016 B, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	08/15/2034		2,020	2,109,964
Goose Creek Consolidated Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2029		5,000	5,213,502
Grand Prairie Independent School District; Series 2011, Ref. GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2026		675	674,991
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers;
Series 2015, Ref. RB	5.00%	12/01/2023		1,200	1,197,946
Series 2015, Ref. RB	5.00%	12/01/2024		1,865	1,850,921
Harris & Montgomery (Counties of), TX Municipal Utility District No. 386; Series 2014, GO Bonds (INS - AGM)(b)	4.00%	09/01/2030		620	620,234
Harris (County of), TX; Series 2014 A, Ref. GO Bonds	5.00%	10/01/2031		2,035	2,065,610
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System); Series 2016, RB	5.00%	07/01/2038		1,605	1,636,509
Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB(c)	4.05%	06/01/2033		2,775	2,728,451
Houston (City of), TX; Series 2018 C, Ref. VRD RB (LOC - Barclays Bank PLC)(a)(h)	4.10%	05/15/2034		16,670	16,670,000
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(d)	4.75%	07/01/2024		565	565,551
Houston Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2031		1,125	1,171,422
Katy Independent School District; Series 2017, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2031		1,150	1,223,134
Laredo (City of), TX; Series 2016, Ref. RB	5.00%	03/01/2031		1,000	1,034,843
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(d)(e)	4.63%	10/01/2031		1,000	977,253
Mueller Local Government Corp.; Series 2009, RB	4.25%	09/01/2029		30	30,020
New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing San Antonio I, LLC - Texas A&M University); Series 2016 A, RB(f)	5.00%	04/01/2024		405	408,169
North Harris (County of), TX Regional Water Authority; Series 2013, Ref. RB (INS - BAM)(b)	5.00%	12/15/2030		205	205,246
North Texas Municipal Water District; Series 2016, Ref. RB	5.00%	06/01/2028		1,050	1,094,113

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco Short Term Municipal Fund

			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)		Value
Texas–(continued)
North Texas Tollway Authority;
Series 2017 A, RB	5.00%	01/01/2025	$	55	$       55,064
Series 2017 B, Ref. RB	5.00%	01/01/2024		50	50,053
Series 2017 B, Ref. RB	5.00%	01/01/2025		15	15,016
Series 2022 B, Ref. RB	5.00%	01/01/2024		2,620	2,632,565
Pearland (City of), TX; Series 2014, Ref. GO Bonds	5.00%	03/01/2025		200	200,239
Pecos Barstow Toyah Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2038		1,650	1,694,216
Pharr (City of), TX; Series 2018, Ctfs. of Obligation (INS - AGM)(b)	5.00%	08/15/2038		1,395	1,453,060
Plano Independent School District;
Series 2023, GO Bonds	5.00%	02/15/2035		2,600	2,962,664
Series 2023, GO Bonds	5.00%	02/15/2036		1,100	1,240,435
Series 2023, GO Bonds	5.00%	02/15/2037		3,300	3,684,659
Port Arthur (Port of), TX Navigation District;
Subseries 2010 D, VRD RB(a)	3.75%	11/01/2040		10,000	10,000,000
Subseries 2010, VRD RB(a)	3.78%	11/01/2040		8,175	8,175,000
Rib Floater Trust; Series 2022-006, VRD RB (LOC - Barclays Bank PLC)(a)(e)(h)	4.36%	11/15/2046		36,250	36,250,000
Robstown (City of), TX; Series 2009, Ctfs. of Obligation (INS - AGM)(b)(g)	0.00%	03/01/2024		490	479,953
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB	4.90%	09/15/2024		30	29,781
San Antonio (City of), TX;
Series 2013 E, Ref. RB(c)(f)	5.00%	09/19/2023		1,900	1,901,117
Series 2016, Ref. RB	5.00%	02/01/2031		2,145	2,244,932
Series 2017, Ref. RB	5.00%	02/01/2032		3,105	3,284,430
Spring Independent School District; Series 2023, GO Bonds	5.00%	08/15/2036		3,070	3,458,671
Texas (State of);
Series 2014 A, Ref. GO Bonds	5.00%	10/01/2024		1,565	1,591,366
Series 2015, Ref. GO Bonds	5.00%	10/01/2029		10,000	10,325,308
Texas (State of) Transportation Commission; Series 2014 B, VRD RB(a)	4.07%	04/01/2032		15,000	15,000,000
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB	6.25%	12/15/2026		12,985	13,446,973
Texas Municipal Gas Acquisition & Supply Corp. II; Series 2007, RB (SIFMA Municipal Swap Index + 0.55%)(i)	4.61%	09/15/2027		10,920	10,800,502
Trinity River Authority; Series 2014, Ref. RB	5.00%	08/01/2024		500	500,552
West Harris (County of), TX Regional Water Authority; Series 2014, Ref. RB (INS - AGM)(b)	5.00%	12/15/2029		1,000	1,002,918
West Travis County Public Utility Agency; Series 2017, Ref. RB (INS - BAM)(b)	5.00%	08/15/2030		45	48,017
Wink-Loving Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2030		2,000	2,013,821
					243,828,774
Utah–0.22%
Grand (County of), UT School District Local Building Authority; Series 2019, RB (INS - AGM)(b)	5.00%	12/15/2038		2,040	2,081,402
University of Utah (The); Series 2017 B-1, Ref. RB	5.00%	08/01/2029		1,870	1,993,920
					4,075,322
Virginia–0.24%
Chesapeake Bay Bridge & Tunnel District; Series 2019, RAN	5.00%	11/01/2023		4,400	4,407,401
Washington–1.75%
Auburn School District No. 408 of King & Pierce Counties; Series 2014, Ref. GO Bonds (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2027		100	100,377
Central Puget Sound Regional Transit Authority; Series 1999, RB (INS - NATL)(b)	4.75%	02/01/2028		1,505	1,519,999
Chelan County School District No. 246 Wenatchee; Series 2014, GO Bonds (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2030		1,480	1,496,964
Energy Northwest (Columbia Generating Station); Series 2014, Ref. RB	5.00%	07/01/2031		2,000	2,024,063
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB	5.60%	03/01/2028		10	9,922
Lewis (County of), WA Public Utility District No. 1; Series 2013, Ref. RB	5.25%	04/01/2032		6,115	6,122,286
Seattle (City of), WA; Series 2013, Ref. RB(c)(f)	5.00%	10/25/2023		250	250,547
Seattle (Port of), WA;
Series 2015 A, RB	5.00%	04/01/2030		2,840	2,878,151
Series 2017 C, RB(d)	5.00%	05/01/2025		275	280,264

