N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05686

AIM Investment Securities Funds (Invesco Investment Securities Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Sheri Morris

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 8/31/21

ITEM 1. REPORTS TO STOCKHOLDERS.

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

(b) Not Applicable.

Semiannual Report to Shareholders August 31, 2021

Invesco Corporate Bond Fund

Nasdaq:

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

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.20	%
Class C Shares	2.80
Class R Shares	3.07
Class Y Shares	3.32
Class R5 Shares	3.35
Class R6 Shares	3.39
Bloomberg U.S. Credit Indexq (Broad Market/Style-Specific Index)	2.75
Lipper BBB Rated Funds Index◾ (Peer Group Index)	3.17
Source(s): qRIMES Technologies Corp.; ◾Lipper Inc.
The Bloomberg U.S. Credit Index is an unmanaged index considered representative of publicly issued, SEC-registered US corporate and specified foreign debentures and secured notes. The Lipper BBB Rated Funds Index is an unmanaged index considered representative of BBB-rated funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                         Invesco Corporate Bond Fund

Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges
Class A Shares
Inception (9/23/71)	7.05	%
10 Years	5.27
5 Years	4.73
1 Year	1.88
Class C Shares
Inception (8/30/93)	5.43	%
10 Years	5.11
5 Years	4.85
1 Year	4.58
Class R Shares
Inception (6/6/11)	5.37	%
10 Years	5.48	%
5 Years	5.38
1 Year	6.12
Class Y Shares
Inception (8/12/05)	5.89	%
10 Years	6.00
5 Years	5.90
1 Year	6.64
Class R5 Shares
Inception (6/1/10)	6.42	%
10 Years	6.13
5 Years	5.97
1 Year	6.70
Class R6 Shares
10 Years	6.14	%
5 Years	6.07
1 Year	6.78

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

    Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

3                         Invesco Corporate Bond Fund

Liquidity Risk Management Program

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

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

without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4                         Invesco Corporate Bond Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–84.86%
Advertising–0.34%
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030	$	4,693,000	$	5,619,483
Lamar Media Corp., 3.75%, 02/15/2028		2,800,000		2,880,388
3.63%, 01/15/2031(b)		1,440,000		1,438,481
				9,938,352
Aerospace & Defense–0.92%
Boeing Co. (The), 2.75%, 02/01/2026(c)		3,866,000		4,042,625
2.20%, 02/04/2026(c)		5,389,000		5,411,126
5.15%, 05/01/2030		5,000,000		5,920,984
5.81%, 05/01/2050		8,027,000		10,919,958
TransDigm UK Holdings PLC, 6.88%, 05/15/2026		301,000		317,555
TransDigm, Inc., 6.38%, 06/15/2026		141,000		146,577
				26,758,825
Agricultural Products–0.31%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		8,864,000		9,111,049
Airlines–2.13%
Aeropuerto Internacional de Tocumen S.A. (Panama), 4.00%, 08/11/2041(b)(c)		1,302,000		1,328,151
5.13%, 08/11/2061(b)(c)		1,795,000		1,904,271
American Airlines Pass-Through Trust,
Series 2016-3, Class A, 3.00%, 10/15/2028		3,525,885		3,560,858
Series 2017-2, Class AA, 3.35%, 10/15/2029		276,419		282,320
American Airlines, Inc./A Advantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)		1,236,000		1,304,289
5.75%, 04/20/2029(b)		753,000		814,159
British Airways Pass-Through Trust (United Kingdom), Series 2019-1, Class AA, 3.30%, 12/15/2032(b)		3,665,708		3,777,561
Series 2021-1, Class A, 2.90%, 03/15/2035(b)		2,004,000		2,034,179
Delta Air Lines Pass-Through Trust, Series 2019-1, Class A, 3.40%, 04/25/2024		3,090,000		3,184,508
Series 2020-1, Class AA, 2.00%, 06/10/2028		2,892,074		2,902,498
Delta Air Lines, Inc., 7.00%, 05/01/2025(b)		832,000		973,747
7.38%, 01/15/2026(c)		425,000		500,631
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)		3,864,000		4,145,885
4.75%, 10/20/2028(b)		11,517,000		12,849,675
Southwest Airlines Co., 5.25%, 05/04/2025		39,000		44,223

	Principal Amount		Value
Airlines–(continued)
United Airlines Pass-Through Trust, Series 2014-2, Class B, 4.63%, 09/03/2022	$	1,191,909	$	1,216,198
Series 2016-1, Class B, 3.65%, 01/07/2026		1,858,414		1,861,439
Series 2020-1, Class A, 5.88%, 10/15/2027		5,870,917		6,561,710
Series 2018-1, Class A, 3.70%, 03/01/2030		297,727		307,428
Series 2018-1, Class AA, 3.50%, 03/01/2030		3,862,493		4,039,843
Series 2019-1, Class A, 4.55%, 08/25/2031		1,782,403		1,924,330
Series 2019-1, Class AA, 4.15%, 08/25/2031		3,474,497		3,805,351
United Airlines, Inc., 4.38%, 04/15/2026(b)		1,211,000		1,258,689
4.63%, 04/15/2029(b)		1,090,000		1,132,265
				61,714,208
Alternative Carriers–0.06%
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)(c)		1,285,000		1,254,481
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039(c)		459,000		510,135
				1,764,616
Apparel Retail–0.12%
Bath & Body Works, Inc., 6.75%, 07/01/2036		436,000		556,107
Ross Stores, Inc., 1.88%, 04/15/2031		3,112,000		3,051,792
				3,607,899
Application Software–0.38%
salesforce.com, inc., 2.90%, 07/15/2051		6,709,000		6,904,924
3.05%, 07/15/2061		3,932,000		4,102,177
				11,007,101
Asset Management & Custody Banks–0.93%
Affiliated Managers Group, Inc., 4.25%, 02/15/2024		4,172,000		4,534,137
Ameriprise Financial, Inc., 3.00%, 04/02/2025		3,256,000		3,477,634
Apollo Management Holdings L.P., 2.65%, 06/05/2030(b)		229,000		234,495
Ares Capital Corp., 2.88%, 06/15/2028		4,263,000		4,350,010
CI Financial Corp. (Canada), 3.20%, 12/17/2030(c)		4,667,000		4,853,989
Franklin Resources, Inc., 2.95%, 08/12/2051		6,953,000		7,010,653
Owl Rock Capital Corp., 2.63%, 01/15/2027		2,375,000		2,399,059
				26,859,977

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

5                         Invesco Corporate Bond Fund

	Principal Amount		Value
Auto Parts & Equipment–0.39%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(b)	$	4,969,000	$	5,132,927
5.38%, 03/01/2029(b)(c)		1,884,000		1,980,555
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		178,000		190,238
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b)		132,000		136,290
Dana, Inc., 5.38%, 11/15/2027		221,000		233,431
Nemak S.A.B. de C.V. (Mexico), 3.63%, 06/28/2031(b)		3,204,000		3,224,314
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		506,000		525,506
				11,423,261
Automobile Manufacturers–1.13%
Allison Transmission, Inc., 3.75%, 01/30/2031(b)		1,046,000		1,046,152
Ford Motor Co., 8.50%, 04/21/2023		522,000		577,789
9.00%, 04/22/2025		326,000		398,682
4.35%, 12/08/2026		400,000		431,438
9.63%, 04/22/2030		226,000		322,384
4.75%, 01/15/2043		345,000		372,609
Ford Motor Credit Co. LLC, 5.60%, 01/07/2022		410,000		415,883
3.38%, 11/13/2025		1,599,000		1,656,964
4.39%, 01/08/2026		200,000		214,750
2.70%, 08/10/2026		2,367,000		2,392,919
5.11%, 05/03/2029		450,000		509,105
4.00%, 11/13/2030(c)		332,000		350,687
General Motors Financial Co., Inc., Series B, 6.50%(d)(e)		200,000		227,500
Hyundai Capital America,
4.30%, 02/01/2024(b)		12,075,000		13,027,374
2.65%, 02/10/2025(b)		3,542,000		3,702,069
2.00%, 06/15/2028(b)		4,581,000		4,564,277
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		320,000		338,000
Volkswagen Group of America Finance LLC (Germany), 1.63%, 11/24/2027(b)		2,251,000		2,248,543
				32,797,125
Automotive Retail–0.05%
Advance Auto Parts, Inc., 3.90%, 04/15/2030		85,000		94,754
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)		774,000		788,756
Lithia Motors, Inc., 3.88%, 06/01/2029(b)		512,000		537,498
				1,421,008
Biotechnology–0.23%
AbbVie, Inc.,
3.20%, 11/21/2029		350,000		382,829
4.88%, 11/14/2048		1,997,000		2,619,564
Amgen, Inc.,
2.00%, 01/15/2032		450,000		442,664
3.15%, 02/21/2040		3,037,000		3,211,062
				6,656,119

	Principal Amount		Value
Brewers–0.30%
Anadolu Efes Biracilik ve Malt Sanayii A.S. (Turkey), 3.38%, 06/29/2028(b)	$	2,337,000	$	2,412,719
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
8.00%, 11/15/2039		2,307,000		3,820,500
4.35%, 06/01/2040		2,105,000		2,528,401
				8,761,620
Broadcasting–0.02%
Gray Television, Inc., 7.00%, 05/15/2027(b)		444,000		476,767
Building Products–0.11%
Carrier Global Corp., 2.72%, 02/15/2030		155,000		162,686
North Queensland Export Terminal Pty. Ltd. (Australia), 4.45%, 12/15/2022(b)		804,000		772,195
Owens Corning, 4.30%, 07/15/2047		250,000		294,703
Standard Industries, Inc.,
5.00%, 02/15/2027(b)		255,000		263,925
3.38%, 01/15/2031(b)		1,639,000		1,581,889
				3,075,398
Cable & Satellite–2.82%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 02/15/2026(b)		634,000		652,227
5.00%, 02/01/2028(b)		187,000		196,135
4.75%, 03/01/2030(b)		607,000		643,013
4.50%, 08/15/2030(b)		676,000		707,218
4.25%, 02/01/2031(b)		1,141,000		1,172,417
4.50%, 05/01/2032		509,000		532,579
4.50%, 06/01/2033(b)(c)		1,952,000		2,025,756
4.25%, 01/15/2034(b)		217,000		219,296
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.,
4.91%, 07/23/2025		4,780,000		5,411,471
5.38%, 04/01/2038		249,000		308,249
3.50%, 06/01/2041		3,605,000		3,651,904
5.75%, 04/01/2048		2,324,000		2,995,511
3.90%, 06/01/2052		3,929,000		4,066,605
6.83%, 10/23/2055		4,111,000		6,152,623
3.85%, 04/01/2061		4,767,000		4,757,722
4.40%, 12/01/2061		1,936,000		2,127,334
Comcast Corp.,
3.45%, 02/01/2050(c)		3,978,000		4,380,017
2.80%, 01/15/2051		8,322,000		8,093,977
2.89%, 11/01/2051(b)		5,251,000		5,233,324
2.94%, 11/01/2056(b)		4,971,000		4,931,239
2.99%, 11/01/2063(b)		3,547,000		3,496,189
Cox Communications, Inc.,
1.80%, 10/01/2030(b)		73,000		70,628
2.60%, 06/15/2031(b)(c)		3,067,000		3,142,700
3.60%, 06/15/2051(b)		7,855,000		8,328,982
CSC Holdings LLC, 6.50%, 02/01/2029(b)		727,000		803,335
4.50%, 11/15/2031(b)		264,000		266,041

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

6                         Invesco Corporate Bond Fund

	Principal Amount		Value
Cable & Satellite–(continued)
DISH DBS Corp., 7.75%, 07/01/2026	$	130,000	$	149,071
Sirius XM Radio, Inc.,
3.13%, 09/01/2026(b)		540,000		550,908
4.00%, 07/15/2028(b)		412,000		421,414
4.13%, 07/01/2030(b)(c)		1,025,000		1,050,625
3.88%, 09/01/2031(b)		5,085,000		5,071,245
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)		200,000		214,500
				81,824,255
Casinos & Gaming–0.35%
DraftKings, Inc., Conv., 0.00%, 03/15/2028(b)(f)		5,450,000		5,248,059
Everi Holdings, Inc., 5.00%, 07/15/2029(b)		521,000		533,895
International Game Technology PLC, 4.13%, 04/15/2026(b)		1,511,000		1,571,138
MGM Resorts International,
7.75%, 03/15/2022		301,000		311,535
6.00%, 03/15/2023		559,000		592,540
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(b)		513,000		538,840
Scientific Games International, Inc., 8.25%, 03/15/2026(b)		707,000		752,868
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(b)		496,000		516,554
				10,065,429
Commodity Chemicals–0.07%
Axalta Coating Systems LLC, 3.38%, 02/15/2029(b)		2,011,000		1,973,485
Computer & Electronics Retail–0.76%
Dell International LLC/EMC Corp.,
7.13%, 06/15/2024(b)		708,000		723,930
4.00%, 07/15/2024		2,921,000		3,171,818
6.02%, 06/15/2026		3,928,000		4,693,995
4.90%, 10/01/2026		1,719,000		1,990,523
8.35%, 07/15/2046		4,105,000		6,748,320
Leidos, Inc., 2.30%, 02/15/2031		4,698,000		4,637,255
				21,965,841
Construction & Engineering–0.04%
AECOM, 5.13%, 03/15/2027		133,000		148,746
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(b)		520,000		537,550
New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026(b)		239,000		245,871
9.75%, 07/15/2028(b)		197,000		218,638
				1,150,805
Construction Machinery & Heavy Trucks–0.01%
Wabtec Corp., 4.95%, 09/15/2028		209,000		243,511
Construction Materials–0.12%
CRH America Finance, Inc. (Ireland), 3.95%, 04/04/2028(b)		3,123,000		3,547,020

	Principal Amount		Value
Consumer Finance–0.70%
Ally Financial, Inc.,
5.13%, 09/30/2024	$	434,000	$	487,232
4.63%, 03/30/2025		1,303,000		1,455,229
Series C, 4.70%(d)(e)		3,987,000		4,161,431
American Express Co., Series C, 3.40% (3 mo. USD LIBOR + 3.29%)(e)(g)		2,973,000		2,973,037
Navient Corp.,
7.25%, 09/25/2023(c)		1,040,000		1,143,873
5.00%, 03/15/2027		486,000		511,017
5.63%, 08/01/2033		221,000		214,391
OneMain Finance Corp.,
6.88%, 03/15/2025		300,000		340,125
7.13%, 03/15/2026		735,000		859,950
3.88%, 09/15/2028		3,554,000		3,572,925
5.38%, 11/15/2029		519,000		567,726
Synchrony Financial, 4.50%, 07/23/2025		3,695,000		4,113,260
				20,400,196
Copper–0.18%
Freeport-McMoRan, Inc.,
5.00%, 09/01/2027		2,752,000		2,899,920
4.38%, 08/01/2028(c)		1,235,000		1,310,644
5.40%, 11/14/2034		826,000		1,036,878
				5,247,442
Data Processing & Outsourced Services–0.60%
Clarivate Science Holdings Corp.,
3.88%, 07/01/2028(b)		3,254,000		3,315,728
4.88%, 07/01/2029(b)		1,389,000		1,434,448
Fidelity National Information Services, Inc., 2.25%, 03/01/2031		530,000		535,293
Fiserv, Inc., 4.20%, 10/01/2028(c)		2,218,000		2,544,778
PayPal Holdings, Inc., 2.85%, 10/01/2029		2,326,000		2,510,069
Square, Inc.,
2.75%, 06/01/2026(b)		1,577,000		1,624,657
3.50%, 06/01/2031(b)(c)		3,167,000		3,297,940
StoneCo Ltd. (Brazil), 3.95%, 06/16/2028(b)		2,307,000		2,228,966
				17,491,879
Department Stores–0.05%
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029(b)(c)		1,089,000		1,191,203
4.50%, 12/15/2034		275,000		269,500
				1,460,703
Distributors–0.09%
Genuine Parts Co., 1.88%, 11/01/2030		2,795,000		2,730,619
Diversified Banks–9.99%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)		7,620,000		8,366,531
African Export-Import Bank (The) (Supranational),
2.63%, 05/17/2026(b)		1,433,000		1,470,930
3.80%, 05/17/2031(b)		1,858,000		1,942,494

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

7                         Invesco Corporate Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
Australia & New Zealand Banking Group Ltd. (Australia), 6.75%(b)(d)(e)	$	3,647,000	$	4,280,393
Banco Santander S.A. (Spain), 2.75%, 12/03/2030		3,000,000		3,018,340
Bank of America Corp.,
3.86%, 07/23/2024(d)		8,064,000		8,551,408
2.69%, 04/22/2032(d)		6,552,000		6,813,922
2.30%, 07/21/2032(d)		3,217,000		3,238,086
7.75%, 05/14/2038		2,623,000		4,162,191
2.68%, 06/19/2041(d)		14,102,000		13,906,881
2.97%, 07/21/2052(d)		5,222,000		5,282,421
Series AA, 6.10%(d)(e)		5,955,000		6,694,283
Series DD, 6.30%(d)(e)		1,885,000		2,200,078
Bank of China Ltd. (China), 5.00%, 11/13/2024(b)		2,850,000		3,176,130
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(b)(c)		1,666,000		1,807,194
BNP Paribas S.A. (France), 4.38%, 03/01/2033(b)(d)		250,000		277,794
BPCE S.A. (France), 2.28%, 01/20/2032(b)(d)		3,204,000		3,163,275
Citigroup, Inc., 3.50%, 05/15/2023		3,677,000		3,862,087
5.50%, 09/13/2025		4,154,000		4,829,644
3.11%, 04/08/2026(d)		3,709,000		3,967,857
3.98%, 03/20/2030(d)		3,695,000		4,199,768
4.41%, 03/31/2031(d)		3,019,000		3,540,629
2.57%, 06/03/2031(d)		266,000		274,827
2.56%, 05/01/2032(d)		4,236,000		4,359,241
4.65%, 07/23/2048		1,832,000		2,436,262
3.88%(d)(e)		6,892,000		7,107,375
Series A, 5.95%(d)(e)		1,192,000		1,255,623
Series V, 4.70%(d)(e)		2,340,000		2,446,178
Citizens Bank N.A., 2.25%, 04/28/2025		2,836,000		2,968,921
Commonwealth Bank of Australia (Australia), 2.69%, 03/11/2031(b)		3,057,000		3,092,382
Credit Agricole S.A. (France), 1.91%, 06/16/2026(b)(d)		1,828,000		1,871,510
7.88%(b)(d)(e)		2,555,000		2,877,086
8.13%(b)(d)(e)		416,000		507,260
Federation des Caisses Desjardins du Quebec (Canada), 2.05%, 02/10/2025(b)		5,091,000		5,274,142
Global Bank Corp. (Panama), 4.50%, 10/20/2021(b)		6,573,000		6,604,974
HSBC Holdings PLC (United Kingdom),
1.65%, 04/18/2026(d)		1,970,000		1,995,121
2.01%, 09/22/2028(d)		5,893,000		5,951,268
2.21%, 08/17/2029(d)		5,266,000		5,313,431
2.36%, 08/18/2031(d)		201,000		202,015
2.80%, 05/24/2032(d)		1,976,000		2,041,550
4.60%(d)(e)		3,181,000		3,264,501
6.00%(d)(e)		4,347,000		4,792,568
ING Groep N.V. (Netherlands), 6.88%(b)(d)(e)		1,670,000		1,725,786