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Invesco Short Term Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Washington–(continued)
Tacoma (City of), WA Regional Water Supply System; Series 2013, Ref. RB		5.00%		12/01/2026	$	250	$         250,174
Washington (State of);
Series 2016 B, GO Bonds		5.00%		08/01/2031		1,205	1,259,872
Series 2016 B, Ref. GO Bonds		5.00%		07/01/2032		3,840	3,974,708
Washington (State of) Health Care Facilities Authority (Providence Health & Services);
Series 2012 A, RB		5.00%		10/01/2025		125	125,095
Series 2012 A, RB		5.00%		10/01/2026		2,540	2,540,649
Series 2012 A, RB		5.00%		10/01/2027		2,415	2,415,579
Series 2012 A, RB		5.00%		10/01/2028		165	165,039
Series 2012 A, RB		4.25%		10/01/2040		2,800	2,597,832
Washington (State of) Tobacco Settlement Authority; Series 2018, Ref. RB		5.00%		06/01/2024		3,750	3,751,941
							31,763,462
West Virginia–0.79%
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System
Obligated Group);
Series 2017, RB		5.00%		06/01/2035		1,100	1,144,551
Series 2018 E, Ref. VRD RB(a)		4.60%		06/01/2033		13,180	13,180,000
							14,324,551
Wisconsin–1.75%
Wisconsin (State of) Center District; Series 1999, Ref. RB (INS - AGM)(b)		5.25%		12/15/2023		235	235,905
Wisconsin (State of) Health & Educational Facilities Authority (Advocate Aurora Health Credit Group); Series 2018, Ref. RB(c)		5.00%		01/29/2025		10,000	10,182,121
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group); Series 2016 A, Ref. RB		5.00%		11/15/2039		1,350	1,370,553
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group);
Series 2013, RB		5.00%		08/15/2026		100	100,064
Series 2013, RB		5.00%		08/15/2027		800	800,422
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); Series 2019 B-2, Ref. RB		2.55%		11/01/2027		270	252,479
Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.);
Series 2014, Ref. RB		5.00%		11/15/2029		1,800	1,821,980
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB		5.00%		06/01/2027		3,225	3,226,609
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care Obligated Group);
Series 2015, Ref. RB		5.00%		08/15/2030		170	172,477
Series 2015, Ref. RB		5.00%		08/15/2031		815	826,074
Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.); Series 2015, Ref. RB		5.00%		12/15/2029		125	126,643
Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health); Series 2014 A, RB		5.00%		12/01/2028		980	991,053
Wisconsin (State of) Public Finance Authority;
Series 2016, RB		5.00%		03/01/2032		4,315	4,463,728
Series 2022, Ref. RB(c)		3.30%		10/01/2026		1,745	1,729,706
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB		5.00%		12/01/2027		1,050	1,060,628
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center); Series 2015 A, Ref. RB		5.00%		06/01/2031		3,295	3,334,612
Wisconsin (State of) Public Finance Authority (The Estates at Eagle’s Pomite); Series 2016 A, RB		4.00%		01/01/2024		50	49,508
WPPI Energy;
Series 2014 A, Ref. RB		5.00%		07/01/2030		1,000	1,009,193
Series 2014 A, Ref. RB		5.00%		07/01/2032		100	100,855
							31,854,610
Total Municipal Obligations (Cost $1,773,254,845)							1,766,873,061
					Shares
MuniFund Preferred Shares–1.79%
Nuveen AMT-Free Municipal Credit Income Fund; Series B(e)						5,750,000	5,750,000
Nuveen AMT-Free Quality Municipal Income Fund; MFP, Series D(e)						22,870,000	22,870,000
Nuveen California AMT-Free Quality Municipal Income Fund(e)						40,000	4,000,000
MuniFund Preferred Shares (Cost$ 32,621,502)							32,620,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Invesco Short Term Municipal Fund

			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)		Value
U.S. Dollar Denominated Bonds & Notes–0.02%
California–0.02%
CalPlant I LLC;
Series 21A(e)(k)(l)	9.50%	03/31/2024	$	25	$       25,000
Series 21B(e)(k)(l)	9.50%	03/31/2024		90	90,000
Series 22A(e)(k)(l)	9.50%	03/31/2024		50	50,000
Series 22B(e)(k)(l)	9.50%	03/31/2024		5	5,000
Series 22X(e)(k)(l)	9.50%	03/31/2024		50	50,000
Series 23A(e)(k)(l)	9.50%	03/31/2024		20	20,000
Series 23B(e)(k)(l)	9.50%	03/31/2024		15	15,000
Series 23C(l)	9.50%	03/31/2024		25	25,000
Series 23D (Acquired 05/04/2023; Cost $20,000)(e)(j)(k)(l)	9.50%	03/31/2024		20	20,000
Series 23E(e)(k)(l)	9.50%	03/31/2024		25	25,000
Total U.S. Dollar Denominated Bonds & Notes (Cost $325,000)					325,000
TOTAL INVESTMENTS IN SECURITIES(m)–98.95% (Cost $1,806,201,347)					1,799,818,061
OTHER ASSETS LESS LIABILITIES–1.05%					19,029,145
NET ASSETS–100.00%					$1,818,847,206

Investment Abbreviations:
AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- American Municipal Bond Assurance Corp.
BAM	- Build America Mutual Assurance Co.
CEP	- Credit Enhancement Provider
COP	- Certificates of Participation
CPI	- Consumer Price Index
Ctfs.	- Certificates
FHLMC	- Federal Home Loan Mortgage Corp.
GNMA	- Government National Mortgage Association
GO	- General Obligation
INS	- Insurer
LIBOR	- London Interbank Offered Rate
LOC	- Letter of Credit
MFP	- MuniFund Preferred Shares
NATL	- National Public Finance Guarantee Corp.
PCR	- Pollution Control Revenue Bonds
RAN	- Revenue Anticipation Notes
RB	- Revenue Bonds
Ref.	- Refunding
RN	- Revenue Notes
SGI	- Syncora Guarantee, Inc.
SIFMA	- Securities Industry and Financial Markets Association
SOFR	- Secured Overnight Financing Rate
USD	- U.S. Dollar
VRD	- Variable Rate Demand
Wts.	- Warrants

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Invesco Short Term Municipal Fund

Notes to Schedule of Investments:

^(a) Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2023.