	Principal Amount		Value
Diversified Banks–(continued)
JPMorgan Chase & Co.,
1.03% (3 mo. USD LIBOR + 0.89%), 07/23/2024(c)(g)	$	5,200,000	$	5,272,839
2.08%, 04/22/2026(d)		5,016,000		5,181,663
3.63%, 12/01/2027		2,542,000		2,798,777
3.70%, 05/06/2030(d)		3,695,000		4,139,906
2.58%, 04/22/2032(d)		4,399,000		4,541,611
4.26%, 02/22/2048(d)		1,788,000		2,207,466
Series W, 1.12% (3 mo. USD LIBOR + 1.00%), 05/15/2047(g)		5,770,000		5,008,361
Series V, 3.46% (3 mo. USD LIBOR + 3.32%)(e)(g)		1,853,000		1,856,953
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.05%, 07/17/2030		4,798,000		4,803,693
Mizuho Financial Group, Inc. (Japan),
2.20%, 07/10/2031(d)		6,278,000		6,284,206
2.17%, 05/22/2032(d)		5,786,000		5,770,517
National Australia Bank Ltd. (Australia),
2.33%, 08/21/2030(b)		256,000		250,970
2.99%, 05/21/2031(b)		2,367,000		2,433,747
Natwest Group PLC (United Kingdom),
3.50%, 05/15/2023(d)		4,970,000		5,076,019
6.00%(d)(e)		515,000		577,907
Nordea Bank Abp (Finland), 3.75%(b)(d)(e)		1,221,000		1,218,802
Standard Chartered PLC (United Kingdom),
1.33% (3 mo. USD LIBOR + 1.20%), 09/10/2022(b)(g)		3,395,000		3,395,781
2.68%, 06/29/2032(b)(d)		4,215,000		4,280,337
3.27%, 02/18/2036(b)(d)		4,923,000		4,951,387
4.30%(b)(d)(e)		5,262,000		5,255,159
7.75%(b)(d)(e)		4,646,000		5,043,187
Sumitomo Mitsui Financial Group, Inc. (Japan),
1.47%, 07/08/2025		2,924,000		2,967,463
3.04%, 07/16/2029		4,343,000		4,674,024
2.14%, 09/23/2030		7,101,000		6,972,853
UniCredit S.p.A. (Italy),
1.98%, 06/03/2027(b)(d)		3,540,000		3,544,796
3.13%, 06/03/2032(b)(d)		2,828,000		2,884,578
Wells Fargo & Co.,
2.19%, 04/30/2026(d)		1,489,000		1,547,039
4.15%, 01/24/2029		3,695,000		4,258,063
3.07%, 04/30/2041(d)		2,118,000		2,222,305
5.38%, 11/02/2043		7,268,000		9,809,754
4.75%, 12/07/2046		1,890,000		2,411,420
Series BB, 3.90%(d)(e)		3,059,000		3,182,140
Westpac Banking Corp. (Australia), 2.67%, 11/15/2035(d)		101,000		100,263
				290,038,343

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

8                         Invesco Corporate Bond Fund

	Principal Amount		Value
Diversified Capital Markets–1.55%
Credit Suisse Group AG (Switzerland),
4.19%, 04/01/2031(b)(d)	$	2,792,000	$	3,166,062
4.50%(b)(c)(d)(e)		4,764,000		4,734,225
5.10%(b)(c)(d)(e)		4,230,000		4,362,822
5.25%(b)(d)(e)		4,357,000		4,577,029
7.13%(b)(d)(e)		3,667,000		3,794,428
7.25%(b)(d)(e)		330,000		370,475
7.50%(b)(d)(e)		5,779,000		6,244,209
7.50%(b)(d)(e)		920,000		994,060
Macquarie Bank Ltd. (Australia), 6.13%(b)(d)(e)		5,010,000		5,540,885
UBS Group AG (Switzerland),
3.13%, 08/13/2030(b)(d)		7,551,000		8,167,451
4.38%(b)(c)(d)(e)		2,932,000		3,008,965
				44,960,611
Diversified Metals & Mining–0.73%
Corp. Nacional del Cobre de Chile (Chile), 3.15%, 01/15/2051(b)		1,955,000		1,910,566
FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031(b)		2,932,000		3,163,687
Teck Resources Ltd. (Canada),
6.13%, 10/01/2035(c)		5,373,000		6,940,803
6.25%, 07/15/2041(c)		6,930,000		9,240,836
				21,255,892
Diversified REITs–0.85%
iStar, Inc.,
4.75%, 10/01/2024(c)		560,000		595,028
5.50%, 02/15/2026		191,000		200,311
Trust Fibra Uno (Mexico),
5.25%, 12/15/2024(b)(c)		4,124,000		4,551,865
5.25%, 01/30/2026(b)		3,705,000		4,155,899
4.87%, 01/15/2030(b)		3,446,000		3,795,269
6.39%, 01/15/2050(b)(c)		9,390,000		11,424,109
				24,722,481
Drug Retail–0.12%
CK Hutchison International 21 Ltd. (United Kingdom), 2.50%, 04/15/2031(b)		270,000		278,094
CVS Pass-Through Trust,
6.04%, 12/10/2028		1,106,427		1,297,447
5.77%, 01/10/2033(b)		1,627,525		1,935,527
				3,511,068
Electric Utilities–2.33%
Commonwealth Edison Co., Series 127, 3.20%, 11/15/2049		3,963,000		4,270,519
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)		3,016,000		3,117,790
Duke Energy Progress LLC, 2.50%, 08/15/2050(c)		9,667,000		9,092,517
Electricite de France S.A. (France), 6.00%, 01/22/2114(b)		6,655,000		9,749,973
Enel Finance International N.V. (Italy), 2.88%, 07/12/2041(b)		3,969,000		3,896,118
Eversource Energy, Series R, 1.65%, 08/15/2030		88,000		85,083
PacifiCorp, 2.90%, 06/15/2052		5,221,000		5,221,817

	Principal Amount		Value
Electric Utilities–(continued)
Southern Co. (The),
Series B, 4.00%, 01/15/2051(d)	$	14,349,000	$	15,244,378
5.50%, 03/15/2057(d)		11,081,000		11,263,546
Series 21-A, 3.75%, 09/15/2051(d)		2,431,000		2,492,018
Talen Energy Supply LLC, 7.63%, 06/01/2028(b)(c)		746,000		646,499
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)		180,000		187,661
5.00%, 07/31/2027(b)		324,000		336,587
4.38%, 05/01/2029(b)		1,976,000		2,008,110
				67,612,616
Electrical Components & Equipment–0.22%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		4,864,000		4,828,947
AES Andres B.V. (Dominican Republic), 5.70%, 05/04/2028(b)		991,000		1,021,984
EnerSys,
5.00%, 04/30/2023(b)		476,000		496,506
4.38%, 12/15/2027(b)		107,000		112,616
Rockwell Automation, Inc., 1.75%, 08/15/2031		48,000		47,640
				6,507,693
Electronic Components–1.16%
Corning, Inc., 5.45%, 11/15/2079		23,672,000		33,669,942
Electronic Equipment & Instruments–0.24%
Vontier Corp.,
2.40%, 04/01/2028(b)		3,757,000		3,765,228
2.95%, 04/01/2031(b)		3,030,000		3,064,057
				6,829,285
Electronic Manufacturing Services–0.26%
Jabil, Inc., 3.00%, 01/15/2031		7,348,000		7,574,669
Environmental & Facilities Services–0.11%
GFL Environmental, Inc. (Canada), 3.50%, 09/01/2028(b)		3,224,000		3,221,260
Fertilizers & Agricultural Chemicals–0.10%
Nutrien Ltd. (Canada), 2.95%, 05/13/2030		125,000		133,443
OCI N.V. (Netherlands), 4.63%, 10/15/2025(b)(c)		938,000		983,259
OCP S.A. (Morocco), 5.13%, 06/23/2051(b)		1,758,000		1,780,648
				2,897,350
Financial Exchanges & Data–0.59%
Intercontinental Exchange, Inc., 1.85%, 09/15/2032		170,000		164,203
Moody’s Corp.,
2.00%, 08/19/2031		3,560,000		3,537,287
2.75%, 08/19/2041		3,929,000		3,902,041
5.25%, 07/15/2044		1,539,000		2,113,288
MSCI, Inc.,
3.88%, 02/15/2031(b)(c)		1,983,000		2,119,331
3.63%, 11/01/2031(b)		1,992,000		2,117,705
3.25%, 08/15/2033(b)		847,000		874,866

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

9                         Invesco Corporate Bond Fund

	Principal Amount		Value
Financial Exchanges & Data–(continued)
S&P Global, Inc., 1.25%, 08/15/2030(c)	$	2,474,000	$	2,357,217
				17,185,938
Food Distributors–0.16%
American Builders & Contractors Supply Co., Inc.,
4.00%, 01/15/2028(b)		512,000		529,485
3.88%, 11/15/2029(b)		3,991,000		3,971,125
				4,500,610
Food Retail–0.49%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023(b)(c)		2,934,000		3,022,578
Alimentation Couche-Tard, Inc. (Canada),
3.44%, 05/13/2041(b)		3,846,000		4,049,196
3.63%, 05/13/2051(b)		4,466,000		4,774,184
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(b)		1,045,000		1,089,413
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(b)(c)		499,000		524,581
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b)		776,000		790,666
				14,250,618
Health Care Distributors–0.15%
McKesson Corp., 1.30%, 08/15/2026		3,055,000		3,051,414
Owens & Minor, Inc., 4.50%, 03/31/2029(b)(c)		1,411,000		1,444,476
				4,495,890
Health Care Equipment–0.01%
Becton, Dickinson and Co., 2.82%, 05/20/2030		188,000		199,226
Health Care Facilities–0.42%
Encompass Health Corp., 4.50%, 02/01/2028(c)		506,000		530,668
HCA, Inc.,
5.00%, 03/15/2024		8,501,000		9,353,180
5.38%, 02/01/2025		242,000		273,009
5.25%, 04/15/2025		151,000		172,430
5.88%, 02/15/2026		166,000		192,734
5.38%, 09/01/2026		111,000		128,183
5.88%, 02/01/2029		216,000		262,188
3.50%, 09/01/2030		1,234,000		1,326,112
				12,238,504
Health Care REITs–0.60%
CTR Partnership L.P./ CareTrust Capital Corp., 3.88%, 06/30/2028(b)		531,000		546,338
Diversified Healthcare Trust,
9.75%, 06/15/2025		482,000		530,802
4.38%, 03/01/2031(c)		1,785,000		1,753,807
Healthcare Trust of America Holdings L.P., 2.00%, 03/15/2031		2,589,000		2,516,693

	Principal Amount		Value
Health Care REITs–(continued)
Healthpeak Properties, Inc., 2.88%, 01/15/2031	$	1,917,000	$	2,028,156
MPT Operating Partnership L.P./MPT Finance Corp., 4.63%, 08/01/2029		2,064,000		2,209,342
Omega Healthcare Investors, Inc.,
3.38%, 02/01/2031		230,000		237,453
3.25%, 04/15/2033		5,015,000		5,065,294
Welltower, Inc., 3.10%, 01/15/2030		2,496,000		2,666,252
				17,554,137
Health Care Services–0.91%
Akumin, Inc., 7.00%, 11/01/2025(b)(c)		1,191,000		1,126,031
Cigna Corp.,
7.88%, 05/15/2027		5,000,000		6,672,913
4.38%, 10/15/2028		1,790,000		2,090,406
4.80%, 08/15/2038		5,078,000		6,361,785
CVS Health Corp., 1.30%, 08/21/2027(c)		3,781,000		3,750,935
DaVita, Inc.,
4.63%, 06/01/2030(b)		216,000		226,024
3.75%, 02/15/2031(b)		862,000		852,949
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(b)		3,082,000		3,112,737
Global Medical Response, Inc., 6.50%, 10/01/2025(b)		760,000		784,700
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		257,000		267,532
MEDNAX, Inc., 6.25%, 01/15/2027(b)		495,000		522,225
RP Escrow Issuer LLC, 5.25%, 12/15/2025(b)		500,000		512,344
				26,280,581
Home Improvement Retail–0.30%
Lowe’s Cos., Inc.,
2.63%, 04/01/2031		3,792,000		3,957,457
3.50%, 04/01/2051		4,351,000		4,745,186
				8,702,643
Homebuilding–0.90%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(b)		444,000		492,640
Lennar Corp.,
5.38%, 10/01/2022		324,000		341,251
4.75%, 11/15/2022		172,000		178,665
4.75%, 11/29/2027(c)		2,406,000		2,803,159
M.D.C. Holdings, Inc.,
3.85%, 01/15/2030		7,253,000		7,843,068
6.00%, 01/15/2043(c)		4,148,000		5,350,631
3.97%, 08/06/2061		6,414,000		6,330,009
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b)		1,424,000		1,461,558
PulteGroup, Inc.,
6.38%, 05/15/2033		15,000		20,120
6.00%, 02/15/2035		395,000		522,322
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027(b)		673,000		718,428

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

10                         Invesco Corporate Bond Fund

	Principal Amount		Value
Homebuilding–(continued)
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023(b)	$	57,000	$	60,126
				26,121,977
Hotel & Resort REITs–0.05%
Service Properties Trust, 4.95%, 02/15/2027(c)		1,334,000		1,336,094
Hotels, Resorts & Cruise Lines–0.37%
Carnival Corp., 11.50%, 04/01/2023(b)		292,000		328,407
10.50%, 02/01/2026(b)		150,000		173,253
5.75%, 03/01/2027(b)		295,000		301,981
Expedia Group, Inc., 3.60%, 12/15/2023		2,632,000		2,793,982
4.63%, 08/01/2027		4,206,000		4,759,651
2.95%, 03/15/2031		387,000		394,115
Hilton Domestic Operating Co., Inc., 3.63%, 02/15/2032(b)		1,980,000		1,967,912
				10,719,301
Household Products–0.02%
Energizer Holdings, Inc., 4.38%, 03/31/2029(b)(c)		519,000		521,138
Hypermarkets & Super Centers–0.29%
Walmart, Inc., 6.50%, 08/15/2037		5,500,000		8,397,942
Independent Power Producers & Energy Traders–0.66%
AES Corp. (The), 1.38%,
01/15/2026		2,872,000		2,857,625
2.45%, 01/15/2031		5,089,000		5,141,608
Calpine Corp., 3.75%, 03/01/2031(b)		4,464,000		4,384,005
Clearway Energy Operating LLC,
4.75%, 03/15/2028(b)		589,000		624,311
3.75%, 02/15/2031(b)		443,000		450,748
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030(b)		5,671,000		5,638,902
				19,097,199
Industrial Conglomerates–0.51%
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		4,111,000		4,996,197
General Electric Co., 5.55%, 01/05/2026		8,426,000		9,950,224
				14,946,421
Industrial Machinery–0.23%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)		124,000		122,444
EnPro Industries, Inc., 5.75%, 10/15/2026		489,000		514,186
IDEX Corp., 2.63%, 06/15/2031		2,885,000		2,975,691
Mueller Water Products, Inc., 4.00%, 06/15/2029(b)		518,000		539,922
Weir Group PLC (The) (United Kingdom), 2.20%, 05/13/2026(b)		2,501,000		2,530,374
				6,682,617

	Principal Amount		Value
Industrial REITs–0.09%
Lexington Realty Trust, 2.38%, 10/01/2031	$	2,608,000	$	2,588,169
Insurance Brokers–0.09%
Arthur J. Gallagher & Co., 3.50%, 05/20/2051		2,506,000		2,719,916
Integrated Oil & Gas–1.41%
BP Capital Markets America, Inc., 3.06%, 06/17/2041		5,222,000		5,375,559
2.77%, 11/10/2050		5,985,000		5,698,098
2.94%, 06/04/2051		5,365,000		5,266,655
BP Capital Markets PLC (United Kingdom), 4.38%(d)(e)		2,512,000		2,681,560
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(b)		3,104,000		3,198,512
Occidental Petroleum Corp., 5.55%, 03/15/2026		322,000		359,433
8.50%, 07/15/2027		87,000		109,886
6.13%, 01/01/2031(c)		305,000		369,232
6.20%, 03/15/2040		233,000		278,201
4.10%, 02/15/2047		315,000		308,421
Petrobras Global Finance B.V. (Brazil), 5.50%, 06/10/2051		1,670,000		1,670,768
Petroleos Mexicanos (Mexico), 6.88%, 08/04/2026		110,000		120,278
Qatar Petroleum (Qatar), 2.25%, 07/12/2031(b)		2,316,000		2,338,713
3.13%, 07/12/2041(b)		2,245,000		2,316,054
3.30%, 07/12/2051(b)		3,664,000		3,792,423
SA Global Sukuk Ltd. (Saudi Arabia),
1.60%, 06/17/2026(b)		1,803,000		1,808,308
2.69%, 06/17/2031(b)		2,311,000		2,368,355
Saudi Arabian Oil Co. (Saudi Arabia), 4.38%, 04/16/2049(b)		2,407,000		2,820,739
				40,881,195
Integrated Telecommunication Services–2.55%
Altice France S.A. (France), 7.38%, 05/01/2026(b)		381,000		395,943
8.13%, 02/01/2027(b)		472,000		513,300
5.13%, 07/15/2029(b)		253,000		256,104
AT&T, Inc., 1.30% (3 mo. USD LIBOR + 1.18%), 06/12/2024(g)		2,832,000		2,907,185
2.55%, 12/01/2033(b)		200,000		201,180
3.10%, 02/01/2043		4,885,000		4,845,784
3.50%, 09/15/2053(b)		9,416,000		9,691,123
3.55%, 09/15/2055(b)		12,029,000		12,333,405
3.65%, 09/15/2059(b)		242,000		249,480
3.50%, 02/01/2061		3,133,000		3,118,504
NBN Co. Ltd. (Australia), 2.63%, 05/05/2031(b)		5,039,000		5,199,330
Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036		2,648,000		3,845,973

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

11                         Invesco Corporate Bond Fund

	Principal Amount		Value
Integrated Telecommunication Services–(continued)
Verizon Communications, Inc.,
0.85%, 11/20/2025(c)	$	4,258,000	$	4,228,353
1.75%, 01/20/2031		3,558,000		3,449,177
2.55%, 03/21/2031		2,216,000		2,290,790
4.81%, 03/15/2039		2,095,000		2,661,378
2.65%, 11/20/2040		2,357,000		2,288,622
3.40%, 03/22/2041		2,247,000		2,411,492
2.88%, 11/20/2050		3,580,000		3,452,354
3.00%, 11/20/2060		6,445,000		6,213,833
3.70%, 03/22/2061		3,146,000		3,466,756
				74,020,066
Interactive Home Entertainment–0.44%
Electronic Arts, Inc., 1.85%, 02/15/2031		5,057,000		4,968,103
2.95%, 02/15/2051		4,786,000		4,762,056
WMG Acquisition Corp., 3.00%, 02/15/2031(b)		2,963,000		2,922,658
				12,652,817
Interactive Media & Services–1.00%
Alphabet, Inc., 1.90%, 08/15/2040		2,432,000		2,259,617
2.25%, 08/15/2060		4,245,000		3,864,714
Audacy Capital Corp., 6.75%, 03/31/2029(b)(c)		501,000		506,271
Baidu, Inc. (China), 3.08%, 04/07/2025(c)		1,175,000		1,245,353
1.72%, 04/09/2026		1,255,000		1,271,955
Match Group Holdings II LLC, 5.63%, 02/15/2029(b)		4,618,000		4,993,212
Scripps Escrow II, Inc., 3.88%, 01/15/2029(b)		515,000		518,363
Tencent Holdings Ltd. (China), 1.81%, 01/26/2026(b)		1,509,000		1,528,249
3.60%, 01/19/2028(b)		4,305,000		4,665,051
3.93%, 01/19/2038(b)(c)		3,137,000		3,401,994
Twitter, Inc., 3.88%, 12/15/2027(b)(c)		4,527,000		4,893,347
				29,148,126
Internet & Direct Marketing Retail–1.38%
Alibaba Group Holding Ltd. (China), 3.15%, 02/09/2051(c)		3,700,000		3,647,995
Amazon.com, Inc., 2.10%, 05/12/2031		8,742,000		8,971,027
2.88%, 05/12/2041		6,789,000		7,126,659
3.10%, 05/12/2051(c)		7,738,000		8,345,627
3.25%, 05/12/2061		6,706,000		7,330,552
Meituan (China), 2.13%, 10/28/2025(b)(c)		3,055,000		2,984,908
QVC, Inc., 5.45%, 08/15/2034		1,449,000		1,550,430
				39,957,198
Internet Services & Infrastructure–0.57%
Twilio, Inc., 3.63%, 03/15/2029(c)		2,928,000		3,025,942
3.88%, 03/15/2031		3,079,000		3,221,819
VeriSign, Inc., 2.70%, 06/15/2031(c)		2,765,000		2,847,826

	Principal Amount		Value
Internet Services & Infrastructure–(continued)
ZoomInfo Technologies LLC/ ZoomInfo Finance Corp., 3.88%, 02/01/2029(b)	$	7,289,000	$	7,354,601
				16,450,188
Investment Banking & Brokerage–3.37%
Brookfield Finance I (UK) PLC (Canada), 2.34%, 01/30/2032		4,131,000		4,133,666
Brookfield Finance, Inc. (Canada),
2.72%, 04/15/2031		3,158,000		3,287,082
3.50%, 03/30/2051		3,451,000		3,652,713
Cantor Fitzgerald L.P., 6.50%, 06/17/2022(b)		2,962,000		3,095,667
Charles Schwab Corp. (The), 1.95%, 12/01/2031		5,257,000		5,264,943
Series E, 4.63%(d)(e)		4,214,000		4,277,210
Series G, 5.38%(d)(e)		231,000		257,288
Goldman Sachs Group, Inc. (The), 0.63% (SOFR + 0.58%),
03/08/2024(g)		6,793,000		6,814,260
3.50%, 04/01/2025		3,198,000		3,464,113
0.84% (SOFR + 0.79%), 12/09/2026(g)		6,834,000		6,846,473
1.09%, 12/09/2026(d)		3,467,000		3,441,618
0.86% (SOFR + 0.81%), 03/09/2027(g)		9,583,000		9,590,129
1.99%, 01/27/2032(d)		3,332,000		3,267,721
2.38%, 07/21/2032(d)		3,215,000		3,251,699
6.75%, 10/01/2037		4,343,000		6,335,997
2.91%, 07/21/2042(d)		2,551,000		2,579,431
4.80%, 07/08/2044		3,955,000		5,155,009
Series T, 3.80%(d)(e)		146,000		149,358
Jefferies Group LLC/Jefferies Group
Capital Finance, Inc., 4.15%, 01/23/2030		3,579,000		4,060,683
Morgan Stanley, 2.19%, 04/28/2026(d)		2,569,000		2,670,714
4.35%, 09/08/2026		350,000		397,890
3.62%, 04/01/2031(d)		3,069,000		3,440,970
2.24%, 07/21/2032(d)		5,308,000		5,324,357
2.80%, 01/25/2052(d)		2,017,000		2,012,608
NFP Corp., 4.88%, 08/15/2028(b)		202,000		205,788
Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031		2,496,000		2,523,475
Raymond James Financial, Inc., 3.75%, 04/01/2051		2,170,000		2,460,652
				97,961,514
IT Consulting & Other Services–0.04%
Gartner, Inc., 4.50%, 07/01/2028(b)		740,000		784,400
3.63%, 06/15/2029(b)		253,000		260,792
				1,045,192
Leisure Facilities–0.01%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/2024		247,000		249,161

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

12                         Invesco Corporate Bond Fund

	Principal Amount		Value
Life & Health Insurance–2.48%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027(c)	$	6,278,000	$	7,176,675
Athene Global Funding, 1.20%, 10/13/2023(b)		4,890,000		4,955,037
2.50%, 01/14/2025(b)		3,179,000		3,328,631
1.45%, 01/08/2026(b)		2,467,000		2,487,527
Athene Holding Ltd., 4.13%, 01/12/2028(c)		6,615,000		7,436,489
6.15%, 04/03/2030		3,425,000		4,371,733
3.95%, 05/25/2051		782,000		885,066
Brighthouse Financial, Inc., 4.70%, 06/22/2047		2,566,000		2,913,622
Delaware Life Global Funding, Series 21-1, 2.66% 06/29/2026(b)		13,992,000		14,335,784
MAG Mutual Insurance Co., 4.75%, 04/30/2041		11,777,000		11,777,000
MetLife, Inc., 4.13%, 08/13/2042		2,218,000		2,689,488
Series D, 5.88%(c)(d)(e)		300,000		351,208
Nationwide Financial Services, Inc., 3.90%, 11/30/2049(b)		3,113,000		3,592,058
Pacific LifeCorp, 3.35%, 09/15/2050(b)(c)		3,314,000		3,611,795
Prudential Financial, Inc., 3.91%, 12/07/2047		1,849,000		2,196,157
				72,108,270
Life Sciences Tools & Services–0.09%
Illumina, Inc., 2.55%, 03/23/2031		2,504,000		2,570,123
Managed Health Care–0.50%
Centene Corp., 4.63%, 12/15/2029		526,000		577,622
3.38%, 02/15/2030		320,000		334,800
3.00%, 10/15/2030		501,000		519,898
2.50%, 03/01/2031(c)		6,080,000		6,071,914
Kaiser Foundation Hospitals, Series 2021, 2.81%, 06/01/2041		3,275,000		3,385,693
3.00%, 06/01/2051		3,415,000		3,586,588
				14,476,515
Metal & Glass Containers–0.12%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(b)		600,000		605,250
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b)		489,000		512,227
Ball Corp., 5.25%, 07/01/2025(c)		359,000		406,119
Silgan Holdings, Inc., 1.40%, 04/01/2026(b)		1,967,000		1,939,236
				3,462,832
Movies & Entertainment–0.19%
Netflix, Inc., 5.88%, 11/15/2028		1,017,000		1,262,387
5.38%, 11/15/2029(b)		252,000		310,254

	Principal Amount		Value
Movies & Entertainment–(continued)
Tencent Music Entertainment Group (China), 1.38%, 09/03/2025	$	1,560,000	$	1,545,712
2.00%, 09/03/2030		2,480,000		2,386,374
				5,504,727
Multi-line Insurance–0.47%
American International Group, Inc., 4.50%, 07/16/2044		2,088,000		2,591,690
Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028		2,781,000		3,203,859
4.63%, 04/29/2030		3,657,000		4,197,688
Nationwide Mutual Insurance Co., 4.95%, 04/22/2044(b)		3,068,000		3,741,132
				13,734,369
Multi-Utilities–0.10%
Dominion Energy, Inc., Series C, 2.25%, 08/15/2031		354,000		357,763
WEC Energy Group, Inc., 1.38%, 10/15/2027		2,504,000		2,477,102
				2,834,865
Office REITs–1.04%
Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2027		2,823,000		3,182,327
1.88%, 02/01/2033		12,555,000		12,063,896
4.00%, 02/01/2050		2,598,000		3,052,687
Highwoods Realty L.P., 2.60%, 02/01/2031		2,070,000		2,115,245
Office Properties Income Trust, 4.50%, 02/01/2025		5,174,000		5,596,381
2.65%, 06/15/2026		848,000		865,879
2.40%, 02/01/2027		3,394,000		3,396,643
				30,273,058
Oil & Gas Drilling–0.09%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		523,000		555,034
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)		405,000		411,581
Precision Drilling Corp. (Canada), 6.88%, 01/15/2029(b)		395,000		397,927
Rockies Express Pipeline LLC, 4.80%, 05/15/2030(b)		430,000		445,248
6.88%, 04/15/2040(b)		339,000		374,203
Valaris Ltd., 12.00% PIK Rate, 8.25% Cash
Rate, 04/30/2028(b)(h)		182,000		189,042
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(h)		342,000		355,234
				2,728,269
Oil & Gas Equipment & Services–0.14%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		3,214,000		3,547,126
USA Compression Partners L.P./USA
Compression Finance Corp., 6.88%, 09/01/2027		485,000		508,605
				4,055,731

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

13                         Invesco Corporate Bond Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–1.66%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)	$	1,046,000	$	1,136,265
Callon Petroleum Co., 8.00%, 08/01/2028(b)(c)		501,000		482,972
Cameron LNG LLC,
3.30%, 01/15/2035(b)		3,917,000		4,255,266
3.40%, 01/15/2038(b)		4,220,000		4,542,863
ConocoPhillips, 2.40%, 02/15/2031(b)		66,000		67,988
Devon Energy Corp., 5.25%, 10/15/2027(b)		8,752,000		9,313,729
EQT Corp.,
3.13%, 05/15/2026(b)		811,000		834,316
3.63%, 05/15/2031(b)(c)		581,000		615,038
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates),
2.16%, 03/31/2034(b)		3,520,000		3,511,763
2.94%, 09/30/2040(b)		5,170,000		5,265,791
Gazprom PJSC via Gaz Finance PLC (Russia), 2.95%, 01/27/2029(b)		7,070,000		6,970,249
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.25%, 05/15/2026		255,000		245,756
8.00%, 01/15/2027		546,000		542,877
7.75%, 02/01/2028		304,000		298,406
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(b)		482,000		498,870
Lundin Energy Finance B.V. (Netherlands),
2.00%, 07/15/2026(b)		2,566,000		2,587,201
3.10%, 07/15/2031(b)		2,566,000		2,605,914
Murphy Oil Corp.,
6.38%, 07/15/2028(c)		2,418,000		2,547,967
6.38%, 12/01/2042		180,000		179,342
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(b)		811,000		843,485
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		314,000		350,105
SM Energy Co., 10.00%, 01/15/2025(b)(c)		509,000		568,171
				48,264,334
Oil & Gas Refining & Marketing–0.51%
Parkland Corp. (Canada),
5.88%, 07/15/2027(b)		2,535,000		2,704,211
4.50%, 10/01/2029(b)		1,951,000		2,002,653
Petronas Capital Ltd. (Malaysia),
2.48%, 01/28/2032(b)		3,527,000		3,595,871
3.40%, 04/28/2061(b)		6,289,000		6,637,779
				14,940,514
Oil & Gas Storage & Transportation–6.71%
Boardwalk Pipelines L.P., 3.40%, 02/15/2031		3,153,000		3,366,661
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039(b)		3,402,000		3,407,110
Cheniere Energy Partners L.P., 5.63%, 10/01/2026		236,000		244,531

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Energy Transfer L.P.,
5.88%, 01/15/2024	$	508,000	$	560,084
2.90%, 05/15/2025		4,018,000		4,219,088
3.75%, 05/15/2030		6,585,000		7,156,200
4.90%, 03/15/2035		10,804,000		12,473,948
5.00%, 05/15/2050		7,246,000		8,505,104
Series A, 6.25%(d)(e)		342,000		305,235
Enterprise Products Operating LLC,
3.13%, 07/31/2029		350,000		379,075
4.80%, 02/01/2049		2,189,000		2,731,690
4.20%, 01/31/2050		2,574,000		2,980,728
3.70%, 01/31/2051		12,424,000		13,490,190
Series D, 6.88%, 03/01/2033		2,458,000		3,470,592
4.88%, 08/16/2077(d)		10,130,000		9,934,524
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)		729,000		757,883
Kinder Morgan Energy Partners L.P., 4.30%, 05/01/2024(c)		1,971,000		2,136,751
Kinder Morgan, Inc.,
7.80%, 08/01/2031(c)		17,074,000		24,626,616
7.75%, 01/15/2032		17,670,000		25,588,446
3.25%, 08/01/2050		13,500,000		13,235,248
MPLX L.P.,
1.75%, 03/01/2026		3,426,000		3,470,875
4.80%, 02/15/2029		2,176,000		2,549,446
4.70%, 04/15/2048		2,570,000		3,008,784
5.50%, 02/15/2049		3,475,000		4,494,816
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		357,000		299,541
NGPL PipeCo LLC, 7.77%, 12/15/2037(b)		12,211,000		17,628,231
Northern Natural Gas Co., 3.40%, 10/16/2051(b)		2,341,000		2,456,377
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029(b)		743,000		769,975
ONEOK Partners L.P., 6.85%, 10/15/2037		3,892,000		5,324,144
ONEOK, Inc., 6.35%, 01/15/2031		5,120,000		6,601,707
Plains All American Pipeline L.P., Series B, 6.13%(d)(e)		385,000		345,537
Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, 12/15/2029		200,000		212,092
Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024		362,000		403,753
Sunoco L.P./Sunoco Finance Corp., 5.88%, 03/15/2028		723,000		764,862
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.88%, 04/15/2026		677,000		709,157
5.00%, 01/15/2028		201,000		211,464
5.50%, 03/01/2030		63,000		69,536
Western Midstream Operating L.P., 2.23% (3 mo. USD LIBOR + 2.10%), 01/13/2023(g)		3,109,000		3,101,861

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

14                         Invesco Corporate Bond Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Williams Cos., Inc. (The),
7.88%, 09/01/2021	$	140,000	$	140,000
4.55%, 06/24/2024		399,000		437,148
3.50%, 11/15/2030(c)		1,995,000		2,192,466
				194,761,476
Other Diversified Financial Services–1.93%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.50%, 09/15/2023 DAC		3,103,000		3,312,003
Aragvi Finance International DAC (Moldova), 8.45%, 04/29/2026(b)		1,385,000		1,444,361
Avolon Holdings Funding Ltd. (Ireland),
2.13%, 02/21/2026(b)		3,202,000		3,196,606
4.25%, 04/15/2026(b)		2,009,000		2,179,557
2.75%, 02/21/2028(b)		3,585,000		3,598,937
Blackstone Holdings Finance Co. LLC,
1.60%, 03/30/2031(b)		2,868,000		2,769,616
5.00%, 06/15/2044(b)		250,000		340,852
2.80%, 09/30/2050(b)		2,149,000		2,106,921
Blackstone Secured Lending Fund,
2.75%, 09/16/2026(c)		7,261,000		7,481,612
2.13%, 02/15/2027(b)		4,396,000		4,347,167
Blue Owl Finance LLC, 3.13%, 06/10/2031(b)		3,990,000		4,013,062
Carlyle Finance LLC, 5.65%, 09/15/2048(b)		360,000		504,034
GE Capital Funding LLC, 4.40%, 05/15/2030		2,812,000		3,297,047
ILFC E-Capital Trust II, 3.91% (3 mo. USD LIBOR + 1.80%), 12/21/2065(b)(g)		620,000		524,675
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/2050(b)		2,173,000		2,343,977
LSEGA Financing PLC (United Kingdom),
1.38%, 04/06/2026(b)		2,907,000		2,920,257
2.00%, 04/06/2028(b)		2,683,000		2,731,821
2.50%, 04/06/2031(b)		1,634,000		1,685,733
3.20%, 04/06/2041(b)		2,238,000		2,370,691
Pershing Square Holdings Ltd. (Guernsey), 3.25%, 11/15/2030(b)		4,800,000		4,940,515
				56,109,444
Packaged Foods & Meats–0.56%
JBS Finance Luxembourg S.a.r.l., 3.63%, 01/15/2032(b)		3,156,000		3,271,083
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029(b)(c)		466,000		528,327
Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		340,000		508,736
5.00%, 06/04/2042		352,000		446,040
4.38%, 06/01/2046		472,000		548,246
5.50%, 06/01/2050		540,000		721,715
Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031(b)		10,531,000		10,359,029
				16,383,176
Paper Packaging–0.23%
Berry Global, Inc., 1.65%, 01/15/2027(b)		3,817,000		3,806,904

	Principal Amount		Value
Paper Packaging–(continued)
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)	$	2,726,000	$	2,875,930
				6,682,834
Paper Products–0.26%
Georgia-Pacific LLC, 2.10%, 04/30/2027(b)		3,052,000		3,169,747
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(b)		1,493,000		1,565,784
Suzano Austria GmbH (Brazil), 3.13%, 01/15/2032		2,139,000		2,148,091
Sylvamo Corp., 7.00%, 09/01/2029(b)		534,000		553,563
				7,437,185
Pharmaceuticals–0.41%
AdaptHealth LLC,
6.13%, 08/01/2028(b)		251,000		267,629
5.13%, 03/01/2030(b)		276,000		279,965
Bausch Health Cos., Inc.,
6.13%, 04/15/2025(b)		153,000		156,634
9.00%, 12/15/2025(b)		202,000		215,130
5.75%, 08/15/2027(b)(c)		500,000		525,650
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/2027(b)		72,000		70,838
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		2,444,000		2,719,718
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b)		1,158,000		1,196,156
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		785,000		795,794
Royalty Pharma PLC,
2.20%, 09/02/2030		82,000		81,364
2.15%, 09/02/2031		1,747,000		1,705,703
3.35%, 09/02/2051		1,745,000		1,697,006
Viatris, Inc., 3.85%, 06/22/2040(b)		2,102,000		2,280,096
				11,991,683
Property & Casualty Insurance–0.48%
Assured Guaranty US Holdings, Inc., 3.60%, 09/15/2051		1,729,000		1,790,446
Fidelity National Financial, Inc., 3.40%, 06/15/2030		2,603,000		2,815,048
First American Financial Corp., 2.40%, 08/15/2031		3,228,000		3,190,632
W.R. Berkley Corp.,
4.00%, 05/12/2050		2,176,000		2,552,261
3.55%, 03/30/2052		3,241,000		3,544,995
				13,893,382
Railroads–0.97%
Canadian Pacific Railway Co. (Canada), 6.13%, 09/15/2115		11,051,000		17,545,105
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)		270,000		270,580
Norfolk Southern Corp., 3.40%, 11/01/2049		3,298,000		3,552,917

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

15                         Invesco Corporate Bond Fund

	Principal Amount		Value
Railroads–(continued)
Union Pacific Corp.,
2.15%, 02/05/2027	$	3,491,000	$	3,645,789
3.95%, 08/15/2059		2,669,000		3,179,121
				28,193,512
Real Estate Development–0.36%
Arabian Centres Sukuk II Ltd. (Saudi Arabia), 5.63%, 10/07/2026(b)		5,002,000		5,192,451
Essential Properties L.P., 2.95%, 07/15/2031		2,551,000		2,573,870
Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		2,492,000		2,575,010
				10,341,331
Regional Banks–1.77%
Citizens Financial Group, Inc.,
2.50%, 02/06/2030		3,375,000		3,480,702
3.25%, 04/30/2030		210,000		228,683
Series G, 4.00%(d)(e)		3,379,000		3,467,699
Fifth Third Bancorp,
4.30%, 01/16/2024		2,523,000		2,727,996
2.38%, 01/28/2025		7,102,000		7,432,711
2.55%, 05/05/2027(c)		2,177,000		2,311,503
Huntington Bancshares, Inc., 2.49%, 08/15/2036(b)(d)		2,700,000		2,706,877
KeyCorp, 2.25%, 04/06/2027		4,906,000		5,116,713
M&T Bank Corp., 3.50%(d)(e)		3,144,000		3,210,024
SVB Financial Group,
2.10%, 05/15/2028		2,375,000		2,428,112
1.80%, 02/02/2031(c)		4,608,000		4,464,916
Series C, 4.00%(d)(e)		6,884,000		7,150,755
Synovus Financial Corp., 3.13%, 11/01/2022		2,271,000		2,326,654
Zions Bancorporation N.A., 3.25%, 10/29/2029		4,138,000		4,381,154
				51,434,499
Reinsurance–0.78%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		3,233,000		3,261,846
Global Atlantic Fin Co.,
4.40%, 10/15/2029(b)		9,421,000		10,452,094
3.13%, 06/15/2031(b)		2,301,000		2,344,376
4.70%, 10/15/2051(b)(d)		6,477,000		6,643,194
				22,701,510
Research & Consulting Services–0.02%
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026(b)		455,000		480,025
10.25%, 02/15/2027(b)		34,000		36,933
				516,958
Residential REITs–0.45%
American Homes 4 Rent L.P.,
2.38%, 07/15/2031		868,000		872,594
3.38%, 07/15/2051		853,000		880,819
Mid-America Apartments L.P., 2.88%, 09/15/2051		865,000		851,619
Spirit Realty L.P.,
3.40%, 01/15/2030		4,902,000		5,264,978
2.70%, 02/15/2032		352,000		354,763
UDR, Inc., 3.00%, 08/15/2031		2,639,000		2,804,296