^(b) Principal and/or interest payments are secured by the bond insurance company listed.

^(c) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d) Security subject to the alternative minimum tax.

^(e) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $152,576,376, which represented 8.39% of the Fund’s Net Assets.

^(f) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(g) Zero coupon bond issued at a discount.

^(h) Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

⁽ⁱ⁾ Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(j) Restricted security. The aggregate value of these securities at August 31, 2023 was $79,908, which represented less than 1% of the Fund’s Net Assets.

^(k) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $300,000, which represented less than 1% of the Fund’s Net Assets.

^(l) Security valued using significant unobservable inputs (Level 3). See Note 3.

^(m) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25 Invesco Short Term Municipal Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $1,806,201,347)	$	1,799,818,061
Cash		15,241,382
Receivable for:
Investments sold		4,652,917
Fund shares sold		1,439,426
Interest		18,015,818
Investments matured, at value (Cost $887,739)		321,570
Investment for trustee deferred compensation and retirement plans		44,805
Other assets		58,072
Total assets		1,839,592,051
Liabilities:
Payable for:
Investments purchased		14,708,195
Dividends		1,791,367
Fund shares reacquired		3,210,778
Accrued fees to affiliates		615,481
Accrued trustees’ and officers’ fees and benefits		2,210
Accrued other operating expenses		372,009
Trustee deferred compensation and retirement plans		44,805
Total liabilities		20,744,845
Net assets applicable to shares outstanding	$	1,818,847,206

Net assets consist of:
Shares of beneficial interest	$	1,852,866,945
Distributable earnings (loss)		(34,019,739	)
	$	1,818,847,206
Net Assets:
Class A	$	612,000,331
Class Y	$	1,144,013,384
Class R6	$	62,833,491
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		164,524,715
Class Y		307,494,278
Class R6		16,832,953
Class A:
Net asset value and offering price per share	$	3.72
Class Y:
Net asset value and offering price per share	$	3.72
Class R6:
Net asset value and offering price per share	$	3.73

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26 Invesco Short Term Municipal Fund

Statement of Operations

For the year ended August 31, 2023

Investment income:
Interest	$ 70,326,896
Dividends	23,132
Total investment income	70,350,028
Expenses:
Advisory fees	8,232,287
Administrative services fees	310,058
Custodian fees	14,585
Distribution fees:
Class A	1,908,514
Transfer agent fees – A and Y	1,766,308
Transfer agent fees – R6	8,876
Trustees’ and officers’ fees and benefits	35,904
Registration and filing fees	197,078
Reports to shareholders	72,448
Professional services fees	78,039
Other	34,072
Total expenses	12,658,169
Less: Expense offset arrangement(s)	(2,023	)
Net expenses	12,656,146
Net investment income	57,693,882
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(3,573,158))	(13,744,260	)
Change in net unrealized appreciation of unaffiliated investment securities	490,608
Net realized and unrealized gain (loss)	(13,253,652	)
Net increase in net assets resulting from operations	$ 44,440,230

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27 Invesco Short Term Municipal Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	57,693,882		$	20,818,048
Net realized gain (loss)		(13,744,260	)		(1,327,151	)
Change in net unrealized appreciation (depreciation)		490,608			(49,188,704	)
Net increase (decrease) in net assets resulting from operations		44,440,230			(29,697,807	)
Distributions to shareholders from distributable earnings:
Class A		(16,930,046	)		(6,008,801	)
Class C		–			(3,851	)
Class Y		(33,316,311	)		(12,710,418	)
Class R6		(1,584,619	)		(299,912	)
Total distributions from distributable earnings		(51,830,976	)		(19,022,982	)
Share transactions–net:
Class A		(386,987,386	)		(559,051,213	)
Class C		–			(37,125,481	)
Class Y		(389,898,862	)		(198,850,549	)
Class R6		17,329,638			20,887,859
Net increase (decrease) in net assets resulting from share transactions		(759,556,610	)		(774,139,384	)
Net increase (decrease) in net assets		(766,947,356	)		(822,860,173	)
Net assets:
Beginning of year		2,585,794,562			3,408,654,735
End of year	$	1,818,847,206		$	2,585,794,562

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28 Invesco Short Term Municipal Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 08/31/23		$3.73		$0.09		$(0.01	)		$0.08			$(0.09	)		$3.72		2.05	%		$612,000		0.74	%		0.74	%		0.74	%		2.51	%		92	%
Year ended 08/31/22		3.79		0.02		(0.06	)		(0.04	)		(0.02	)		3.73		(1.08	)		1,001,761		0.75			0.75			0.74			0.57			114
Year ended 08/31/21		3.79		0.02		0.01			0.03			(0.03	)		3.79		0.72			1,581,245		0.78			0.78			0.75			0.59			24
Year ended 08/31/20		3.77		0.06		0.02			0.08			(0.06	)		3.79		2.14			896,488		0.82			0.82			0.76			1.56			89
Three months ended 08/31/19		3.75		0.02		0.02			0.04			(0.02	)		3.77		1.03			405,334		0.82	(d)		0.82	(d)		0.76	(d)		1.72	(d)		13
Year ended 05/31/19		3.72		0.07		0.03			0.10			(0.07	)		3.75		2.74			402,504		0.85			0.85			0.77			1.85			69
Class Y
Year ended 08/31/23		3.73		0.10		(0.01	)		0.09			(0.10	)		3.72		2.30			1,144,013		0.49			0.49			0.49			2.76			92
Year ended 08/31/22		3.80		0.03		(0.07	)		(0.04	)		(0.03	)		3.73		(1.08	)		1,538,307		0.50			0.50			0.49			0.82			114
Year ended 08/31/21		3.79		0.03		0.02			0.05			(0.04	)		3.80		1.24			1,764,272		0.53			0.53			0.50			0.84			24
Year ended 08/31/20		3.77		0.07		0.02			0.09			(0.07	)		3.79		2.39			1,230,817		0.57			0.57			0.51			1.81			89
Three months ended 08/31/19		3.75		0.02		0.02			0.04			(0.02	)		3.77		1.09			797,580		0.57	(d)		0.57	(d)		0.51	(d)		1.97	(d)		13
Year ended 05/31/19		3.72		0.08		0.03			0.11			(0.08	)		3.75		3.00			786,224		0.60			0.60			0.52			2.09			69
Class R6
Year ended 08/31/23		3.75		0.11		(0.03	)		0.08			(0.10	)		3.73		2.10			62,833		0.42			0.42			0.42			2.83			92
Year ended 08/31/22		3.81		0.03		(0.06	)		(0.03	)		(0.03	)		3.75		(0.75	)		45,727		0.44			0.44			0.43			0.88			114
Year ended 08/31/21		3.80		0.03		0.02			0.05			(0.04	)		3.81		1.32			25,405		0.44			0.44			0.41			0.93			24
Year ended 08/31/20		3.77		0.07		0.03			0.10			(0.07	)		3.80		2.72			2,903		0.50			0.51			0.44			1.88			89
Three months ended 08/31/19		3.75		0.02		0.02			0.04			(0.02	)		3.77		1.10			10		0.50	(d)		0.50	(d)		0.44	(d)		2.05	(d)		13
Period ended 05/31/19(e)		3.75		0.00		0.00			0.00			(0.00	)		3.75		2.73			10		0.50	(d)		0.50	(d)		0.42	(d)		2.20	(d)		69

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Annualized.

^(e)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29 Invesco Short Term Municipal Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Short Term Municipal Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek tax-free income.

The Fund currently consists of three different classes of shares: Class A, Class Y and Class R6. Class Y shares are available only to certain investors. Class A, Class Y and Class R6 shares are sold at net asset value.

The 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.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes –The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal

30 Invesco Short Term Municipal Fund

Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit.

H. Accounting Estimates –The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. 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.

K. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate*
First $100 million		0.500%
Next $150 million		0.450%
Next $250 million		0.425%
Next $500 million		0.400%
Next $4 billion		0.370%
Over $5 billion		0.350%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.38%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class Y and Class R6 shares to 1.50%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers

31 Invesco Short Term Municipal Fund

reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $6,125 in front-end sales commissions from the sale of Class A shares and $7,357 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Obligations		$–	$	1,766,873,061		$      –	$	1,766,873,061
MuniFund Preferred Shares		–		32,620,000		–		32,620,000
U.S. Dollar Denominated Bonds & Notes		–		–		325,000		325,000
Total Investments in Securities		–		1,799,493,061		325,000		1,799,818,061
Other Investments - Assets
Investments Matured		–		321,570		–		321,570
Total Investments		$–	$	1,799,814,631		$325,000	$	1,800,139,631

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended August 31, 2023, the Fund engaged in securities purchases of $246,585,377 and securities sales of $293,165,130, which resulted in net realized gains (losses) of $(3,573,158).

32 Invesco Short Term Municipal Fund

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,023.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:

	2023			2022
Ordinary income*	$	1,154,347		$	402,902
Ordinary income-tax-exempt		50,676,629			18,620,080
Total distributions	$	51,830,976		$	19,022,982

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2023
Undistributed tax-exempt income	$	9,832,944
Net unrealized appreciation (depreciation) – investments		(7,859,685	)
Temporary book/tax differences		(39,325	)
Capital loss carryforward		(35,953,673	)
Shares of beneficial interest		1,852,866,945
Total net assets	$	1,818,847,206

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and amortization and accretion on debt securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	18,547,729	$	17,405,944	$	35,953,673

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $1,911,996,839 and $2,481,149,154, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 2,800,733
Aggregate unrealized (depreciation) of investments	(10,660,418	)
Net unrealized appreciation (depreciation) of investments	$(7,859,685	)

Cost of investments for tax purposes is $1,807,999,316.

33 Invesco Short Term Municipal Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of deemed dividends, amortization and accretion on debt securities and market discounts, on August 31, 2023, undistributed net investment income was increased by $439,693, undistributed net realized gain (loss) was decreased by $119,380 and shares of beneficial interest was decreased by $320,313. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	August 31, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		30,017,027		$	111,940,119			117,070,926		$	441,433,972
Class C(b)		-			-			545,403			2,054,311
Class Y		209,042,727			780,035,504			322,528,289			1,214,169,350
Class R6		12,463,193			46,661,401			9,033,747			34,071,086
Issued as reinvestment of dividends:
Class A		3,383,777			12,623,660			1,173,576			4,406,761
Class C(b)		-			-			3			13
Class Y		5,636,206			21,027,036			2,240,517			8,418,611
Class R6		68,355			255,758			8,773			33,019
Automatic conversion of Class C shares to Class A shares:
Class A		-			-			2,324,699			8,721,184
Class C		-			-			(2,335,886	)		(8,721,184	)
Reacquired:
Class A		(137,130,281	)		(511,551,165	)		(268,989,560	)		(1,013,613,130	)
Class C(b)		-			-			(8,167,903	)		(30,458,621	)
Class Y		(319,106,517	)		(1,190,961,402	)		(377,691,670	)		(1,421,438,510	)
Class R6		(7,903,669	)		(29,587,521	)		(3,513,548	)		(13,216,246	)
Net increase (decrease) in share activity		(203,529,182	)	$	(759,556,610	)		(205,772,634	)	$	(774,139,384	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 70% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class C shares activity for the period September 1, 2021 through June 30, 2022 (date of conversion).

34 Invesco Short Term Municipal Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Short Term Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Short Term Municipal Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

35 Invesco Short Term Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning  Account Value  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,011.20	$3.75	$1,021.48	$3.77	0.74%
Class Y	1,000.00	1,012.50	2.49	1,022.74	2.50	0.49
Class R6	1,000.00	1,012.80	2.13	1,023.09	2.14	0.42

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

36 Invesco Short Term Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Term Municipal Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

 The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond Short Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was

37 Invesco Short Term Municipal Fund

above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to the fees comprising the Fund’s total expense ratio relative to those of peers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

 The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

 The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared

with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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 considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the

38 Invesco Short Term Municipal Fund

federal securities laws and consistent with best execution obligations.