	Principal Amount		Value
Residential REITs–(continued)
VEREIT Operating Partnership L.P., 2.20%, 06/15/2028	$	1,935,000	$	1,982,369
				13,011,438
Restaurants–0.18%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(b)		4,019,000		4,001,839
Aramark Services, Inc., 5.00%, 04/01/2025(b)		515,000		528,939
IRB Holding Corp., 6.75%, 02/15/2026(b)		690,000		710,700
				5,241,478
Retail REITs–1.10%
Agree L.P., 2.60%, 06/15/2033		2,737,000		2,772,722
Brixmor Operating Partnership L.P.,
4.05%, 07/01/2030		2,848,000		3,226,838
2.50%, 08/16/2031		2,084,000		2,096,979
Kimco Realty Corp.,
1.90%, 03/01/2028		4,255,000		4,292,518
2.70%, 10/01/2030		2,438,000		2,527,521
National Retail Properties, Inc., 3.50%, 04/15/2051		3,252,000		3,467,332
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)		246,000		260,760
Realty Income Corp., 3.25%, 01/15/2031		3,129,000		3,458,355
Regency Centers L.P., 4.13%, 03/15/2028		2,214,000		2,520,089
Retail Properties of America, Inc., 4.75%, 09/15/2030		2,614,000		2,930,242
Simon Property Group L.P., 1.38%, 01/15/2027		4,276,000		4,266,136
				31,819,492
Security & Alarm Services–0.01%
Brink’s Co. (The), 4.63%, 10/15/2027(b)		201,000		211,368
Semiconductor Equipment–0.01%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 3.40%, 05/01/2030(b)		289,000		317,295
Semiconductors–1.68%
Analog Devices, Inc., 3.13%, 12/05/2023(c)		2,236,000		2,361,161
Broadcom Corp./Broadcom Cayman Finance Ltd.,
3.88%, 01/15/2027		2,607,000		2,878,997
3.50%, 01/15/2028		6,238,000		6,790,542
Broadcom, Inc.,
5.00%, 04/15/2030		4,626,000		5,484,256
2.45%, 02/15/2031(b)		2,643,000		2,621,670
3.47%, 04/15/2034(b)		12,461,000		13,206,337
Marvell Technology, Inc., 2.95%, 04/15/2031(b)		6,350,000		6,619,053
Micron Technology, Inc.,
4.98%, 02/06/2026		1,880,000		2,164,406
4.19%, 02/15/2027		5,683,000		6,469,897

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

16                         Invesco Corporate Bond Fund

	Principal Amount		Value
Semiconductors–(continued)
Skyworks Solutions, Inc., 3.00%, 06/01/2031	$	125,000	$	130,098
				48,726,417
Soft Drinks–0.08%
Coca-Cola Europacific Partners PLC (United Kingdom), 1.50%, 01/15/2027(b)		1,890,000		1,889,525
Coca-Cola FEMSA S.A.B. de C.V. (Mexico), 1.85%, 09/01/2032		155,000		150,296
Keurig Dr Pepper, Inc., 4.60%, 05/25/2028		250,000		293,599
				2,333,420
Sovereign Debt–1.72%
Banque Ouest Africaine de Developpement (Supranational), 5.00%, 07/27/2027(b)		8,000,000		8,985,200
Brazilian Government International Bond (Brazil)
3.75%, 09/12/2031		5,970,000		5,889,405
4.75%, 01/14/2050		4,807,000		4,560,689
Dominican Republic International Bond (Dominican Republic), 5.30%, 01/21/2041(b)		2,320,000		2,372,223
Egypt Government International Bond (Egypt),
3.88%, 02/16/2026(b)		3,583,000		3,520,075
5.88%, 02/16/2031(b)(c)		2,762,000		2,735,537
7.50%, 02/16/2061(b)		3,739,000		3,558,070
Ghana Government International Bond (Ghana), 7.75%, 04/07/2029(b)		3,282,000		3,323,455
Morocco Government International Bond (Morocco),
2.38%, 12/15/2027(b)		2,089,000		2,068,047
4.00%, 12/15/2050(b)		1,625,000		1,515,880
Oman Government International Bond (Oman),
4.88%, 02/01/2025(b)		995,000		1,045,054
6.25%, 01/25/2031(b)		1,140,000		1,246,120
7.00%, 01/25/2051(b)		1,215,000		1,270,619
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051(b)		3,149,000		3,234,779
Turkey Government International Bond (Turkey), 4.75%, 01/26/2026		4,475,000		4,473,134
				49,798,287
Specialized Consumer Services–0.02%
Carriage Services, Inc., 4.25%, 05/15/2029(b)		105,000		105,295
Terminix Co. LLC (The), 7.45%, 08/15/2027		463,000		554,607
				659,902
Specialized Finance–0.31%
Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025(b)(c)		5,927,000		6,415,214
National Rural Utilities Cooperative Finance Corp., 2.40%, 03/15/2030		2,421,000		2,508,352
				8,923,566

	Principal Amount		Value
Specialized REITs–0.84%
American Tower Corp.,
2.70%, 04/15/2031(c)	$	6,214,000	$	6,450,944
3.10%, 06/15/2050		4,779,000		4,753,050
Crown Castle International Corp., 2.50%, 07/15/2031		5,059,000		5,137,365
Equinix, Inc., 3.20%, 11/18/2029		120,000		129,207
Extra Space Storage L.P., 2.55%, 06/01/2031		2,338,000		2,377,372
SBA Communications Corp.,
4.88%, 09/01/2024		507,000		515,239
3.88%, 02/15/2027		255,000		265,335
3.13%, 02/01/2029(b)		4,949,000		4,868,678
				24,497,190
Specialty Chemicals–0.51%
Braskem Idesa S.A.P.I. (Mexico), 7.45%, 11/15/2029(b)		3,457,000		3,667,929
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		726,000		766,837
Sasol Financing USA LLC (South Africa),
4.38%, 09/18/2026		4,049,000		4,186,970
5.50%, 03/18/2031		5,790,000		6,130,336
				14,752,072
Steel–0.06%
Steel Dynamics, Inc., 3.25%, 01/15/2031		42,000		45,635
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		1,804,000		1,829,454
				1,875,089
Systems Software–0.79%
Camelot Finance S.A., 4.50%, 11/01/2026(b)		1,229,000		1,284,059
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		2,891,000		2,918,898
Oracle Corp.,
3.60%, 04/01/2050		11,262,000		11,769,360
3.85%, 04/01/2060		4,355,000		4,690,757
VMware, Inc., 2.20%, 08/15/2031		2,430,000		2,415,973
				23,079,047
Technology Distributors–0.08%
Avnet, Inc., 4.63%, 04/15/2026		2,079,000		2,333,087
Technology Hardware, Storage & Peripherals–0.49%
Apple, Inc.,
2.65%, 05/11/2050		4,304,000		4,271,671
2.80%, 02/08/2061		9,665,000		9,675,860
Western Digital Corp., 4.75%, 02/15/2026(c)		310,000		347,020
				14,294,551
Textiles–0.01%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025(b)		214,000		199,287
Thrifts & Mortgage Finance–0.02%
NMI Holdings, Inc., 7.38%, 06/01/2025(b)		444,000		502,830

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

17                         Invesco Corporate Bond Fund

	Principal Amount		Value
Tobacco–1.31%
Altria Group, Inc.,
4.40%, 02/14/2026	$	3,211,000	$	3,637,040
2.45%, 02/04/2032		5,509,000		5,387,553
3.40%, 02/04/2041		5,053,000		4,865,956
3.70%, 02/04/2051		14,457,000		14,066,952
4.00%, 02/04/2061		7,041,000		6,929,848
BAT Capital Corp. (United Kingdom),
2.26%, 03/25/2028		2,885,000		2,900,805
2.73%, 03/25/2031		143,000		142,652
				37,930,806
Trading Companies & Distributors–0.54%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045(b)(d)		8,383,000		9,102,597
Air Lease Corp., 3.00%, 09/15/2023		1,878,000		1,958,286
Aircastle Ltd.,
5.00%, 04/01/2023		534,000		569,201
4.40%, 09/25/2023		3,695,000		3,943,280
				15,573,364
Trucking–1.80%
Aviation Capital Group LLC.
4.13%, 08/01/2025(b)		5,168,000		5,604,751
3.50%, 11/01/2027(b)		14,740,000		15,650,302
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
1.20%, 11/15/2025(b)		1,885,000		1,876,066
3.40%, 11/15/2026(b)		405,000		443,047
Ryder System, Inc.,
4.63%, 06/01/2025		3,364,000		3,784,013
2.90%, 12/01/2026(c)		303,000		325,464
SMBC Aviation Capital Finance DAC (Ireland),
3.00%, 07/15/2022(b)		2,947,000		3,005,747
4.13%, 07/15/2023(b)		3,674,000		3,894,973
Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026(b)		6,078,000		6,135,536
3.15%, 06/15/2031(b)(c)		5,425,000		5,548,847
Uber Technologies, Inc., 4.50%, 08/15/2029(b)		6,022,000		5,937,421
				52,206,167
Wireless Telecommunication Services–2.50%
Rogers Communications, Inc. (Canada),
4.50%, 03/15/2043		330,000		388,374
5.00%, 03/15/2044		4,468,000		5,593,970
Sprint Capital Corp., 8.75%, 03/15/2032		315,000		482,914
Sprint Corp.,
7.88%, 09/15/2023		84,000		95,273
7.63%, 02/15/2025		394,000		466,890
7.63%, 03/01/2026		389,000		480,104
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,
4.74%, 03/20/2025(b)		10,280,625		10,997,185
5.15%, 03/20/2028(b)		10,994,000		12,674,983

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
T-Mobile USA, Inc.,
2.25%, 02/15/2026(b)	$	3,076,000	$	3,145,210
2.63%, 04/15/2026		3,413,000		3,511,124
2.63%, 02/15/2029		1,823,000		1,848,066
3.50%, 04/15/2031		925,000		986,050
4.50%, 04/15/2050		2,605,000		3,127,029
3.40%, 10/15/2052(b)		6,099,000		6,199,298
VEON Holdings B.V. (Netherlands),
4.00%, 04/09/2025(b)		3,605,000		3,807,871
3.38%, 11/25/2027(b)		3,762,000		3,833,196
Vodafone Group PLC (United Kingdom),
3.25%, 06/04/2081(d)		2,081,000		2,117,417
4.13%, 06/04/2081(d)		3,580,000		3,637,513
5.13%, 06/04/2081(d)		3,503,000		3,625,290
Xiaomi Best Time International Ltd. (China),
2.88%, 07/14/2031(b)		3,663,000		3,690,589
4.10%, 07/14/2051(b)		1,841,000		1,912,017
				72,620,363
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,325,431,240)				2,463,487,211
U.S. Treasury Securities–5.76%
U.S. Treasury Bills–0.37%
0.05%, 02/17/2022(i)(j)		10,749,000		10,746,729
U.S. Treasury Bonds–1.92%
1.75%, 08/15/2041		18,178,400		17,895,783
2.38%, 05/15/2051		34,240,500		37,822,377
				55,718,160
U.S. Treasury Notes–3.47%
0.38%, 08/15/2024		18,949,400		18,936,076
0.75%, 08/31/2026		54,261,000		54,201,652
1.13%, 08/31/2028		11,476,200		11,508,477
1.25%, 08/15/2031(c)		16,106,500		16,025,968
				100,672,173
Total U.S. Treasury Securities (Cost $167,519,549)				167,137,062
	Shares
Preferred Stocks–2.96%
Asset Management & Custody Banks–0.15%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(d)		4,016,000		4,423,624
Diversified Banks–1.64%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		100		146,800
Bank of America Corp., 6.50%, Series Z, Pfd.(c)(d)		4,158,000		4,698,540
Citigroup, Inc., 6.25%, Series T, Pfd.(d)		2,110,000		2,458,150
Citigroup, Inc., 5.00%, Series U, Pfd.(d)		7,500,000		7,912,500
Citigroup, Inc., 4.00%, Series W, Pfd.(d)		3,879,000		4,034,160
JPMorgan Chase & Co., 3.60%, Series I, Pfd.(g)		6,741,000		6,756,366
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		14,554		21,700,014
				47,706,530
Integrated Telecommunication Services–0.18%
AT&T, Inc., 2.88%, Series B, Pfd.(d)		4,400,000		5,266,935

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

18                         Invesco Corporate Bond Fund

	Shares		Value
Investment Banking & Brokerage–0.66%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.(d)		3,793,000	$	3,949,461
Goldman Sachs Group, Inc. (The), 5.00%, Series P, Pfd.(c)(d)		3,255,000		3,290,805
Morgan Stanley, 7.13%, Series E, Pfd.(d)		265,000		7,605,500
Morgan Stanley, 6.88%, Series F, Pfd.(d)		150,000		4,215,000
				19,060,766
Life & Health Insurance–0.11%
MetLife, Inc., 3.85%, Series G, Pfd.(c)(d)		3,104,000		3,266,960
Multi-Utilities–0.07%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.(c)(d)		1,866,000		1,974,461
Other Diversified Financial Services–0.06%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(d)		1,724,000		1,879,160
Regional Banks–0.09%
PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.(d)		95,000		2,470,950
Total Preferred Stocks (Cost $78,436,208)				86,049,386
	Principal Amount
Variable Rate Senior Loan Interests–1.41%(k)(l)
Diversified REITs–0.25%
Asterix, Inc. (Canada), Term Loan, 3.90%, 09/01/2021(m)		$8,984,719		7,219,680
Health Care Supplies–1.16%
Medline Industries, Inc., Term Loan,
0.13%, 08/04/2022		6,740,000		6,740,000
0.13%, 08/04/2022		26,961,000		26,961,000
				33,701,000
Total Variable Rate Senior Loan Interests (Cost $40,420,557)				40,920,680
Asset-Backed Securities–0.89%
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047(b)		4,221,971		4,581,689
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)		10,575,181		11,330,194
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		2,550,000		2,561,549
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b)		2,510,000		2,523,751
Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048(b)		4,390,750		4,700,108
Total Asset-Backed Securities (Cost $24,396,044)				25,697,291
Non-U.S. Dollar Denominated Bonds & Notes–0.27%(n)
Building Products–0.01%
Maxeda DIY Holding B.V. (Netherlands), 5.88%, 10/01/2026(b)	EUR	411,000		502,186

	Principal Amount		Value
Food Retail–0.02%
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025(b)	GBP	385,000	$	517,472
Movies & Entertainment–0.13%
Netflix, Inc., 3.88%, 11/15/2029(b)	EUR	2,600,000		3,723,869
Sovereign Debt–0.11%
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2030(b)	EUR	2,765,000		3,122,431
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $6,975,402)				7,865,958
Municipal Obligations–0.23%
California State University, Series 2021 B, Ref. RB, 2.72%, 11/01/2052	$	2,340,000		2,325,234
Series 2021-B, Ref. RB, 2.94%, 11/01/2052		3,495,000		3,515,219
Florida Development Finance Corp. (Palm Bay Academy, Inc.),
Series 2017, Ref. RB, 9.00%, 05/15/2024(b)		735,000		740,326
Series 2017, Ref. RB, 0.00%, 05/15/2037(b)(f)(m)		360,000		4
Series 2017, Ref. RB, 0.00%, 05/15/2037(b)(f)(m)		350,000		70,000
Total Municipal Obligations (Cost $6,904,186)				6,650,783
	Shares
Exchange-Traded Funds–0.20%
Invesco Total Return Bond ETF (Cost $ 5,830,000)(o)		100,000		5,743,000
Money Market Funds–3.60%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(o)(p)		35,841,512		35,841,512
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(o)(p)		27,732,242		27,743,334
Invesco Treasury Portfolio, Institutional Class, 0.01%(o)(p)		40,961,728		40,961,728
Total Money Market Funds (Cost $104,546,574)				104,546,574
Options Purchased–0.09% (Cost $3,356,446)(q)				2,698,906
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.27% (Cost $2,763,816,206)				2,910,796,851
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.84%
Invesco Private Government Fund, 0.02%(o)(p)(r)		33,077,327		33,077,327

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

19                         Invesco Corporate Bond Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%(o)(p)(r)		78,424,180	$	78,455,550
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $111,532,877)				111,532,877
TOTAL INVESTMENTS IN SECURITIES-104.11% (Cost $2,875,349,083)				3,022,329,728
OTHER ASSETS LESS LIABILITIES-(4.11)%				(119,294,700	)
NET ASSETS–100.00%			$	2,903,035,028

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

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $926,162,608, which represented 31.90% of the Fund’s Net Assets.

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

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

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

^(f)  Zero coupon bond issued at a discount.

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

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

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

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

^(k)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(l)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

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

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

^(o)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2021.

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

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

20                         Invesco Corporate Bond Fund

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

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

^(q) The table below details options purchased.

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

Open Exchange-Traded Equity Options Purchased

Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value*		Value
Equity Risk
Alphabet, Inc.		Call		06/17/2022		3	USD	2,950.00	USD		885,000	$	74,760
Amazon.com, Inc.		Call		06/17/2022		1	USD	3,900.00	USD		390,000		17,643
Apple, Inc.		Call		06/17/2022		20	USD	160.00	USD		320,000		23,161
Energy Select Sector SPDR Fund		Call		06/17/2022		2,665	USD	57.00	USD		15,190,500		413,075
Microsoft Corp.		Call		06/17/2022		19	USD	310.00	USD		589,000		42,037
Total Open Exchange-Traded Equity Options Purchased						2,708						$	570,676

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

Open Exchange-Traded Index Options Purchased

Description

Type of Contract

Expiration Date

Number of Contracts

Exercise Price

Notional Value*

Value

Equity Risk

S&P 500 Index

Call

05/20/2022

78

USD 4,500.00

USD 35,100,000

$

2,128,230

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

Open Exchange-Traded Equity Options Written

Description

Type of Contract

Expiration Date

Number of Contracts

Exercise Price

Premiums Received

Notional Value*

Value

Unrealized Appreciation

Equity Risk

Energy Select Sector SPDR Fund

Call

06/17/2022

2,665

USD 70.00

$(418,311)

USD 18,655,000

$(89,278)

$329,033

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

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

Counterparty

Type of Contract

Exercise Rate

Reference Entity

(Pay)/ Receive Fixed Rate

Payment Frequency

Expiration Date

Implied Credit Spread(b)

Premiums Received

Notional Value

Value

Unrealized Appreciation

Credit Risk

Goldman Sachs International

Put

108.00

%

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

5.00%

Quarterly

09/15/2021

2.770%

$(411,119) USD

(63,249,000)

$(46,101)

$365,018

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

^(b) Implied credit spreads represent the current level, as of August 31, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		1,913	December-2021	$	421,487,705	$	283,962		$	283,962
U.S. Treasury 5 Year Notes		2,020	December-2021		249,911,875		316,192			316,192
U.S. Treasury 10 Year Notes		833	December-2021		111,166,453		31,281			31,281
U.S. Treasury Long Bonds		104	December-2021		16,948,750		(53,625	)		(53,625	)
Subtotal-Long Futures Contracts							577,810			577,810

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

21                         Invesco Corporate Bond Fund

Open Futures Contracts-(continued)
Short Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value		Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Ultra Notes		1,893	December-2021	$	(280,193,578	)	$	169,734	$	169,734
U.S. Treasury Ultra Bonds		551	December-2021		(108,701,969	)		413,414		413,414
Subtotal-Short Futures Contracts								583,148		583,148
Total Futures Contracts							$	1,160,958	$	1,160,958

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
11/17/2021	Goldman Sachs International	CAD	11,500,000	USD	9,147,362	$	33,413
11/17/2021	Goldman Sachs International	GBP	350,000	USD	484,978		3,715
Subtotal-Appreciation							37,128
Currency Risk
11/17/2021	Canadian Imperial Bank of Commerce	EUR	9,680,000	USD	11,367,138		(79,417	)
11/17/2021	Citibank, N.A.	EUR	850,000	USD	998,113		(7,009	)
Subtotal-Depreciation							(86,426	)
Total Forward Foreign Currency Contracts							$(49,298	)

Abbreviations:

CAD -Canadian Dollar

EUR -Euro

GBP -British Pound Sterling

USD -U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of August 31, 2021

U.S. Dollar Denominated Bonds & Notes	84.86%
U.S. Treasury Securities	5.76
Preferred Stocks	2.96
Variable Rate Senior Loan Interests	1.41
Security Types Each Less Than 1% of Portfolio	1.59
Money Market Funds Plus Other Assets Less Liabilities	3.42

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

22                         Invesco Corporate Bond Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $2,653,439,632)*	$	2,800,507,277
Investments in affiliates, at value (Cost $221,909,451)		221,822,451
Other investments:
Variation margin receivable – futures contracts		958,361
Unrealized appreciation on forward foreign currency contracts outstanding		37,128
Deposits with brokers:
Cash collateral – OTC Derivatives		360,000
Foreign currencies, at value (Cost $5,098,315)		5,113,680
Receivable for:
Investments sold		4,827,853
Fund shares sold		7,627,408
Dividends		273,579
Interest		22,077,054
Investment for trustee deferred compensation and retirement plans		237,111
Other assets		166,359
Total assets		3,064,008,261
Liabilities:
Other investments:
Options written, at value (premiums received $829,430)		135,379
Unrealized depreciation on forward foreign currency contracts outstanding		86,426
Payable for:
Investments purchased		43,257,049
Dividends		994,464
Fund shares reacquired		2,904,190
Amount due custodian		704,110
Collateral upon return of securities loaned		111,532,877
Accrued fees to affiliates		823,836
Accrued trustees’ and officers’ fees and benefits		2,494
Accrued other operating expenses		269,554
Trustee deferred compensation and retirement plans		262,854
Total liabilities		160,973,233
Net assets applicable to shares outstanding	$	2,903,035,028

Net assets consist of:
Shares of beneficial interest	$	2,704,044,835
Distributable earnings		198,990,193
	$	2,903,035,028
Net Assets:
Class A	$	1,391,837,198
Class C	$	61,739,240
Class R	$	12,992,377
Class Y	$	552,689,779
Class R5	$	18,204,915
Class R6	$	865,571,519
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		175,227,167
Class C		7,714,693
Class R		1,634,791
Class Y		69,431,214
Class R5		2,288,881
Class R6		108,722,076
Class A:
Net asset value per share	$	7.94
Maximum offering price per share (Net asset value of $7.94 ÷ 95.75%)	$	8.29
Class C: Net asset value and offering price per share	$	8.00
Class R: Net asset value and offering price per share	$	7.95
Class Y: Net asset value and offering price per share	$	7.96
Class R5: Net asset value and offering price per share	$	7.95
Class R6: Net asset value and offering price per share	$	7.96

* At August 31, 2021, securities with an aggregate value of $108,578,948 were on loan to brokers.