 

 

39 Invesco Short Term Municipal Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
Tax-Exempt Interest Dividends*	97.77	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

40 Invesco Short Term Municipal Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Short Term Municipal Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Short Term Municipal Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and  Position(s)  Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees—(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort  - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Short Term Municipal Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and    Position(s)    Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Short Term Municipal Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Short Term Municipal Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Short Term Municipal Fund

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-09913 and 333-36074      Invesco Distributors, Inc. O-STM-AR-1          

Annual Report to Shareholders August 31, 2023

Invesco SMA Municipal Bond Fund

Nasdaq:

SMBMX

 

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
18	Report of Independent Registered Public Accounting Firm
19	Fund Expenses
20	Approval of Investment Advisory and Sub-Advisory Contracts
22	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
Invesco SMA Municipal Bond Fund (the Fund) incepted on February 21, 2023. From the Fund’s inception to the end of the reporting period on August 31, 2023, Shares of the Fund, at net asset value (NAV), underperformed the S&P Municipal Bond High Yield Index, the Fund’s broad market benchmark.
Additional information about your Fund’s performance appears later in this report.
Fund vs. Indexes
Cumulative total returns, 2/21/23 to 8/31/23 at net asset value (NAV).
Invesco SMA Municipal Bond Fund Shares	1.99	%
S&P Municipal Bond High Yield Index▼ (Broad Market Index)	2.45
Custom Invesco Short Duration High Yield Municipal Index∎ (Style-Specific Index)	1.99
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal period, investment grade municipal bonds returned 1.71%, high yield municipal bonds returned 0.52% and taxable municipal bonds returned -0.12%.¹

 The municipal market set near record lows in 2022, marking the second worst calendar year return, preceded by 1981, making it one of the most challenging years in history.¹ After the US Federal Reserve’s (the Fed’s) December meeting, the AAA^† municipal yield curve inverted between one- and 10-year maturities. Any inversion is noteworthy, but this was a first for municipal bonds. An inversion on the short end continued through the rest of the fiscal period.

 Investors remained hopeful for the 2023 calendar year, despite concerns about inflation and interest rates; however, in March, the focus unexpectedly shifted as Silicon Valley Bank collapsed after a bank run, marking the second-largest bank failure in US history. Fears about the health of the global banking system ensued and demand for perceived safe-haven asset classes increased, driving down Treasury and municipal yields. Although three other bank failures followed, fears of larger systemic instability faded in the following months.

 Debt ceiling concerns dominated most of the second quarter of 2023. The US government might have defaulted on its debt obligations, causing economic fallout across the global economy, had congressional action not been made in early June. After months of on-and-off negotiations between the White House and congressional leaders, just ahead of the payment deadline, the US Congress passed and President Biden signed into law the “Fiscal Responsibility Act,” an agreement which suspends the limit on the federal debt ceiling until 2025 in exchange for capping federal spending.

 In its efforts to rein in inflation without harming employment or the overall economy, the Fed continued with its most aggressive monetary policy since the 1980s. The Fed raised the federal funds rate seven times over the fiscal period bringing the target rate to 5.50%, as of the end of August.² The Federal

Open Market Committee explained its commitment to returning inflation to its 2% objective while continuing to assess a wide range of information, including labor market conditions, inflation pressures and expectations and financial and international developments.²

 New issuance for the fiscal period totaled $338 billion, down 23% from the previous year’s $441 billion.¹ Issuers, with cash on their balance sheets, have been reluctant to issue at higher interest rates.

 Record-breaking inflows reported in 2021 were followed by record breaking outflows totaling $122 billion in 2022. This trend has continued into 2023 and outflows from municipal funds have totaled $7.6 billion for the calendar year.³  Municipal credits have a long history of low defaults as many provide essential services to all Americans. This continues to be the case as evidenced by S&P rating changes. During the second quarter of 2023, S&P’s rating activity was quite positive with 465 ratings upgraded versus 76 downgraded, translating to more than six upgrades for every downgrade.⁴ This marks the ninth consecutive quarter of overall credit quality improvement. This positive dynamic likely stems from benefits of the various federal stimulus measures including the American Rescue Plan Act, the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, as well as higher revenues collected by state and local governments.

 We believe the valuable benefits of municipal bonds, including tax-exempt income, low correlations to other asset classes and low default rates, will again drive demand once the current market volatility and economic uncertainty has subsided. We continue to rely on our experienced portfolio managers and credit analysts to weather the challenges while identifying marketplace opportunities to add long-term value for shareholders.

 During the fiscal period, overweight allocations to the public power and higher education sectors contributed to relative return. Overweight exposure to bonds rated BB and BBB^† credits also added to relative perfor

 mance. On a regional level, overweight exposure to credits domiciled in Pennsylvania and Texas contributed to relative performance.

 Security selection in dedicated tax and local general obligation bonds detracted from relative performance over the fiscal period. Underweight exposure to non-rated^† bonds also detracted from relative performance. On a regional level, underweight exposure to bonds domiciled in Puerto Rico detracted from relative performance.

 We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

 Thank you for investing in Invesco SMA Municipal Bond Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: Lipper Inc.

4 Source: Standard & Poor’s

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; moodys.com and select “Rating Methodologies” under Research and Ratings on the homepage; and fitchratings.com and select “Ratings Definitions” on the homepage.

2 Invesco SMA Municipal Bond Fund

Portfolio manager(s):

Tim Benzel

John Connelly

Mark Paris

John Schorle

Galen True

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco SMA Municipal Bond Fund

Your Fund’s Long-Term Performance

 

Results of a $10,000 Investment

Fund and index data from 2/21/23

1 Source: RIMES Technologies Corp.

2 Source(s): Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

 The data shown in the chart include reinvested distributions and Fund expenses including management fees. Performance figures do not reflect the fees and expenses paid

by participants at the wrap fee, separately managed or other discretionary account level. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable,

reflects fund expenses and management fees; performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco SMA Municipal Bond Fund

 

 

 

Cumulative Total Returns
As of 8/31/23
Invesco SMA Municipal Bond
Fund Shares
Inception (2/21/23)	1.99	%

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your SMA program sponsor or financial adviser for the most recent month-end SMA performance. Performance figures reflect reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 Shares of the Fund may be purchased and held by or on behalf of SMAs for which Invesco Advisers, Inc. (Invesco or the Advisers) or its affiliates have an agreement with a program sponsor or directly with the client, to provide management or advisory services to the account. Performance figures do not reflect the fees and expenses paid by participants at the wrap fee, separately managed or other discretionary account level. You should evaluate the performance of the Fund in the context of your SMA program.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. All operating expenses of the Fund (excluding certain items discussed herein) were reimbursed by the Adviser. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

5 Invesco SMA Municipal Bond Fund

Supplemental Information

Invesco SMA Municipal Bond Fund’s investment objective is to provide high current income exempt from regular federal income taxes with taxable capital appreciation as a secondary objective.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds that are not rated or are rated below investment grade.