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

23                         Invesco Corporate Bond Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $(3,609))	$	44,514,283
Dividends		987,056
Dividends from affiliates (includes securities lending income of $66,475)		124,128
Total investment income		45,625,467
Expenses:
Advisory fees		3,968,082
Administrative services fees		182,687
Custodian fees		10,666
Distribution fees:
Class A		1,694,017
Class C		316,021
Class R		30,837
Transfer agent fees — A, C, R and Y		1,248,632
Transfer agent fees — R5		8,518
Transfer agent fees — R6		55,547
Trustees’ and officers’ fees and benefits		24,382
Registration and filing fees		108,331
Reports to shareholders		114,679
Professional services fees		56,376
Other		25,854
Total expenses		7,844,629
Less: Fees waived and/or expense offset arrangement(s)		(21,898	)
Net expenses		7,822,731
Net investment income		37,802,736
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		17,621,206
Affiliated investment securities		99
Foreign currencies		(48,227	)
Forward foreign currency contracts		378,764
Futures contracts		(10,117,984	)
Option contracts written		596,564
Swap agreements		(348,856	)
		8,081,566
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		40,731,318
Affiliated investment securities		56,900
Foreign currencies		9,835
Forward foreign currency contracts		(117,868	)
Futures contracts		(274,550	)
Option contracts written		572,650
		40,978,285
Net realized and unrealized gain		49,059,851
Net increase in net assets resulting from operations	$	86,862,587

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

24                         Invesco Corporate Bond Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31, 2021			February 28, 2021
Operations:
Net investment income	$	37,802,736		$	69,397,448
Net realized gain		8,081,566			100,097,393
Change in net unrealized appreciation (depreciation)		40,978,285			(34,247,244	)
Net increase in net assets resulting from operations		86,862,587			135,247,597
Distributions to shareholders from distributable earnings:
Class A		(18,500,051	)		(75,965,080	)
Class C		(626,623	)		(3,630,108	)
Class R		(152,808	)		(673,911	)
Class Y		(7,254,037	)		(26,565,725	)
Class R5		(267,039	)		(714,077	)
Class R6		(11,784,558	)		(37,802,611	)
Total distributions from distributable earnings		(38,585,116	)		(145,351,512	)
Share transactions–net:
Class A		25,715,725			121,480,031
Class C		(4,722,853	)		(1,174,577	)
Class R		949,235			(531,997	)
Class Y		46,950,115			157,159,060
Class R5		3,415,114			6,083,742
Class R6		173,692,030			121,518,498
Net increase in net assets resulting from share transactions		245,999,366			404,534,757
Net increase in net assets		294,276,837			394,430,842
Net assets:
Beginning of period		2,608,758,191			2,214,327,349
End of period	$	2,903,035,028		$	2,608,758,191

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

25                         Invesco Corporate Bond Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations			Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/21		$	7.80		$	0.11		$	0.14			$	0.25		$	(0.11	)		$	–			$	(0.11	)		$	7.94		3.20	%		$	1,391,837		0.71	%(d)		0.71	%(d)		2.67	%(d)		72	%
Year ended 02/28/21			7.80			0.22			0.25				0.47			(0.24	)			(0.23	)			(0.47	)			7.80		6.14				1,342,071		0.74			0.74			2.87			182
Year ended 02/29/20			7.02			0.25			0.80				1.05			(0.27	)			–				(0.27	)			7.80		15.20				1,224,248		0.80			0.80			3.30			192
Year ended 02/28/19			7.20			0.28			(0.17	)			0.11			(0.29	)			(0.00	)			(0.29	)			7.02		1.65				968,160		0.83			0.83			4.00			145
Year ended 02/28/18			7.31			0.26			(0.06	)			0.20			(0.27	)			(0.04	)			(0.31	)			7.20		2.68				1,001,173		0.85			0.85			3.58			180
Year ended 02/28/17			6.89			0.26			0.42				0.68			(0.26	)			–				(0.26	)			7.31		9.97				948,305		0.90			0.90			3.60			212
Class C
Six months ended 08/31/21			7.86			0.08			0.14				0.22			(0.08	)			–				(0.08	)			8.00		2.80				61,739		1.46	(d)		1.46	(d)		1.92	(d)		72
Year ended 02/28/21			7.87			0.17			0.24				0.41			(0.19	)			(0.23	)			(0.42	)			7.86		5.23				65,404		1.49			1.49			2.12			182
Year ended 02/29/20			7.08			0.19			0.82				1.01			(0.22	)			–				(0.22	)			7.87		14.43				66,662		1.55			1.55			2.55			192
Year ended 02/28/19			7.26			0.23			(0.17	)			0.06			(0.24	)			(0.00	)			(0.24	)			7.08		0.91	(e)			37,280		1.53	(e)		1.53	(e)		3.30	(e)		145
Year ended 02/28/18			7.36			0.21			(0.06	)			0.15			(0.21	)			(0.04	)			(0.25	)			7.26		2.07	(e)			82,939		1.58	(e)		1.58	(e)		2.85	(e)		180
Year ended 02/28/17			6.92			0.21			0.42				0.63			(0.19	)			–				(0.19	)			7.36		9.17				85,127		1.65			1.65			2.85			212
Class R
Six months ended 08/31/21			7.81			0.10			0.14				0.24			(0.10	)			–				(0.10	)			7.95		3.07				12,992		0.96	(d)		0.96	(d)		2.42	(d)		72
Year ended 02/28/21			7.81			0.20			0.25				0.45			(0.22	)			(0.23	)			(0.45	)			7.81		5.87				11,819		0.99			0.99			2.62			182
Year ended 02/29/20			7.02			0.23			0.81				1.04			(0.25	)			–				(0.25	)			7.81		15.06				12,435		1.05			1.05			3.05			192
Year ended 02/28/19			7.21			0.26			(0.17	)			0.09			(0.28	)			(0.00	)			(0.28	)			7.02		1.30				6,889		1.08			1.08			3.75			145
Year ended 02/28/18			7.31			0.25			(0.06	)			0.19			(0.25	)			(0.04	)			(0.29	)			7.21		2.57				7,196		1.10			1.10			3.33			180
Year ended 02/28/17			6.89			0.24			0.42				0.66			(0.24	)			–				(0.24	)			7.31		9.70				6,742		1.15			1.15			3.35			212
Class Y
Six months ended 08/31/21			7.82			0.12			0.14				0.26			(0.12	)			–				(0.12	)			7.96		3.32				552,690		0.46	(d)		0.46	(d)		2.92	(d)		72
Year ended 02/28/21			7.82			0.24			0.25				0.49			(0.26	)			(0.23	)			(0.49	)			7.82		6.40				497,643		0.49			0.49			3.12			182
Year ended 02/29/20			7.03			0.27			0.81				1.08			(0.29	)			–				(0.29	)			7.82		15.62				343,580		0.55			0.55			3.55			192
Year ended 02/28/19			7.22			0.30			(0.18	)			0.12			(0.31	)			(0.00	)			(0.31	)			7.03		1.76				86,657		0.58			0.58			4.25			145
Year ended 02/28/18			7.32			0.28			(0.05	)			0.23			(0.29	)			(0.04	)			(0.33	)			7.22		3.08				87,895		0.60			0.60			3.83			180
Year ended 02/28/17			6.90			0.28			0.42				0.70			(0.28	)			–				(0.28	)			7.32		10.23				235,464		0.65			0.65			3.85			212
Class R5
Six months ended 08/31/21			7.81			0.12			0.14				0.26			(0.12	)			–				(0.12	)			7.95		3.35				18,205		0.43	(d)		0.43	(d)		2.95	(d)		72
Year ended 02/28/21			7.81			0.25			0.24				0.49			(0.26	)			(0.23	)			(0.49	)			7.81		6.45				14,418		0.44			0.44			3.17			182
Year ended 02/29/20			7.03			0.27			0.80				1.07			(0.29	)			–				(0.29	)			7.81		15.55				8,537		0.49			0.49			3.61			192
Year ended 02/28/19			7.21			0.30			(0.17	)			0.13			(0.31	)			(0.00	)			(0.31	)			7.03		2.00				6,841		0.49			0.49			4.34			145
Year ended 02/28/18			7.31			0.29			(0.06	)			0.23			(0.29	)			(0.04	)			(0.33	)			7.21		3.16				3,829		0.53			0.53			3.90			180
Year ended 02/28/17			6.89			0.29			0.42				0.71			(0.29	)			–				(0.29	)			7.31		10.34				5,222		0.56			0.56			3.94			212
Class R6
Six months ended 08/31/21			7.82			0.12			0.14				0.26			(0.12	)			–				(0.12	)			7.96		3.39				865,572		0.35	(d)		0.35	(d)		3.03	(d)		72
Year ended 02/28/21			7.82			0.25			0.25				0.50			(0.27	)			(0.23	)			(0.50	)			7.82		6.54				677,403		0.36			0.36			3.25			182
Year ended 02/29/20			7.04			0.28			0.80				1.08			(0.30	)			–				(0.30	)			7.82		15.62				558,866		0.41			0.41			3.69			192
Year ended 02/28/19			7.22			0.31			(0.17	)			0.14			(0.32	)			(0.00	)			(0.32	)			7.04		2.01				388,221		0.43			0.43			4.40			145
Year ended 02/28/18			7.32			0.30			(0.06	)			0.24			(0.30	)			(0.04	)			(0.34	)			7.22		3.25				413,844		0.44			0.44			3.99			180
Year ended 02/28/17			6.90			0.29			0.42				0.71			(0.29	)			–				(0.29	)			7.32		10.43				29,232		0.47			0.47			4.03			212

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.95% and 0.98% for the years ended February 28, 2019 and 2018, respectively.

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

26                         Invesco Corporate Bond Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s primary investment objective is to seek to provide current income with preservation of capital. Capital appreciation is a secondary objective that is sought only when consistent with the Fund’s primary investment objective.

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

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

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

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

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

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

27                         Invesco Corporate Bond Fund

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

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

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

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

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. 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 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.

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

28                         Invesco Corporate Bond Fund

exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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 covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

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

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

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

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

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

29                         Invesco Corporate Bond Fund

daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of August 31, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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

Q. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

S. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

30                         Invesco Corporate Bond Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 500 million		0.420%
Next $750 million		0.350%
Over $1.25 billion		0.220%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.29%.

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 June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $20,258.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A, Class C and Class R shares. The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.50% of the Fund’s average daily net assets of Class R shares. The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 25% of the Fund’s average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the Fund’s average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund.

For the six months ended August 31, 2021, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $94,534 in front-end sales commissions from the sale of Class A shares and $8,568 and $2,862 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

31                         Invesco Corporate Bond Fund

The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	2,463,487,211		$	–	$	2,463,487,211
U.S. Treasury Securities		–			167,137,062			–		167,137,062
Preferred Stocks		36,138,264			49,911,122			–		86,049,386
Variable Rate Senior Loan Interests		–			33,701,000			7,219,680		40,920,680
Asset-Backed Securities		–			25,697,291			–		25,697,291
Non-U.S. Dollar Denominated Bonds & Notes		–			7,865,958			–		7,865,958
Municipal Obligations		–			6,580,779			70,004		6,650,783
Exchange-Traded Funds		5,743,000			–			–		5,743,000
Money Market Funds		104,546,574			111,532,877			–		216,079,451
Options Purchased		2,698,906			–			–		2,698,906
Total Investments in Securities		149,126,744			2,865,913,300			7,289,684		3,022,329,728
Other Investments - Assets*
Futures Contracts		1,214,583			–			–		1,214,583
Forward Foreign Currency Contracts		–			37,128			–		37,128
		1,214,583			37,128			–		1,251,711
Other Investments - Liabilities*
Futures Contracts		(53,625	)		–			–		(53,625	)
Forward Foreign Currency Contracts		–			(86,426	)		–		(86,426	)
Options Written		(89,278	)		(46,101	)		–		(135,379	)
		(142,903	)		(132,527	)		–		(275,430	)
Total Other Investments		1,071,680			(95,399	)		–		976,281
Total Investments	$	150,198,424		$	2,865,817,901		$	7,289,684	$	3,023,306,009

* Futures contracts and forward foreign currency contracts are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2021:

	Value
Derivative Assets	Credit       Risk		Currency   Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts - Exchange-Traded(a)	$	-	$	-	$	-		$	1,214,583		$	1,214,583
Unrealized appreciation on forward foreign currency contracts outstanding		-		37,128		-			-			37,128
Options purchased, at value - Exchange-Traded(b)		-		-		2,698,906			-			2,698,906
Total Derivative Assets		-		37,128		2,698,906			1,214,583			3,950,617
Derivatives not subject to master netting agreements		-		-		(2,698,906	)		(1,214,583	)		(3,913,489	)
Total Derivative Assets subject to master netting agreements	$	-	$	37,128	$	-		$	-		$	37,128

	Value
Derivative Liabilities	Credit       Risk			Currency   Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts - Exchange-Traded(a)	$	-		$	-		$	-		$	(53,625	)	$	(53,625	)
Unrealized depreciation on forward foreign currency contracts outstanding		-			(86,426	)		-			-			(86,426	)
Options written, at value - Exchange-Traded		-			-			(89,278	)		-			(89,278	)
Options written, at value - OTC		(46,101	)		-			-			-			(46,101	)
Total Derivative Liabilities		(46,101	)		(86,426	)		(89,278	)		(53,625	)		(275,430	)
Derivatives not subject to master netting agreements		-			-			89,278			53,625			142,903
Total Derivative Liabilities subject to master netting agreements	$	(46,101	)	$	(86,426	)	$	-		$	-		$	(132,527	)

32                         Invesco Corporate Bond Fund

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

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2021.

	Financial Derivative Assets		Financial Derivative Liabilities												Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Options Written			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Canadian Imperial Bank of Commerce		$         –		$(79,417	)		$          –			$ (79,417)			$(79,417	)		$–		$        –		$(79,417	)
Citibank, N.A.		–		(7,009	)		–			(7,009	)		(7,009	)		–		–		(7,009	)
Goldman Sachs International		37,128		–			(46,101	)		(46,101	)		(8,973	)		–		8,973		–
Total		$37,128		$(86,426	)		$(46,101	)		$(132,527	)		$(95,399	)		$–		$8,973		$(86,426	)

Effect of Derivative Investments for the six months ended August 31, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk			Equity Risk		Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	378,764		$	-	$	-		$	378,764
Futures contracts		-			-			-		(10,117,984	)		(10,117,984	)
Options purchased(a)		-			-			2,766,782		-			2,766,782
Options written		-			-			264,406		332,158			596,564
Swap agreements		(348,856	)		-			-		-			(348,856	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(117,868	)		-		-			(117,868	)
Futures contracts		-			-			-		(274,550	)		(274,550	)
Options purchased(a)		-			-			848,237		-			848,237
Options written		365,018			-			207,632		-			572,650
Total	$	16,162		$	260,896		$	4,087,057	$	(10,060,376	)	$	(5,696,261	)

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

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

	Forward Foreign Currency Contracts		Futures Contracts		Equity Options Purchased		Index Options Purchased		Equity Options Written		Swaptions Written		Swap Agreements
Average notional value	$	22,191,672	$	1,219,481,820	$	29,964,875	$	35,372,500	$	34,509,500	$	58,850,500	$	57,132,104
Average Contracts		–		–		5,571		83		5,530		–		–

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,640.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

33                         Invesco Corporate Bond Fund

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of February 28, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $1,067,291,924 and $915,152,482, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	155,126,759
Aggregate unrealized (depreciation) of investments		(11,272,192	)
Net unrealized appreciation of investments	$	143,854,567

Cost of investments for tax purposes is $2,879,451,442.

NOTE 10-Share Information

	Summary of Share Activity
	Six months ended August 31, 2021(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		15,499,096		$	121,362,655			42,426,949		$	329,987,090
Class C		611,974			4,828,851			3,264,279			25,393,841
Class R		337,835			2,644,078			773,452			5,957,853
Class Y		24,199,875			189,914,501			57,457,299			442,795,202
Class R5		713,539			5,526,662			1,104,999			8,728,618
Class R6		31,118,277			244,014,508			27,744,665			216,580,860
Issued as reinvestment of dividends:
Class A		2,032,039			15,929,446			8,590,964			67,200,792
Class C		60,639			478,825			373,451			2,949,384
Class R		19,419			152,345			85,384			667,766
Class Y		653,701			5,141,639			2,560,753			20,141,227
Class R5		33,902			266,215			90,723			712,329
Class R6		1,371,836			10,789,538			4,509,781			35,354,372
Automatic conversion of Class C shares to Class A shares:
Class A		270,936			2,119,114			1,357,383			10,710,890
Class C		(268,918	)		(2,119,114	)		(1,345,849	)		(10,710,890	)

34                         Invesco Corporate Bond Fund

	Summary of Share Activity
	Six months ended August 31, 2021(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(14,561,988	)	$	(113,695,490	)		(37,298,221	)	$	(286,418,741	)
Class C		(1,006,302	)		(7,911,415	)		(2,449,613	)		(18,806,912	)
Class R		(236,171	)		(1,847,188	)		(937,974	)		(7,157,616	)
Class Y		(19,055,990	)		(148,106,025	)		(40,319,234	)		(305,777,369	)
Class R5		(303,683	)		(2,377,763	)		(443,245	)		(3,357,205	)
Class R6		(10,371,057	)		(81,112,016	)		(17,109,553	)		(130,416,734	)
Net increase in share activity		31,118,959		$	245,999,366			50,436,393		$	404,534,757

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 67% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

35                         Invesco Corporate Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning       Account Value       (03/01/21)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized             Expense      Ratio
			Ending       Account Value       (08/31/21)1		Expenses       Paid During       Period2		Ending       Account Value       (08/31/21)		Expenses     Paid During       Period2
Class A		$1,000.00		$1,032.00		$3.64		$1,021.63		$3.62		0.71	%
Class C		1,000.00		1,028.00		7.46		1,017.85		7.43		1.46
Class R		1,000.00		1,030.70		4.91		1,020.37		4.89		0.96
Class Y		1,000.00		1,033.20		2.36		1,022.89		2.35		0.46
Class R5		1,000.00		1,033.50		2.20		1,023.04		2.19		0.43
Class R6		1,000.00		1,033.90		1.79		1,023.44		1.79		0.35

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

36                         Invesco Corporate Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Corporate Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Credit Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

37                         Invesco Corporate Bond Fund

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

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board requested and received additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that

Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

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

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

38                         Invesco Corporate Bond Fund

(This page intentionally left blank)

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

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

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

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

SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc.         VK-CBD-SAR-1

Semiannual Report to Shareholders	August 31, 2021
Invesco Global Real Estate Fund
Nasdaq:
A: AGREX ∎ C: CGREX ∎ R: RGREX ∎ Y: ARGYX ∎ R5: IGREX ∎ R6: FGREX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses
19	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	16.40%
Class C Shares	15.96
Class R Shares	16.27
Class Y Shares	16.56
Class R5 Shares	16.60
Class R6 Shares	16.65
MSCI World Index▼ (Broad Market Index)	16.14
Custom Invesco Global Real Estate Index∎ (Style-Specific Index)	16.29
Lipper Global Real Estate Funds Classification Averaget (Peer Group)	18.32
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; t Lipper Inc.
The MSCI World IndexSM 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 Index is composed of the FTSE EPRA/NAREIT Developed Index (gross) from fund inception through February 17, 2005; the FTSE EPRA/ NAREIT Developed Index (net) from February 18, 2005, through June 30, 2014; the FTSE EPRA NAREIT Global Index (Net) from July 1, 2014 through June 30, 2021, and the FTSE EPRA NAREIT Developed Index (Net) from July 1, 2021 onward. The FTSE EPRA/NAREIT Developed index is considered representative of global real estate companies and REITs. The FTSE EPRA/NAREIT Global Index is designed to track the performance of listed real estate companies and REITS in developed and emerging markets. The net version of indexes is computed using the net return, which withholds taxes for non-resident investors. The Lipper Global Real Estate Funds Classification Average represents an average of all funds in the Lipper Global Real Estate Funds classification. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                                 Invesco Global Real Estate Fund

Average Annual Total Returns
As of 8/31/21, including maximum applicable  sales charges
Class A Shares
Inception (4/29/05)	5.35	%
10 Years	6.03
5 Years	3.58
1 Year	18.29
Class C Shares
Inception (4/29/05)	5.33	%
10 Years	6.00
5 Years	3.97
1 Year	23.39
Class R Shares
Inception (4/29/05)	5.45	%
10 Years	6.36
5 Years	4.47
1 Year	24.93
Class Y Shares
Inception (10/3/08)	6.62	%
10 Years	6.90
5 Years	5.01
1 Year	25.56
Class R5 Shares
Inception (4/29/05)	6.20	%
10 Years	7.12
5 Years	5.14
1 Year	25.84
Class R6 Shares
10 Years	7.12	%
5 Years	5.22
1 Year	25.94

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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.

3                                 Invesco Global Real Estate Fund

Liquidity Risk Management Program

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

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

without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4                                 Invesco Global Real Estate Fund

Schedule of Investments

August 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-99.50%
Australia–3.09%
Goodman Group		190,414	$	3,227,382
Mirvac Group		2,060,357		4,707,099
National Storage REIT		1,159,247		1,980,542
NEXTDC Ltd.(a)		193,938		1,870,391
Stockland		1,317,250		4,439,892
				16,225,306
Belgium–1.69%
Aedifica S.A.		14,867		2,186,374
Cofinimmo S.A.		21,426		3,543,272
Montea N.V.		21,145		3,138,410
				8,868,056
Canada–3.55%
Allied Properties REIT		192,596		6,608,395
Chartwell Retirement Residences		403,886		4,123,213
Killam Apartment REIT		167,413		2,854,241
Summit Industrial Income REIT		297,546		5,049,308
				18,635,157
France–2.26%
Covivio		38,576		3,674,639
Gecina S.A.		33,492		5,205,337
ICADE		34,453		2,959,315
				11,839,291
Germany–5.23%
Aroundtown S.A.		803,303		6,151,032
Sirius Real Estate Ltd.		2,081,729		3,572,284
Vonovia SE		262,470		17,709,479
				27,432,795
Hong Kong–4.52%
Hongkong Land Holdings Ltd.		757,600		3,179,021
Kerry Properties Ltd.		1,025,000		3,491,040
Link REIT		736,900		6,785,557
Sun Hung Kai Properties Ltd.		609,100		8,575,048
Wharf Real Estate Investment Co. Ltd.		347,000		1,717,884
				23,748,550
Italy–0.62%
Infrastrutture Wireless Italiane S.p.A.(b)		272,123		3,237,071
Japan–’8.38%
Activia Properties, Inc.		402		1,684,609
Advance Residence Investment Corp.		464		1,579,168
Japan Metropolitan Fund Investment Corp.		2,046		1,987,101
Japan Prime Realty Investment Corp.		693		2,591,265
Japan Real Estate Investment Corp.		479		2,964,066
Kenedix Office Investment Corp.		244		1,791,824
LaSalle Logiport REIT		1,084		1,891,728
Mitsubishi Estate Co. Ltd.		405,900		6,344,538
Mitsui Fudosan Co. Ltd.		287,100		6,579,549
Mitsui Fudosan Logistics Park, Inc.		539		3,193,512
Nippon Accommodations Fund, Inc.		254		1,525,872

	Shares		Value
Japan-(continued)
Nippon Building Fund, Inc.		636	$	4,132,622
Nippon Prologis REIT, Inc.		606		2,184,144
Nomura Real Estate Master Fund, Inc.		1,521		2,345,532
Sumitomo Realty & Development Co. Ltd.		30,000		967,600
Tokyo Tatemono Co. Ltd.		25,800		394,770
Tokyu Fudosan Holdings Corp.		310,100		1,793,645
				43,951,545
Malta–0.00%
BGP Holdings PLC(b)(c)		9,888,325		12
Singapore–2.66%
Ascendas India Trust		559,400		602,673
Ascendas REIT		523,500		1,182,800
CapitaLand Integrated Commercial Trust		2,890,200		4,422,843
City Developments Ltd.		291,600		1,481,265
Mapletree Commercial Trust		1,314,800		1,982,537
Mapletree Industrial Trust		1,977,280		4,295,456
				13,967,574
Spain–1.27%
Aena SME S.A.(a)(b)		13,249		2,114,506
Cellnex Telecom S.A.(b)		66,581		4,557,335
				6,671,841
Sweden–2.44%
Fabege AB		154,467		2,803,978
Samhallsbyggnadsbolaget i Norden AB, Class B		825,684		4,722,151
Wihlborgs Fastigheter AB		216,345		5,265,207
				12,791,336
United Kingdom–4.41%
Derwent London PLC		66,032		3,439,729
Grainger PLC		523,202		2,299,684
Safestore Holdings PLC		247,250		3,925,217
Segro PLC		515,722		9,105,545
Tritax Big Box REIT PLC		1,340,148		4,367,831
				23,138,006
United States–59.38%
American Homes 4 Rent, Class A		18,744		786,123
Americold Realty Trust(d)		224,657		8,253,898
Apple Hospitality REIT, Inc.		347,311		5,133,257
AvalonBay Communities, Inc.		98,209		22,546,822
Brandywine Realty Trust		125,138		1,736,915
Brixmor Property Group, Inc.		202,487		4,748,320
Camden Property Trust		35,745		5,363,180
Columbia Property Trust, Inc.		164,738		2,754,419
CyrusOne, Inc.		101,466		7,810,853
DiamondRock Hospitality Co.(a)		346,388		3,131,348
Digital Realty Trust, Inc.		29,719		4,871,241
Duke Realty Corp.		239,821		12,593,001
Equinix, Inc.		18,653		15,732,873
Essential Properties Realty Trust, Inc.		152,796		4,952,118
First Industrial Realty Trust, Inc.		91,121		5,101,865
Highwoods Properties, Inc.		40,263		1,839,616

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

5                                 Invesco Global Real Estate Fund

	Shares		Value
United States–(continued)
Host Hotels & Resorts, Inc.(a)		53,657	$	888,560
Invitation Homes, Inc.		497,386		20,482,355
JBG SMITH Properties		143,898		4,335,647
Life Storage, Inc.		55,299		6,881,408
Mid-America Apartment Communities, Inc.		75,945		14,609,540
NETSTREIT Corp.		69,774		1,804,356
Outfront Media, Inc.(a)		123,537		3,058,776
PotlatchDeltic Corp.		21,590		1,121,601
Prologis, Inc.		192,022		25,857,683
Regency Centers Corp.		61,004		4,186,094
Rexford Industrial Realty, Inc.		167,135		10,350,671
RLJ Lodging Trust		482,162		6,957,598
Ryman Hospitality Properties, Inc.(a)		92,375		7,673,591
Simon Property Group, Inc.		59,277		7,969,793
SITE Centers Corp.		307,676		4,956,660
Sunstone Hotel Investors, Inc.(a)		399,409		4,629,150
UDR, Inc.		369,970		19,985,779
Urban Edge Properties		246,207		4,663,161
Ventas, Inc.		267,665		14,973,180
VICI Properties, Inc.(d)		355,756		10,996,418
Welltower, Inc.		288,213		25,227,284

	Shares		Value
United States–(continued)
Xenia Hotels & Resorts, Inc.(a)		150,275	$	2,617,790
				311,582,944
Total Common Stocks & Other Equity Interests (Cost $419,591,722)				522,089,484
TOTAL INVESTMENTS IN SECURITIES
(excluding Investments purchased with cash collateral from securities on loan)-99.50% (Cost $419,591,722)				522,089,484
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.17%
Invesco Private Government Fund, 0.02%(e)(f)(g)		3,406,905		3,406,905
Invesco Private Prime Fund, 0.11%(e)(f)(g)		7,946,267		7,949,445
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,356,350)				11,356,350
TOTAL INVESTMENTS IN SECURITIES–101.67% (Cost $430,948,072)				533,445,834
OTHER ASSETS LESS LIABILITIES–(1.67)%				(8,743,282	)
NET ASSETS–100.00%			$	524,702,552

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $9,908,924, which represented 1.89% of the Fund’s Net Assets.

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

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

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2021.

	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,531,994		$	23,991,604		$	(26,523,598	)		$	-		$	-		$	-		$	138
Invesco Liquid Assets Portfolio, Institutional Class			1,808,371			17,031,755			(18,840,126	)			-			-			-			43
Invesco Treasury Portfolio, Institutional Class			2,893,707			27,418,976			(30,312,683	)			-			-			-			58
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			30,541,907			(27,135,002	)			-			-			3,406,905			102	*
Invesco Private Prime Fund			-			73,601,255			(65,651,810	)			-			-			7,949,445			1,410	*
Total		$	7,234,072		$	172,585,497		$	(168,463,219)			$	-		$	-		$	11,356,350		$	1,751

* 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, 2021.

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

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

6                                 Invesco Global Real Estate Fund

Portfolio Composition

By country, based on Net Assets

as of August 31, 2021

United States	59.38	%
Japan	8.38
Germany	5.23
Hong Kong	4.52
United Kingdom	4.41
Canada	3.55
Australia	3.09
Singapore	2.66
Sweden	2.44
France	2.26
Countries each less than 2% of portfolio	3.58
Money Market Funds Plus Other Assets Less Liabilities	0.50

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

7                                 Invesco Global Real Estate Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $419,591,722)*	$	522,089,484
Investments in affiliated money market funds, at value (Cost $11,356,350)		11,356,350
Foreign currencies, at value (Cost $673,186)		672,607
Receivable for:
Investments sold		4,503,278
Fund shares sold		227,319
Dividends		1,081,145
Interest		922
Investment for trustee deferred compensation and retirement plans		164,884
Other assets		76,022
Total assets		540,172,011
Liabilities:
Payable for:
Investments purchased		2,442,281
Fund shares reacquired		371,617
Amount due custodian		607,988
Collateral upon return of securities loaned		11,356,350
Accrued fees to affiliates		262,784
Accrued trustees’ and officers’ fees and benefits		1,300
Accrued other operating expenses		247,726
Trustee deferred compensation and retirement plans		179,413
Total liabilities		15,469,459
Net assets applicable to shares outstanding	$	524,702,552
Net assets consist of:
Shares of beneficial interest	$	431,649,123
Distributable earnings		93,053,429
	$	524,702,552

Net Assets:
Class A	$	118,279,546
Class C	$	5,802,299
Class R	$	27,148,971
Class Y	$	88,073,572
Class R5	$	103,294,402
Class R6	$	182,103,762
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		9,552,887
Class C		468,282
Class R		2,193,756
Class Y		7,117,448
Class R5		8,375,920
Class R6		14,767,677
Class A:
Net asset value per share	$	12.38
Maximum offering price per share (Net asset value of $12.38 ÷ 94.50%)	$	13.10
Class C:
Net asset value and offering price per share	$	12.39
Class R:
Net asset value and offering price per share	$	12.38
Class Y:
Net asset value and offering price per share	$	12.37
Class R5:
Net asset value and offering price per share	$	12.33
Class R6:
Net asset value and offering price per share	$	12.33

* At August 31, 2021, securities with an aggregate value of $11,135,916 were on loan to brokers.

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

8                                 Invesco Global Real Estate Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $182,299)	$	8,568,646
Dividends from affiliated money market funds (includes securities lending income of $1,657)		1,896
Total investment income		8,570,542
Expenses:
Advisory fees		2,019,612
Administrative services fees		38,883
Custodian fees		16,522
Distribution fees:
Class A		144,137
Class C		28,606
Class R		64,679
Transfer agent fees – A, C, R and Y		293,675
Transfer agent fees – R5		54,408
Transfer agent fees – R6		8,654
Trustees’ and officers’ fees and benefits		13,334
Registration and filing fees		56,757
Reports to shareholders		52,321
Professional services fees		61,726
Other		14,608
Total expenses		2,867,922
Less: Fees waived and/or expense offset arrangement(s)		(920	)
Net expenses		2,867,002
Net investment income		5,703,540
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $61,446)		48,108,690
Foreign currencies		(40,347	)
		48,068,343
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $72,325)		28,849,292
Foreign currencies		(5,630	)
		28,843,662
Net realized and unrealized gain		76,912,005
Net increase in net assets resulting from operations	$	82,615,545

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

9                                 Invesco Global Real Estate Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31,			February 28,
	2021			2021
Operations:
Net investment income	$	5,703,540		$	11,201,510
Net realized gain (loss)		48,068,343			(26,474,240	)
Change in net unrealized appreciation (depreciation)		28,843,662			(14,610,343	)
Net increase (decrease) in net assets resulting from operations		82,615,545			(29,883,073	)
Distributions to shareholders from distributable earnings:
Class A		(1,409,520	)		(5,185,414	)
Class C		(49,952	)		(290,832	)
Class R		(285,187	)		(987,347	)
Class Y		(1,404,662	)		(5,961,613	)
Class R5		(1,778,607	)		(6,282,253	)
Class R6		(2,629,119	)		(9,584,906	)
Total distributions from distributable earnings		(7,557,047	)		(28,292,365	)
Share transactions–net:
Class A		(6,199,861	)		(22,413,244	)
Class C		(479,336	)		(5,309,439	)
Class R		135,759			2,307,536
Class Y		(38,913,305	)		(37,004,226	)
Class R5		(38,341,185	)		(25,144,365	)
Class R6		(9,429,378	)		(19,368,398	)
Net increase (decrease) in net assets resulting from share transactions		(93,227,306	)		(106,932,136	)
Net increase (decrease) in net assets		(18,168,808	)		(165,107,574	)
Net assets:
Beginning of period		542,871,360			707,978,934
End of period	$	524,702,552		$	542,871,360

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

10                                 Invesco Global Real Estate Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/21		$	10.77		$	0.11			$	1.64			$	1.75			$	(0.14	)		$	–			$	(0.14	)		$	12.38		16.40	%		$	118,280		1.33	%(d)		1.33	%(d)		1.83	%(d)		50	%
Year ended 02/28/21			11.65			0.17				(0.56	)			(0.39	)			(0.21	)			(0.28	)			(0.49	)			10.77		(2.96	)			108,687		1.32			1.32			1.70			160
Year ended 02/29/20			12.59			0.24				0.22				0.46				(0.54	)			(0.86	)			(1.40	)			11.65		3.20				143,448		1.27			1.27			1.87			60
Year ended 02/28/19			12.76			0.29				0.84				1.13				(0.60	)			(0.70	)			(1.30	)			12.59		9.46				154,173		1.26			1.26			2.26			47
Year ended 02/28/18			12.83			0.30	(e)			(0.01	)			0.29				(0.28	)			(0.08	)			(0.36	)			12.76		2.17				156,543		1.27			1.27			2.31	(e)		51
Year ended 02/28/17			11.94			0.20				1.16				1.36				(0.47	)			–				(0.47	)			12.83		11.54				221,942		1.36			1.36			1.54			57
Class C
Six months ended 08/31/21			10.78			0.06				1.65				1.71				(0.10	)			–				(0.10	)			12.39		15.96				5,802		2.08	(d)		2.08	(d)		1.08	(d)		50
Year ended 02/28/21			11.65			0.10				(0.56	)			(0.46	)			(0.13	)			(0.28	)			(0.41	)			10.78		(3.68	)			5,493		2.07			2.07			0.95			160
Year ended 02/29/20			12.59			0.15				0.21				0.36				(0.44	)			(0.86	)			(1.30	)			11.65		2.43				12,169		2.02			2.02			1.12			60
Year ended 02/28/19			12.75			0.20				0.84				1.04				(0.50	)			(0.70	)			(1.20	)			12.59		8.71				14,673		2.01			2.01			1.51			47
Year ended 02/28/18			12.83			0.21	(e)			(0.03	)			0.18				(0.18	)			(0.08	)			(0.26	)			12.75		1.33				27,654		2.02			2.02			1.56	(e)		51
Year ended 02/28/17			11.95			0.10				1.16				1.26				(0.38	)			–				(0.38	)			12.83		10.62				33,299		2.11			2.11			0.79			57
Class R
Six months ended 08/31/21			10.77			0.09				1.65				1.74				(0.13	)			–				(0.13	)			12.38		16.26				27,149		1.58	(d)		1.58	(d)		1.58	(d)		50
Year ended 02/28/21			11.64			0.15				(0.56	)			(0.41	)			(0.18	)			(0.28	)			(0.46	)			10.77		(3.14	)			23,490		1.57			1.57			1.45			160
Year ended 02/29/20			12.58			0.21				0.21				0.42				(0.50	)			(0.86	)			(1.36	)			11.64		2.94				22,293		1.52			1.52			1.62			60
Year ended 02/28/19			12.75			0.26				0.84				1.10				(0.57	)			(0.70	)			(1.27	)			12.58		9.18				24,003		1.51			1.51			2.01			47
Year ended 02/28/18			12.83			0.27	(e)			(0.02	)			0.25				(0.25	)			(0.08	)			(0.33	)			12.75		1.84				23,658		1.52			1.52			2.06	(e)		51
Year ended 02/28/17			11.95			0.17				1.15				1.32				(0.44	)			–				(0.44	)			12.83		11.17				19,718		1.61			1.61			1.29			57
Class Y
Six months ended 08/31/21			10.77			0.12				1.64				1.76				(0.16	)			–				(0.16	)			12.37		16.45				88,074		1.08	(d)		1.08	(d)		2.08	(d)		50
Year ended 02/28/21			11.65			0.20				(0.57	)			(0.37	)			(0.23	)			(0.28	)			(0.51	)			10.77		(2.69	)			113,549		1.07			1.07			1.95			160
Year ended 02/29/20			12.59			0.28				0.21				0.49				(0.57	)			(0.86	)			(1.43	)			11.65		3.46				166,069		1.02			1.02			2.12			60
Year ended 02/28/19			12.76			0.33				0.83				1.16				(0.63	)			(0.70	)			(1.33	)			12.59		9.74				191,757		1.01			1.01			2.51			47
Year ended 02/28/18			12.83			0.34	(e)			(0.02	)			0.32				(0.31	)			(0.08	)			(0.39	)			12.76		2.42				623,470		1.02			1.02			2.56	(e)		51
Year ended 02/28/17			11.95			0.23				1.15				1.38				(0.50	)			–				(0.50	)			12.83		11.72				1,167,799		1.11			1.11			1.79			57
Class R5
Six months ended 08/31/21			10.73			0.13				1.64				1.77				(0.17	)			–				(0.17	)			12.33		16.60				103,294		0.93	(d)		0.93	(d)		2.23	(d)		50
Year ended 02/28/21			11.61			0.21				(0.56	)			(0.35	)			(0.25	)			(0.28	)			(0.53	)			10.73		(2.57	)			124,597		0.94			0.94			2.08			160
Year ended 02/29/20			12.55			0.29				0.21				0.50				(0.58	)			(0.86	)			(1.44	)			11.61		3.59				164,048		0.91			0.91			2.23			60
Year ended 02/28/19			12.72			0.34				0.84				1.18				(0.65	)			(0.70	)			(1.35	)			12.55		9.87				208,742		0.92			0.92			2.60			47
Year ended 02/28/18			12.81			0.35	(e)			(0.03	)			0.32				(0.33	)			(0.08	)			(0.41	)			12.72		2.40				260,397		0.93			0.93			2.65	(e)		51
Year ended 02/28/17			11.93			0.26				1.15				1.41				(0.53	)			–				(0.53	)			12.81		12.00				264,906		0.88			0.88			2.02			57
Class R6
Six months ended 08/31/21			10.73			0.14				1.63				1.77				(0.17	)			–				(0.17	)			12.33		16.65				182,104		0.85	(d)		0.85	(d)		2.31	(d)		50
Year ended 02/28/21			11.61			0.22				(0.56	)			(0.34	)			(0.26	)			(0.28	)			(0.54	)			10.73		(2.48	)			167,055		0.85			0.85			2.17			160
Year ended 02/29/20			12.55			0.30				0.22				0.52				(0.60	)			(0.86	)			(1.46	)			11.61		3.68				199,952		0.82			0.82			2.32			60
Year ended 02/28/19			12.72			0.35				0.84				1.19				(0.66	)			(0.70	)			(1.36	)			12.55		9.97				207,085		0.83			0.83			2.69			47
Year ended 02/28/18			12.81			0.36	(e)			(0.03	)			0.33				(0.34	)			(0.08	)			(0.42	)			12.72		2.49				197,835		0.85			0.85			2.73	(e)		51
Year ended 02/28/17			11.93			0.27				1.15				1.42				(0.54	)			–				(0.54	)			12.81		12.07				54,547		0.81			0.81			2.09			57

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Annualized.