∎ The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index. The S&P Municipal Bond Short Index is considered representative of US municipal bonds with maturities between six months and four years.

∎ Shares of the Fund may be purchased or held by or on behalf of wrap fee, separately managed and other discretionary accounts (SMAs). Comparisons of the Fund’s performance versus its benchmark index will differ from comparisons of the benchmark against the performance of such accounts.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco SMA Municipal Bond Fund

Fund Information

 

Portfolio Composition

By credit sector	% of total investments
Revenue Bonds		93.84	%
Other		3.61
General Obligation Bonds		2.55

Top Five Debt Holdings

		% of total net assets
1.	New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North), Series 2018, Ref. RB		4.94	%
2.	Black Belt Energy Gas District (The), Series 2022 F, RB		4.76
3.	Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation), Series 2016, Ref. RB		4.26
4.	Metropolitan Transportation Authority, Subseries 2015 E-1, VRD RB		3.58
5.	Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno), Series 2019, Ref. RB		3.31

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of August 31, 2023.

7 Invesco SMA Municipal Bond Fund

Schedule of Investments

August 31, 2023

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–99.19%
Alabama–4.76%
Black Belt Energy Gas District (The); Series 2022 F, RB		5.25%		12/01/2027		$460	$	478,444
Arizona–3.63%
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(a)		5.00%		07/01/2039		250		234,873
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(a)		5.75%		07/01/2024		130		130,516
								365,389
California–7.59%
California (State of) Community Choice Financing Authority (Green Bonds); Series 2023, RB(b)		5.00%		08/01/2029		250		259,952
California (State of) Housing Finance Agency; Series 2019 A-2, RB		4.00%		03/20/2033		235		227,105
California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB(a)		5.00%		06/01/2029		275		276,516
								763,573
Connecticut–2.50%
University of Connecticut; Series 2014 A, RB		5.00%		02/15/2032		250		251,529
Florida–4.89%
Florida Development Finance Corp. (Mater Academy); Series 2022 A, RB		5.00%		06/15/2031		235		241,526
Miami Beach (City of), FL; Series 2017, Ref. RB		5.00%		09/01/2047		250		249,887
								491,413
Georgia–5.01%
Burke (County of), GA Development Authority (Georgia Power Company); Series 1996, RB(b)		3.88%		03/06/2026		250		247,660
Main Street Natural Gas, Inc.; Series 2023 A, RB(b)		5.00%		06/01/2030		250		256,443
								504,103
Illinois–2.53%
Chicago (City of), IL; Series 2015 A, GO Bonds		5.50%		01/01/2033		250		254,182
Indiana–2.51%
Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB(b)(c)		4.40%		06/10/2031		250		252,842
Iowa–3.00%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(b)		5.00%		12/01/2042		300		301,738
Louisiana–2.46%
St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Series 2017, Ref. RB(b)		4.05%		07/01/2026		250		247,689
Massachusetts–4.96%
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health); Series 2015, Ref. RB		5.00%		01/01/2041		250		247,746
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds); Series 2015, RB		5.00%		07/01/2044		250		250,790
								498,536
Minnesota–1.65%
Brooklyn Park (City of), MN (Athlos Leadership Academy); Series 2015 A, RB		4.75%		07/01/2025		170		165,856
Missouri–3.04%
Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.); Series 2017, RB(a)		5.00%		12/01/2037		300		305,334
New Jersey–2.66%
New Jersey (State of) Transportation Trust Fund Authority; Series 2014, RB		5.00%		06/15/2032		250		267,635
New York–8.64%
Metropolitan Transportation Authority; Subseries 2015 E-1, VRD RB (LOC - Barclays Bank PLC)(d)(e)		2.85%		11/15/2050		360		360,000
New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB(c)		5.00%		08/01/2031		250		250,623

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco SMA Municipal Bond Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2020, Ref. RB(c)		5.00%		12/01/2026		$250	$	258,390
								869,013
Ohio–2.27%
Buckeye Tobacco Settlement Financing Authority; Series 2020 B-2, Ref. RB		5.00%		06/01/2055		250		228,869
Oregon–3.21%
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(c)		5.25%		07/01/2039		300		323,368
Pennsylvania–10.11%
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB(a)		5.00%		05/01/2028		250		255,722
Montgomery (County of), PA Industrial Development Authority (Constellation Energy); Series 2023 B, Ref. RB		4.10%		06/01/2029		250		252,922
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB(c)		5.00%		12/31/2034		250		253,518
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement)); Series 2015, RB(c)		5.00%		12/31/2029		250		254,465
								1,016,627
Texas–12.86%
Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation); Series 2016, Ref. RB		5.00%		07/15/2025		430		428,014
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(c)		4.75%		07/01/2024		115		115,112
Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB(c)		5.00%		07/15/2028		250		253,250
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018, Ref. RB		5.00%		10/01/2024		500		497,257
								1,293,633
Utah–2.60%
Salt Lake City (City of), UT; Series 2023 A, RB(c)		5.25%		07/01/2053		250		261,695
Virginia–2.49%
Chesapeake (City of), VA Expressway; Series 2012 A, RB		5.00%		07/15/2047		250		250,025
Wisconsin–5.82%
Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno); Series 2019, Ref. RB(a)		5.00%		06/01/2029		335		332,668
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB		5.00%		12/01/2027		250		252,530
								585,198
TOTAL INVESTMENTS IN SECURITIES-99.19% (Cost $10,000,440)								9,976,691
OTHER ASSETS LESS LIABILITIES-0.81%								81,937
NET ASSETS-100.00%							$	10,058,628

Investment Abbreviations:

GO	- General Obligation
LOC	- Letter of Credit
RB	- Revenue Bonds
Ref.	- Refunding
VRD	- Variable Rate Demand

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $1,535,629, which represented 15.27% of the Fund’s Net Assets.

^(b)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)  Security subject to the alternative minimum tax.

^(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2023.

^(e)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco SMA Municipal Bond Fund

Statement of Assets and Liabilities

August 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $10,000,440)	$	9,976,691
Cash		12,384
Receivable for:
Interest		105,253
Investment for trustee deferred compensation and retirement plans		770
Other assets		63,336
Total assets		10,158,434
Liabilities:
Payable for:
Dividends		35,700
Accrued fees to affiliates		7,483
Accrued other operating expenses		55,853
Trustee deferred compensation and retirement plans		770
Total liabilities		99,806
Net assets applicable to shares outstanding	$	10,058,628

Net assets consist of:
Shares of beneficial interest	$	10,000,000
Distributable earnings		58,628
	$	10,058,628
Shares outstanding, no par value, with an unlimited number of shares authorized:
Shares outstanding		1,000,000
Net asset value and offering price per share	$	10.06

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco SMA Municipal Bond Fund

Statement of Operations

For the period February 21, 2023 (commencement date) through August 31, 2023

Investment income:
Interest	$	218,439
Expenses:
Administrative services fees		734
Custodian fees		530
Transfer agent fees		762
Trustees’ and officers’ fees and benefits		4,220
Registration and filing fees		421
Reports to shareholders		14,322
Professional services fees		105,592
Other		4,096
Total expenses		130,677
Less: Expenses reimbursed		(130,677	)
Net expenses		–
Net investment income		218,439
Realized and unrealized gain (loss) from:
Net realized gain from unaffiliated investment securities		2,538
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(23,749	)
Net realized and unrealized gain (loss)		(21,211	)
Net increase in net assets resulting from operations	$	197,228

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco SMA Municipal Bond Fund

Statement of Changes in Net Assets

For the period February 21, 2023 (commencement date) through August 31, 2023

	2023
Operations:
Net investment income	$	218,439
Net realized gain		2,538
Change in net unrealized appreciation (depreciation)		(23,749	)
Net increase in net assets resulting from operations		197,228
Distributions to shareholders from distributable earnings		(138,600	)
Total distributions from distributable earnings		(138,600	)
Net increase in net assets resulting from share transactions		10,000,000
Net increase in net assets		10,058,628
Net assets:
Beginning of period		–
End of period	$	10,058,628

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco SMA Municipal Bond Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Period Ended August 31, 2023(a)
Net asset value, beginning of period	$ 10.00
Net investment income(b)	0.22
Net gains (losses) on securities (both realized and unrealized)	(0.02	)
Total from investment operations	0.20
Less: Dividends from net investment income	(0.14	)
Net asset value, end of period	$ 10.06
Total return(c)	1.99	%
Net assets, end of period (000’s omitted)	$10,059
Portfolio turnover rate(d)	166	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements	0.00	%(e)
Without fee waivers and/or expense reimbursements	2.46	%(e)
Ratio of net investment income to average net assets	4.11	%(e)

^(a)  Commencement date of February 21, 2023.

^(b)  Calculated using average shares outstanding.

^(c)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(d)  Portfolio turnover is not annualized for periods less than one year, if applicable.

^(e)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco SMA Municipal Bond Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

Invesco SMA Municipal Bond Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

 The Fund’s investment objective is to provide high current income exempt from regular federal income taxes with taxable capital appreciation as a secondary objective.

 The Fund commenced operations on February 21, 2023. Shares of the Fund may be purchased and held by or on behalf of wrap fee, separately managed and other discretionary accounts (SMAs) for which Invesco Advisers, Inc (Invesco or the Adviser) or its affiliates have an agreement with a program sponsor or directly with the client, to provide management or advisory services to the account.

 The 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.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are

14 Invesco SMA Municipal Bond Fund

generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

G. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

H. 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.

I. Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

Medium- and lower-grade municipal securities generally involve more volatility and greater risks, including credit, market, liquidity and management risks, than higher- grade securities. Furthermore, many issuers of medium- and lower-grade securities choose not to have a rating assigned to their obligations. As such, the Fund’s portfolio may consist of a higher portion of unrated securities than an investment company investing solely in higher-grade securities. Unrated securities may not be as attractive to as many buyers as are rated securities, which may have the effect of limiting the Fund’s ability to sell such securities at the desired price.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, Invesco will be compensated directly or indirectly by clients or account program sponsors for managed account advisory services, including with respect to assets that may be invested in the Fund.

 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 contractually agreed to reimburse expenses necessary to limit total fund operating expenses after expense reimbursement (excluding certain items discussed in the statement of additional information) of shares of the Fund to 0.00% of the Fund’s average daily net assets (the “expense limit”). This expense reimbursement agreement will continue in effect for so long as Invesco serves as adviser to the Fund. The expense reimbursement agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

 For the period February 21, 2023 (commencement date) through August 31, 2023, the Adviser reimbursed expenses of $130,677.

15 Invesco SMA Municipal Bond Fund

 The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the period February 21, 2023 (commencement date) through August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

 The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the period February 21, 2023 (commencement date) through August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

 Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

 As of August 31, 2023, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the period February 21, 2023 (commencement date) through August 31, 2023, the Fund engaged in securities purchases of $5,637,157.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances and Borrowings

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the period February 21, 2023 (commencement date) through August 31, 2023:

	2023
Ordinary income*	$	379
Ordinary income-tax-exempt		138,221
Total distributions	$	138,600
*  Includes short-term capital gain distributions, if any.

16 Invesco SMA Municipal Bond Fund

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	2,160
Undistributed tax-exempt income		80,838
Net unrealized appreciation (depreciation) – investments		(23,749	)
Temporary book/tax differences		(621	)
Shares of beneficial interest		10,000,000
Total net assets	$	10,058,628

 The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to.

 The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

 Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

 The Fund does not have a capital loss carryforward as of August 31, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the period February 21, 2023 (commencement date) through August 31, 2023, was $25,861,874 and $15,847,364, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$19,157
Aggregate unrealized (depreciation) of investments	(42,906	)
Net unrealized appreciation (depreciation) of investments	$ (23,749	)

 Cost of investments for tax purposes is $10,000,440.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of market discounts , on August 31, 2023, undistributed net investment income was increased by $378 and undistributed net realized gain was decreased by $378. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	August 31, 2023(a)(b)
	Shares			Amount
Sold		1,000,001		$	10,000,010
Reacquired		(1	)		(10	)
Net increase in share activity		1,000,000		$	10,000,000

^(a)  Commencement date of February 21, 2023.