^(e)  Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended February 28, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.25 and 1.92%, $0.16 and 1.17%, $0.22 and 1.67%, $0.29 and 2.17%, $0.30 and 2.26%, $0.31 and 2.34% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

11                                 Invesco Global Real Estate Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1—Significant Accounting Policies

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

The Fund’s investment objective is total return through growth of capital and current income.

The 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 (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are 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.

12                                 Invesco Global Real Estate Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared 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 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.

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,

13                                 Invesco Global Real Estate Fund

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

L. Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million	0.750%
Next $250 million	0.740%
Next $500 million	0.730%
Next $1.5 billion	0.720%
Next $2.5 billion	0.710%
Next $2.5 billion	0.700%
Next $2.5 billion	0.690%
Over $10 billion	0.680%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.74%.

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

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $443.

14                                 Invesco Global Real Estate Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $5,682 in front-end sales commissions from the sale of Class A shares and $51 and $120 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	16,225,306		$–	$	16,225,306
Belgium		–		8,868,056		–		8,868,056
Canada		18,635,157		–		–		18,635,157
France		–		11,839,291		–		11,839,291
Germany		–		27,432,795		–		27,432,795
Hong Kong		–		23,748,550		–		23,748,550
Italy		–		3,237,071		–		3,237,071
Japan		–		43,951,545		–		43,951,545
Malta		–		–		12		12
Singapore		–		13,967,574		–		13,967,574
Spain		–		6,671,841		–		6,671,841
Sweden		–		12,791,336		–		12,791,336
United Kingdom		–		23,138,006		–		23,138,006
United States		311,582,944		–		–		311,582,944
Money Market Funds		–		11,356,350		–		11,356,350
Total Investments	$	330,218,101	$	203,227,721		$12	$	533,445,834

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $477.

15                                 Invesco Global Real Estate Fund

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of February 28, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	40,142,885	$	5,861,876	$	46,004,761

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

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $260,042,789 and $350,281,380, respectively. Cost of investments, including any derivatives, on a tax    basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	87,108,510
Aggregate unrealized (depreciation) of investments		(2,833,837	)
Net unrealized appreciation of investments	$	84,274,673

Cost of investments for tax purposes is $449,171,161.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended				Year ended
	August 31, 2021(a)				February 28, 2021
	Shares		Amount		Shares		Amount
Sold:
Class A		550,871	$	6,431,016		1,349,484	$	13,071,621
Class C		39,231		457,134		89,374		913,658
Class R		292,614		3,420,369		858,679		8,250,509
Class Y		624,327		7,128,851		3,660,820		35,900,779
Class R5		1,213,263		14,046,378		2,840,633		28,148,666
Class R6		1,338,455		15,526,886		5,088,501		48,468,462
Issued as reinvestment of dividends:
Class A		111,856		1,282,193		482,379		4,790,055
Class C		3,884		44,579		25,955		259,864
Class R		24,864		285,109		98,537		987,130
Class Y		64,265		735,391		343,183		3,376,720
Class R5		149,532		1,699,657		625,118		6,153,843
Class R6		228,396		2,603,967		963,658		9,522,735

16                                 Invesco Global Real Estate Fund

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2021(a)						February 28, 2021
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		36,266		$	422,641			263,600		$	2,643,502
Class C		(36,217	)		(422,641	)		(263,139	)		(2,643,502	)
Reacquired:
Class A		(1,235,257	)		(14,335,711	)		(4,316,104	)		(42,918,422	)
Class C		(48,099	)		(558,408	)		(386,968	)		(3,839,459	)
Class R		(305,250	)		(3,569,719	)		(690,057	)		(6,930,103	)
Class Y		(4,116,313	)		(46,777,547	)		(7,712,404	)		(76,281,725	)
Class R5		(4,598,770	)		(54,087,220	)		(5,981,799	)		(59,446,874	)
Class R6		(2,370,021	)		(27,560,231	)		(7,702,425	)		(77,359,595	)
Net increase (decrease) in share activity		(8,032,103	)	$	(93,227,306	)		(10,362,975	)	$	(106,932,136	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17                                 Invesco Global Real Estate Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning     Account Value     (03/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (08/31/21)1	Expenses     Paid During     Period2	Ending     Account Value     (08/31/21)	Expenses     Paid During     Period2
Class A	$1,000.00	$1,164.00	$7.25	$1,018.50	$6.77	1.33%
Class C	1,000.00	1,159.60	11.32	1,014.72	10.56	2.08
Class R	1,000.00	1,162.70	8.61	1,017.24	8.03	1.58
Class Y	1,000.00	1,165.60	5.90	1,019.76	5.50	1.08
Class R5	1,000.00	1,166.00	5.08	1,020.52	4.74	0.93
Class R6	1,000.00	1,166.50	4.64	1,020.92	4.33	0.85

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

18                                 Invesco Global Real Estate Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Real Estate Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is  

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Real Estate Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that stock selection in the U.S. and the Fund’s exposure to U.S. issuers operating in industries significantly affected by the COVID-19 pandemic negatively impacted the Fund’s relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense

19                                 Invesco Global Real Estate Fund

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

The Board 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, 2020.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to  

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

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.  

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. 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 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.

20                                 Invesco Global Real Estate Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

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

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

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

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

SEC file number(s): 811-05686 and 033-39519                         Invesco Distributors, Inc.                                                                                                   GRE-SAR-1

Semiannual Report to Shareholders	August 31, 2021
Invesco Government Money Market Fund
Nasdaq:
Invesco Cash Reserve: AIMXX ∎ A: ADAXX ∎ AX: ACZXX ∎ C: ACNXX ∎ CX: ACXXX
∎  R: AIRXX ∎ Y: AIYXX ∎ Investor: INAXX ∎ R6: INVXX

2	Fund Information
3	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Information

You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the Fund.

Team managed by Invesco Advisers, Inc.

2 Invesco Government Money Market Fund

Schedule of Investments

August 31, 2021

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-28.57%
U.S. Treasury Bills-5.56%(a)
U.S. Treasury Bills		0.03%		09/16/2021	$	20,000	$	19,999,792
U.S. Treasury Bills		0.05%		11/02/2021		28,624		28,621,035
U.S. Treasury Bills		0.11%		12/30/2021		5,000		4,998,167
U.S. Treasury Bills		0.06%		02/03/2022		35,000		34,991,712
U.S. Treasury Bills		0.05%		02/17/2022		15,000		14,996,479
U.S. Treasury Bills		0.07%		02/24/2022		25,000		24,991,444
U.S. Treasury Bills		0.07%		06/16/2022		10,000		9,994,400
U.S. Treasury Bills		0.08%		07/14/2022		15,000		14,990,125
U.S. Treasury Bills		0.08%		08/11/2022		17,000		16,987,004
								170,570,158
U.S. Treasury Notes-23.01%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b)		0.35%		10/31/2021		41,000		41,005,665
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b)		0.20%		01/31/2022		16,000		15,999,041
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b)		0.16%		04/30/2022		25,000		25,007,220
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)		0.10%		07/31/2022		38,000		38,004,065
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)		0.10%		10/31/2022		45,000		44,998,610
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)		0.09%		01/31/2023		20,000		20,000,172
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)		0.08%		04/30/2023		40,000		40,002,860
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)		0.07%		07/31/2023		54,000		54,001,666
U.S. Treasury Notes		1.75%		11/30/2021		25,000		25,102,754
U.S. Treasury Notes		1.88%		11/30/2021		9,000		9,040,281
U.S. Treasury Notes		2.50%		01/15/2022		14,100		14,227,037
U.S. Treasury Notes		1.38%		01/31/2022		6,000		6,032,492
U.S. Treasury Notes		1.50%		01/31/2022		163,800		164,769,144
U.S. Treasury Notes		1.88%		01/31/2022		10,000		10,074,357
U.S. Treasury Notes		2.00%		02/15/2022		10,000		10,088,076
U.S. Treasury Notes		1.75%		02/28/2022		60,000		60,496,416
U.S. Treasury Notes		1.88%		02/28/2022		36,000		36,321,800
U.S. Treasury Notes		1.75%		04/30/2022		10,000		10,111,209
U.S. Treasury Notes		1.88%		04/30/2022		65,000		65,777,258
U.S. Treasury Notes		2.13%		05/15/2022		5,000		5,072,131
U.S. Treasury Notes		2.00%		07/31/2022		10,000		10,174,218
								706,306,472
Total U.S. Treasury Securities (Cost $876,876,630)								876,876,630
U.S. Government Sponsored Agency Securities-15.77%
Federal Farm Credit Bank (FFCB)-6.51%
Federal Farm Credit Bank (SOFR + 0.05%)(b)		0.10%		10/05/2021		40,000		39,999,811
Federal Farm Credit Bank		1.63%		12/27/2021		10,550		10,602,945
Federal Farm Credit Bank (SOFR + 0.08%)(b)		0.13%		03/10/2022		4,000		4,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(b)		0.14%		06/17/2022		10,000		10,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		0.09%		07/11/2022		15,000		14,998,911
Federal Farm Credit Bank (SOFR + 0.15%)(b)		0.20%		07/28/2022		6,000		6,000,000
Federal Farm Credit Bank (SOFR + 0.07%)(b)		0.12%		08/11/2022		20,000		19,999,995
Federal Farm Credit Bank (SOFR + 0.04%)(b)		0.09%		08/22/2022		10,000		9,999,753
Federal Farm Credit Bank (SOFR + 0.08%)(b)		0.13%		10/14/2022		16,000		16,000,000

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

3 Invesco Government Money Market Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.01%)(b)		0.06%		11/16/2022	$	10,000	$	9,999,755
Federal Farm Credit Bank (SOFR + 0.07%)(b)		0.12%		11/18/2022		8,000		8,000,000
Federal Farm Credit Bank (SOFR + 0.06%)(b)		0.11%		12/01/2022		14,000		14,000,000
Federal Farm Credit Bank (SOFR + 0.06%)(b)		0.11%		01/20/2023		16,000		16,000,000
Federal Farm Credit Bank (SOFR + 0.06%)(b)		0.11%		02/09/2023		12,000		12,000,000
Federal Farm Credit Bank (SOFR + 0.03%)(b)		0.08%		07/07/2023		8,000		8,000,000
								199,601,170
Federal Home Loan Bank (FHLB)-5.96%
Federal Home Loan Bank (SOFR + 0.02%)(b)		0.07%		09/02/2021		30,000		30,000,000
Federal Home Loan Bank (SOFR + 0.09%)(b)		0.13%		09/10/2021		5,000		5,000,000
Federal Home Loan Bank		0.04%		09/29/2021		20,000		19,999,912
Federal Home Loan Bank (SOFR + 0.15%)(b)		0.20%		11/15/2021		3,000		3,000,000
Federal Home Loan Bank		0.05%		03/17/2022		15,000		14,999,134
Federal Home Loan Bank (SOFR + 0.07%)(b)		0.12%		04/28/2022		20,000		20,000,000
Federal Home Loan Bank (SOFR + 0.13%)(b)		0.18%		08/05/2022		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.09%)(b)		0.14%		08/19/2022		35,000		35,000,972
Federal Home Loan Bank (SOFR + 0.09%)(b)		0.14%		09/08/2022		10,000		10,000,000
Federal Home Loan Bank (SOFR + 0.09%)(b)		0.14%		10/05/2022		20,000		20,000,000
Federal Home Loan Bank (SOFR + 0.06%)(b)		0.11%		12/08/2022		10,000		10,000,000
Federal Home Loan Bank (SOFR + 0.04%)(b)		0.09%		05/19/2023		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.03%)(b)		0.08%		06/07/2023		5,000		5,000,000
								183,000,018
Federal Home Loan Mortgage Corp. (FHLMC)-1.66%
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)(b)		0.37%		09/30/2021		10,000		10,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.07%)(b)		0.12%		08/12/2022		26,000		26,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)(b)		0.14%		09/16/2022		15,000		15,000,000
								51,000,000
Federal National Mortgage Association (FNMA)-0.93%
Federal National Mortgage Association (SOFR + 0.30%)(b)		0.35%		01/07/2022		17,000		17,000,000
Federal National Mortgage Association		2.25%		04/12/2022		6,535		6,622,045
Federal National Mortgage Association (SOFR + 0.20%)(b)		0.25%		06/15/2022		5,000		5,000,000
								28,622,045
U.S. International Development Finance Corp. (DFC)-0.71%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)		0.09%		09/10/2021		7,263		7,262,600
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)		0.09%		09/10/2021		3,200		3,200,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)		0.09%		06/15/2025		4,000		4,000,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)		0.09%		02/15/2028		7,222		7,222,222
								21,684,822
Total U.S. Government Sponsored Agency Securities (Cost $483,908,055)								483,908,055
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.34% (Cost $1,360,784,685)								1,360,784,685
					Repurchase Amount
Repurchase Agreements-55.70%(d)
BNP Paribas Securities Corp., joint term agreement dated 08/26/2021, aggregate maturing value of $500,004,861 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)(e)		0.05%		09/02/2021		40,000,389		40,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $895,001,243 (collateralized by domestic agency mortgage-backed securities valued at $912,900,000; 1.50% - 6.00%; 05/01/2025 - 08/01/2059)		0.05%		09/01/2021		153,000,213		153,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		165,000,252		165,000,000

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

4 Invesco Government Money Market Fund

	Interest Rate			Maturity Date		Repurchase Amount		Value
Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041)		0.05	%		09/01/2021	$	155,000,215	$	155,000,000
Goldman Sachs & Co., term agreement dated 08/26/2021, maturing value of $40,000,428 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $40,800,000; 0.00% - 4.50%; 11/15/2028 - 10/20/2050)(e)		0.06	%		09/02/2021		40,000,428		40,000,000
ING Financial Markets, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $200,000,278 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 2.00% - 5.50%; 11/01/2029 - 02/15/2061)		0.05	%		09/01/2021		153,000,213		153,000,000
ING Financial Markets, LLC, joint term agreement dated 08/06/2021, aggregate maturing value of $350,022,118 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 6.00%; 06/01/2027 - 05/01/2058)		0.07	%		09/10/2021		10,000,632		10,000,000
ING Financial Markets, LLC, joint term agreement dated 08/26/2021, aggregate maturing value of $350,018,667 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 5.50%; 10/01/2038 - 01/01/2057)		0.06	%		09/27/2021		40,002,133		40,000,000
J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.50%; 07/01/2025 - 09/01/2051)		0.05	%		09/01/2021		153,000,213		153,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 -07/31/2023)(f)		0.05	%		09/01/2021		15,000,625		15,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%; 02/28/2023 - 09/01/2051)(f)		0.07	%		09/01/2021		15,000,875		15,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,016; 0.00% - 7.63%; 09/16/2021 - 04/01/2056)(f)		0.06	%		09/01/2021		15,000,750		15,000,000
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $408,000,049; 0.00% - 7.50%; 04/30/2026 - 03/25/2060)(f)		0.07	%		09/01/2021		25,001,458		25,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)(e)		0.07	%		09/01/2021		25,004,459		25,004,119
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $500,000,764 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.39% - 4.50%; 01/25/2024 - 05/20/2069)		0.06	%		09/01/2021		153,000,234		153,000,000
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)(e)		0.07	%		09/01/2021		60,300,821		60,300,000
RBC Capital Markets LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $750,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,159; 0.00% - 8.15%; 09/14/2021 - 08/20/2065)(b)(e)		0.09	%		11/01/2021		35,000,000		35,000,000
RBC Dominion Securities Inc., joint agreement dated 08/31/2021, aggregate maturing value of $2,000,002,778 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 -08/01/2051)		0.05	%		09/01/2021		153,000,213		153,000,000
Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)(f)		0.05	%		09/01/2021		15,000,021		15,000,000
Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)(e)		0.05	%		09/07/2021		5,000,049		5,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06	%		09/01/2021		131,254,257		131,254,038
Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00% - 4.50%; 01/01/2031 - 08/01/2051)		0.06	%		09/01/2021		153,000,255		153,000,000
Total Repurchase Agreements (Cost $1,709,558,157)									1,709,558,157
TOTAL INVESTMENTS IN SECURITIES(g)-100.04% (Cost $3,070,342,842)									3,070,342,842
OTHER ASSETS LESS LIABILITIES-(0.04)%									(1,189,939	)
NET ASSETS-100.00%								$	3,069,152,903

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

5 Invesco Government Money Market Fund

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

VRD   -Variable Rate Demand

Notes to Schedule of Investments:

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

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

^(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on August 31, 2021.

^(d)  Principal amount equals value at period end. See Note 1I.