^(b)  100% of the outstanding shares of the Fund are owned by the Adviser.

17 Invesco SMA Municipal Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco SMA Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco SMA Municipal Bond Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period February 21, 2023 (commencement date) through August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2023, the results of its operations, the changes in its net assets and the financial highlights for the period February 21, 2023 (commencement date) through August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

18 Invesco SMA Municipal 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, 2023 through August 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

 The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Beginning  Account Value   (03/01/23)	Ending Account Value  (08/31/23)1	Expenses  Paid During  Period2	Ending  Account Value  (08/31/23)	Expenses  Paid During  Period3	Annualized  Expense Ratio
$1,000.00	$1,019.90	$0.00	$1,025.21	$0.00	0.00%

¹  The actual ending account value is based on the actual total return of the Funds for the period February 21, 2023 (commencement date) through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 8 (as of close of business February 21, 2023 (commencement date) through August 31, 2023)/365. Because the Fund has not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.

³  Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in the Fund and other funds because such data is based on a full six month period.

19 Invesco SMA Municipal Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco SMA Municipal Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

 As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered that the Fund is only offered and sold to wrap fee, separately managed and other discretionary investment account (collectively, “SMA”) clients where Invesco Advisers (or one of its affiliates) has an agreement with the program sponsor or directly with the client to provide investment management services to the SMA. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives,

valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board did not consider the performance of the Fund because the Fund is new and had no performance history as of December 31, 2022. The Board did review the Fund’s investment objective and principal strategies, as well as information provided regarding the experience of the municipal investment team in managing other Invesco Funds investing in municipal bond markets. The Board also considered information provided by Invesco Advisers regarding the intended role that the Fund will play in SMAs managed by Invesco Advisers or an affiliate. The Board acknowledged that, because the Fund is designed to meet the specialized investment

20 Invesco SMA Municipal Bond Fund

objectives of SMA clients by providing access to the relevant fixed-income market segments, certain principal investment strategies of the Fund are different from other Invesco Funds investing in municipal bond markets.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement. The Board considered that the Fund is available for investment only by investors as a part of an SMA arrangement managed by Invesco Advisers or an affiliate, and that because Invesco Advisers (or one of its affiliates) receives fees from SMA clients invested in the Fund at the SMA level, the Fund is not charged an advisory fee by Invesco Advisers to avoid duplication of fees at the Fund and SMA level.

 The Board considered that Invesco Advisers contractually agreed to an expense limit for the Fund so that the Fund’s total expenses (excluding (i) interest; (ii) taxes; (iii) dividend expense on short sales; (iv) extraordinary or non-routine items, including litigation expenses; (v) expenses that the Fund incurs but does not actually pay because of an expense offset arrangement and (vi) acquired fund fees and expenses, in each case if applicable) are equal to 0.0% of average daily net assets. The Board noted that such expense limit was permanent and had no expiration date.

 The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation will be payable to any Affiliated Sub-Advisers for their services to the Fund.

D. Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, but that Invesco Advisers does receive fees that are charged at the SMA level. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers and Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity. The Board also noted that the Fund benefits from economies of scale through Invesco Advisers’ commitment to waive fees or reimburse expenses so that the Fund’s total expenses (other than the excluded items referred to above) are equal to 0.0% of average daily net assets.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers

and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers and its affiliates do not make a profit from managing the Fund because no advisory fee is charged to the Fund and other fees payable to Invesco Advisers or its affiliates by the Fund are either waived or reimbursed to the Fund, although Invesco Advisers does receive fees at the SMA level. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits to be received by Invesco Advisers and its affiliates from the relationship with the Fund, including the revenue Invesco Advisers (or its affiliates) receives from SMA clients invested in the Fund at the SMA level and the potential growth of Invesco Advisers’ and its affiliates’ SMA business because the Fund may enhance their ability to personalize the SMA client experience and provide investment exposure ordinarily unavailable in SMAs.

 The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

 The Board considered that the Fund’s uninvested cash may be invested in registered money market funds advised by Invesco Advisers, and that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

21 Invesco SMA Municipal Bond Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
Tax-Exempt Interest Dividends*	99.73	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

22 Invesco SMA Municipal Bond Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco SMA Municipal Bond Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco SMA Municipal Bond Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco SMA Municipal Bond Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco SMA Municipal Bond Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco SMA Municipal Bond Fund

Trustees and Officers–(continued)

 

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco SMA Municipal Bond Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

 Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-09913 and 333-36074    Invesco Distributors, Inc. SMAMB-AR-1           

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

	Fees Billed for Services Rendered to the Registrant for fiscal year end 2023		Fees Billed for Services Rendered to the Registrant for fiscal year end 2022
Audit Fees	$	694,104	$	674,525
Audit-Related Fees	$	0	$	0
Tax Fees(1)	$	277,192	$	273,067
All Other Fees	$	0	$	0
Total Fees	$	971,296	$	947,592

(1) Tax Fees for the fiscal years ended August 31, 2023 and August 31, 2022 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for fiscal year end 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for fiscal year end 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$	957,000	$	760,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0
Total Fees	$	957,000	$	760,000

(1) Audit-Related Fees for the fiscal years ended 2023 and 2022 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

I. Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

I. Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

II. General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

III. Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

¹  Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

a. Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

a. Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

b. Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

IV. Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Fund

V. Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VI. Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VII. Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

VIII. Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

• Management functions;

• Human resources;

• Broker-dealer, investment adviser, or investment banking services ;

• Legal services;

• Expert services unrelated to the audit;

• Any service or product provided for a contingent fee or a commission;

• Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

• Tax services for persons in financial reporting oversight roles at the Fund; and

• Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

• Bookkeeping or other services related to the accounting records or financial statements of the audit client;

• Financial information systems design and implementation;

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

• Actuarial services; and

• Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,721,000 for the fiscal year ended August 31, 2023 and $5,748,000 for the fiscal year ended August 31, 2022. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,955,192 for the fiscal year ended August 31, 2023 and $6,781,067 for the fiscal year ended August 31, 2022.

PwC provided audit services to the Investment Company complex of approximately $33 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

(i) Not Applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of October 17, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 17, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(a) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Code of Ethics.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Counselor Series Trust (Invesco Counselor Series Trust)

By:	/s/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	November 3, 2023

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	November 3, 2023

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	November 3, 2023