^(e)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(f)  Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(g)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*

In days, as of 08/31/2021

1-7	55.7	%
8-30	3.4
31-60	1.3
61-90	2.4
91-180	11.8
181+	25.4

* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

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

6 Invesco Government Money Market Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, excluding repurchase agreements, at value and cost	$	1,360,784,685
Repurchase agreements, at value and cost		1,709,558,157
Receivable for:
Fund shares sold		4,644,702
Interest		1,632,240
Investment for trustee deferred compensation and retirement plans		417,829
Other assets		113,073
Total assets		3,077,150,686
Liabilities:
Payable for:
Fund shares reacquired		6,631,373
Amount due custodian		450,001
Dividends		172
Accrued fees to affiliates		403,637
Accrued trustees’ and officers’ fees and benefits		6,847
Accrued operating expenses		49,150
Trustee deferred compensation and retirement plans		456,603
Total liabilities		7,997,783
Net assets applicable to shares outstanding	$	3,069,152,903
Net assets consist of:
Shares of beneficial interest	$	3,068,984,639
Distributable earnings		168,264
	$	3,069,152,903

Net Assets:
Invesco Cash Reserve	$	2,200,845,723
Class A	$	340,048,454
Class AX	$	72,494,213
Class C	$	121,457,820
Class CX	$	347,536
Class R	$	160,136,726
Class Y	$	64,091,505
Investor Class	$	109,626,199
Class R6	$	104,727
Shares outstanding, no par value, unlimited number of shares authorized:
Invesco Cash Reserve		2,200,955,888
Class A		340,065,677
Class AX		72,497,929
Class C		121,463,910
Class CX		347,554
Class R		160,144,752
Class Y		64,094,640
Investor Class		109,631,685
Class R6		104,732
Net asset value and offering price per share for each class	$	1.00

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

7 Invesco Government Money Market Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Interest	$	1,120,296
Expenses:
Advisory fees		2,479,429
Administrative services fees		723,790
Custodian fees		14,427
Distribution fees:
Invesco Cash Reserve		1,787,101
Class A		368,310
Class AX		55,756
Class C		489,972
Class CX		1,635
Class R		340,699
Transfer agent fees - Invesco Cash Reserve, A, AX, C, CX, R, Y and Investor		2,589,163
Transfer agent fees - R6		45
Trustees’ and officers’ fees and benefits		21,413
Registration and filing fees		150,078
Reports to shareholders		122,424
Professional services fees		52,850
Other		52,610
Total expenses		9,249,702
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(8,241,268	)
Net expenses		1,008,434
Net investment income		111,862
Net realized gain from unaffiliated investment securities		10,753
Net increase in net assets resulting from operations	$	122,615

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

8 Invesco Government Money Market Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31,			February 28,
	2021			2021
Operations:
Net investment income	$	111,862		$	1,864,288
Net realized gain		10,753			46,199
Net increase in net assets resulting from operations		122,615			1,910,487
Distributions to shareholders from distributable earnings:
Invesco Cash Reserve		(81,964	)		(1,600,645	)
Class A		(11,922	)		(31,795	)
Class AX		(2,212	)		(46,020	)
Class C		(4,294	)		(17,050	)
Class CX		(11	)		(75	)
Class R		(5,834	)		(24,046	)
Class Y		(2,271	)		(44,686	)
Investor Class		(3,349	)		(99,944	)
Class R6		(5	)		(27	)
Total distributions from distributable earnings		(111,862	)		(1,864,288	)
Share transactions-net:
Invesco Cash Reserve		(498,620,052	)		293,307,446
Class A		(61,182,207	)		401,127,580
Class AX		(1,506,949	)		(2,164,991	)
Class C		(22,874,039	)		100,829,760
Class CX		(21,730	)		(137,291	)
Class R		(22,921,013	)		150,735,224
Class Y		8,279,183			13,129,184
Investor Class		(5,039,359	)		3,462,654
Class R6		(22,745	)		107,237
Net increase (decrease) in net assets resulting from share transactions		(603,908,911	)		960,396,803
Net increase (decrease) in net assets		(603,898,158	)		960,443,002
Net assets:
Beginning of period		3,673,051,061			2,712,608,059
End of period	$	3,069,152,903		$	3,673,051,061

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

9 Invesco Government Money Market Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (realized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets
Invesco Cash Reserve
Six months ended 08/31/21		$	1.00		$	0.00		$	(0.00	)(c)		$	0.00			$	(0.00	)		$	1.00		0.00	%		$	2,200,846		0.06	%(d)		0.53	%(d)		0.01	%(d)
Year ended 02/28/21			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.06				2,699,457		0.23			0.50			0.05
Year ended 02/29/20			1.00			0.02			0.00				0.02				(0.02	)			1.00		1.61				2,406,243		0.51			0.51			1.55
Year ended 02/28/19			1.00			0.02			(0.00	)			0.02				(0.02	)			1.00		1.50				1,299,414		0.58			0.58			1.52
Year ended 02/28/18			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.40				815,631		0.68			0.68			0.39
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.06				841,039		0.43			0.68			0.06
Class A
Six months ended 08/31/21			1.00			0.00			(0.00	)(c)			0.00				(0.00	)			1.00		0.00				340,048		0.06	(d)		0.58	(d)		0.01	(d)
Period ended 02/28/21(e)			1.00			0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.01				401,229		0.20	(d)		0.54	(d)		0.08	(d)
Class AX
Six months ended 08/31/21			1.00			0.00			(0.00	)(c)			0.00				(0.00	)			1.00		0.00				72,494		0.06	(d)		0.53	(d)		0.01	(d)
Year ended 02/28/21			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.06				74,001		0.23			0.50			0.05
Year ended 02/29/20			1.00			0.02			0.00				0.02				(0.02	)			1.00		1.61				76,169		0.51			0.51			1.55
Year ended 02/28/19			1.00			0.02			(0.00	)			0.02				(0.02	)			1.00		1.50				81,110		0.58			0.58			1.52
Year ended 02/28/18			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.40				91,906		0.68			0.68			0.39
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.06				102,748		0.43			0.68			0.06
Class C
Six months ended 08/31/21			1.00			0.00			(0.00	)(c)			0.00				(0.00	)			1.00		0.00				121,458		0.06	(d)		1.13	(d)		0.01	(d)
Year ended 02/28/21			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.02				144,331		0.23			1.11			0.05
Year ended 02/29/20			1.00			0.01			0.00				0.01				(0.01	)			1.00		0.85				43,478		1.26			1.26			0.80
Year ended 02/28/19			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		0.76				38,700		1.31			1.33			0.79
Year ended 02/28/18			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.27				65,411		0.81			1.43			0.26
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.05				88,605		0.43			1.43			0.06
Class CX
Six months ended 08/31/21			1.00			0.00			(0.00	)(c)			0.00				(0.00	)			1.00		0.00				348		0.06	(d)		1.28	(d)		0.01	(d)
Year ended 02/28/21			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.02				369		0.29			1.25			(0.01	)
Year ended 02/29/20			1.00			0.01			0.00				0.01				(0.01	)			1.00		0.85				507		1.26			1.26			0.80
Year ended 02/28/19			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		0.77				669		1.31			1.33			0.79
Year ended 02/28/18			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.27				4,114		0.81			1.43			0.26
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.05				4,959		0.43			1.43			0.06
Class R
Six months ended 08/31/21			1.00			0.00			(0.00	)(c)			0.00				(0.00	)			1.00		0.00				160,137		0.06	(d)		0.78	(d)		0.01	(d)
Year ended 02/28/21			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.04				183,057		0.22			0.74			0.06
Year ended 02/29/20			1.00			0.01			0.00				0.01				(0.01	)			1.00		1.35				32,297		0.76			0.76			1.30
Year ended 02/28/19			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		1.25				25,871		0.83			0.83			1.27
Year ended 02/28/18			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.27				27,387		0.80			0.93			0.27
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.05				34,794		0.43			0.93			0.06
Class Y
Six months ended 08/31/21			1.00			0.00			(0.00	)(c)			0.00				(0.00	)			1.00		0.00				64,092		0.06	(d)		0.38	(d)		0.01	(d)
Year ended 02/28/21			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.08				55,813		0.21			0.35			0.07
Year ended 02/29/20			1.00			0.02			0.00				0.02				(0.02	)			1.00		1.76				42,686		0.36			0.36			1.70
Year ended 02/28/19			1.00			0.02			(0.00	)			0.02				(0.02	)			1.00		1.65				34,105		0.43			0.43			1.67
Year ended 02/28/18			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		0.55				30,080		0.53			0.53			0.54
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.09				27,738		0.40			0.53			0.09
Investor Class
Six months ended 08/31/21			1.00			0.00			(0.00	)(c)			0.00				(0.00	)			1.00		0.00				109,626		0.06	(d)		0.38	(d)		0.01	(d)
Year ended 02/28/21			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.08				114,665		0.21			0.35			0.07
Year ended 02/29/20			1.00			0.02			0.00				0.02				(0.02	)			1.00		1.76				111,208		0.36			0.36			1.70
Year ended 02/28/19			1.00			0.02			(0.00	)			0.02				(0.02	)			1.00		1.65				125,886		0.43			0.43			1.67
Year ended 02/28/18			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		0.55				117,630		0.53			0.53			0.54
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.09				123,466		0.40			0.53			0.09
Class R6
Six months ended 08/31/21			1.00			0.00			(0.00	)(c)			0.00				(0.00	)			1.00		0.00				105		0.06	(d)		0.30	(d)		0.01	(d)
Year ended 02/28/21			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.10				127		0.18			0.31			0.10
Year ended 02/29/20			1.00			0.02			0.00				0.02				(0.02	)			1.00		1.81				20		0.32			0.32			1.74
Year ended 02/28/19			1.00			0.02			(0.00	)			0.02				(0.02	)			1.00		1.80				12		0.36			0.38			1.74
Period ended 02/28/18(f)			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		0.69				10		0.37	(d)		0.37	(d)		0.70	(d)

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

^(c)  Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(d)  Annualized.

^(e)  Commencement date of May 15, 2020.

^(f) Commencement date of April 04, 2017.

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

10 Invesco Government Money Market Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.

The Fund currently consists of nine different classes of shares: Invesco Cash Reserve, Class A , Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6. Class A, Class AX and Class CX shares are closed to new investors. Class Y and Investor Class shares are available only to certain investors. Class C and Class CX shares are sold with a contingent deferred sales charges (“CDSC”). Invesco Cash Reserve, Class A, Class AX, Class R, Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Invesco Cash Reserve shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is 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 Fund is a “government money market fund” as defined in Rule 2a-7 under the 1940 Act and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/ or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to the liquidity fee and redemption gate requirement at this time, as permitted by Rule 2a-7.

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

A. Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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.

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 the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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 gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

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

11 Invesco Government Money Market Fund

results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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. Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J. Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government.

K. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 0.15% of the Fund’s average daily net assets.

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, 2021, the Adviser has contractually agreed, through at least, June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares to 1.40%, 1.45%, 1.40%, 2.00%, 2.15%, 1.65%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to July 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements of Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares to 1.40%, 1.25%, 1.40%, 1.25%, 2.15%, 1.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase the Fund’s yield. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended August 31, 2021, Invesco voluntarily waived advisory fees of $2,479,429, reimbursed Fund level expenses of $129,155 and reimbursed class level expenses of $3,866,335, $405,999, $113,979, $259,092, $1,920, $ 243,769, $51,795, $88,370 and $45 for Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares, respectively, in order to increase the yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with IDI to serve as the distributor for the Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Invesco Cash Reserve, Class A, Class AX, Class C, Class CX and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.15% of the Fund’s average daily net assets of Invesco Cash Reserve shares, 0.75% of the Fund’s average daily net assets of Class C shares and 0.40% of the Fund’s average daily net assets of Class R shares. The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.20% of the Fund’s average daily net assets of Class A shares, up to a maximum annual rate of 0.15% of the Fund’s average daily net assets of Class AX shares and up to a maximum annual rate of 0.90% of the average daily net assets of Class CX shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. Effective May 15, 2020, IDI contractually agreed, through at least June 30, 2021, to limit 12b-1 fees to 0.00% of average daily net assets for Class A, Class C and Class R shares. Expenses before fee waivers under this agreement are shown as Distribution fees in the Statement of Operations For the the six

12 Invesco Government Money Market Fund

months ended August 31, 2021, expenses incurred after combined contractual waivers and voluntary yield waivers and reimbursements were $0, $0, $0, $0, $0 and $0 for Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, and Class R shares, respectively.

CDSC are not recorded as expenses of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $886, $277, $7,683 and $0 from Invesco Cash Reserve, Class A, Class C and Class CX shares, respectively, for CDSC imposed on redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

As of August 31, 2021, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $70.

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have any capital loss carryforward as of February 28, 2021.

13 Invesco Government Money Market Fund

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended August 31, 2021(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount
Sold:
Invesco Cash Reserve		651,449,698		$	651,449,698			3,427,519,770		$	3,427,519,770
Class A(b)		39,016,272			39,016,272			134,655,336			134,655,336
Class AX		5,793,792			5,793,792			13,358,152			13,358,152
Class C		29,275,995			29,275,995			160,645,349			160,645,349
Class CX		10,599			10,599			69,393			69,393
Class R		32,604,566			32,604,566			126,016,149			126,016,149
Class Y		33,348,907			33,348,907			72,123,028			72,123,028
Investor Class		13,081,329			13,081,329			63,786,957			63,786,957
Class R6		34,673			34,673			64,249			64,249
Issued as reinvestment of dividends:
Invesco Cash Reserve		81,964			81,964			1,600,523			1,600,523
Class A		11,618			11,618			23,660			23,660
Class AX		2,116			2,116			43,927			43,927
Class C		4,294			4,294			17,050			17,050
Class CX		7			7			56			56
Class R		5,834			5,834			24,046			24,046
Class Y		2,271			2,271			44,686			44,686
Investor Class		3,349			3,349			99,944			99,944
Class R6		3			3			15			15
Automatic Conversion of Class C and CX shares to Invesco Cash Reserve shares:
Invesco Cash Reserve		248,332			248,332			29,351,146			29,351,146
Class C		(248,332	)		(248,332	)		(29,199,920	)		(29,199,920	)
Class CX		-			-			(151,226	)		(151,226	)
Issued in connection with acquisitions:(c)
Class A		-			-			451,606,343			451,486,039
Class C		-			-			110,567,396			110,537,809
Class R		-			-			127,042,511			127,008,626
Class Y		-			-			358,538			358,442
Class R6		-			-			101,127			101,102
Reacquired:
Invesco Cash Reserve		(1,150,400,046	)		(1,150,400,046	)		(3,165,163,993	)		(3,165,163,993	)
Class A		(100,210,097	)		(100,210,097	)		(185,037,455	)		(185,037,455	)
Class AX		(7,302,857	)		(7,302,857	)		(15,567,070	)		(15,567,070	)
Class C		(51,905,996	)		(51,905,996	)		(141,170,528	)		(141,170,528	)
Class CX		(32,336	)		(32,336	)		(55,514	)		(55,514	)
Class R		(55,531,413	)		(55,531,413	)		(102,313,597	)		(102,313,597	)
Class Y		(25,071,995	)		(25,071,995	)		(59,396,972	)		(59,396,972	)
Investor Class		(18,124,037	)		(18,124,037	)		(60,424,247	)		(60,424,247	)
Class R6		(57,421	)		(57,421	)		(58,129	)		(58,129	)
Net increase in share activity		(603,908,911	)	$	(603,908,911	)		960,580,700		$	960,396,803

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date of May 15, 2020.

14 Invesco Government Money Market Fund

^(c)  After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Government Cash Reserves Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 689,675,915 shares of the Fund for 689,675,915 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $689,492,018, including $0 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $3,297,363,876 and $3,986,855,894 immediately after the acquisition.

The pro forma results of operations for the year ended February 28, 2021 assuming the reorganization had been completed on March 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	2,070,178
Net realized gain from investment securities		55,136
Net increase in net assets resulting from operations	$	2,125,314

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

15 Invesco Government Money Market Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (03/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (08/31/21)1	Expenses Paid During Period	Ending Account Value (08/31/21)	Expenses Paid During Period
Invesco Cash Reserve	$1,000.00	$1,000.04	$0.30	$1,024.90	$0.31	0.06%
A	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
AX	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
C	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
CX	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
R	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
Y	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
Investor	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
R6	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

16 Invesco Government Money Market Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Government Money Market Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic.The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature,

extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the U.S. 3 Month Treasury Bill Index (Index). The Board noted that performance of Cash Reserve shares of the Fund was in the second quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Cash Reserve shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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 Cash Reserve 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

17 Invesco Government Money Market Fund

information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board also noted that the Fund’s total expense ratio is as of the fiscal year end of February 28, 2020 and does not reflect additional voluntary waivers to maintain a positive yield subsequent to such date.

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 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 noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

18 Invesco Government Money Market Fund

(This page intentionally left blank)

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 in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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): 811-05686 and 033-39519 Invesco Distributors, Inc. GMKT-SAR-1                

Semiannual Report to Shareholders August 31, 2021

Invesco High Yield Fund

Nasdaq:

A: AMHYX ∎ C: AHYCX ∎ Y: AHHYX ∎ Investor: HYINX ∎ R5: AHIYX ∎ R6: HYIFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
24	Fund Expenses
25	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.81	%
Class C Shares	2.43
Class Y Shares	2.94
Investor Class Shares	2.81
Class R5 Shares	2.97
Class R6 Shares	3.01
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	1.49
Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index▼ (Style-Specific Index)	3.82
Lipper High Current Yield Bond Funds Index∎ (Peer Group Index)	3.95
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.   The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%.   The Lipper High Current Yield Bond Funds Index is an unmanaged index considered representative of high-yield bond funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco High Yield Fund

Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges
Class A Shares
Inception (7/11/78)	7.22	%
10 Years	5.24
5 Years	3.79
1 Year	4.23
Class C Shares
Inception (8/4/97)	3.66	%
10 Years	5.07
5 Years	3.89
1 Year	7.02
Class Y Shares
Inception (10/3/08)	7.71	%
10 Years	5.96
5 Years	4.89
1 Year	9.08
Investor Class Shares
Inception (9/30/03)	6.54	%
10 Years	5.69
5 Years	4.59
1 Year	8.54
Class R5 Shares
Inception (4/30/04)	6.56	%
10 Years	6.02
5 Years	4.99
1 Year	8.91
Class R6 Shares
10 Years	6.08	%
5 Years	5.05
1 Year	8.98

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    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 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.

3 Invesco High Yield Fund

Liquidity Risk Management Program

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

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

without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco High Yield Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)

	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes–87.24%
Advertising–0.48%
Lamar Media Corp., 3.63%, 01/15/2031(b)	$	4,604,000	$	4,599,143
Aerospace & Defense–0.86%
Bombardier, Inc. (Canada), 6.00%, 10/15/2022(b)		1,778,000		1,782,356
TransDigm UK Holdings PLC, 6.88%, 05/15/2026		4,677,000		4,934,235
TransDigm, Inc., 6.25%, 03/15/2026(b)		1,463,000		1,537,979
				8,254,570
Airlines–2.50%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026(b)		11,371,000		11,999,248
5.75%, 04/20/2029(b)		2,182,000		2,359,222
Delta Air Lines, Inc., 7.00%, 05/01/2025(b)		3,953,000		4,626,468
United Airlines, Inc., 4.38%, 04/15/2026(b)		4,833,000		5,023,324
				24,008,262
Alternative Carriers–1.18%
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)		6,965,000		6,799,582
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		4,050,000		4,501,190
				11,300,772
Apparel Retail–0.56%
Bath & Body Works, Inc., 6.75%, 07/01/2036		4,196,000		5,351,893
Auto Parts & Equipment–1.48%
Clarios Global L.P., 6.75%, 05/15/2025(b)		1,032,000		1,093,920
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		3,096,000		3,308,850
Dana, Inc.,
5.38%, 11/15/2027		4,172,000		4,406,675
5.63%, 06/15/2028		629,000		676,911
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		4,517,000		4,691,130
				14,177,486
Automobile Manufacturers–4.11%
Allison Transmission, Inc.,
4.75%, 10/01/2027(b)		2,250,000		2,361,386
3.75%, 01/30/2031(b)		6,825,000		6,825,990
Ford Motor Co.,
8.50%, 04/21/2023		4,026,000		4,456,279
9.00%, 04/22/2025		1,433,000		1,752,487
9.63%, 04/22/2030		772,000		1,101,243
4.75%, 01/15/2043		2,204,000		2,380,375

	Principal
	Amount		Value
Automobile Manufacturers–(continued)
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025	$	1,418,000	$	1,558,028
3.38%, 11/13/2025		1,644,000		1,703,595
4.39%, 01/08/2026		2,323,000		2,494,321
5.11%, 05/03/2029		4,746,000		5,369,363
4.00%, 11/13/2030		4,562,000		4,818,772
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		4,385,000		4,631,656
				39,453,495
Automotive Retail–1.74%
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)		6,904,000		7,035,625
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)		4,748,000		4,884,552
Lithia Motors, Inc., 3.88%, 06/01/2029(b)		4,539,000		4,765,042
				16,685,219
Broadcasting–0.54%
Gray Television, Inc., 7.00%, 05/15/2027(b)		4,851,000		5,209,004
Building Products–0.24%
Standard Industries, Inc., 5.00%, 02/15/2027(b)		2,247,000		2,325,645
Cable & Satellite–5.63%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 02/15/2026(b)		3,443,000		3,541,986
5.00%, 02/01/2028(b)		8,016,000		8,407,582
4.75%, 03/01/2030(b)		3,494,000		3,701,299
4.50%, 08/15/2030(b)		10,996,000		11,503,795
4.25%, 01/15/2034(b)		2,350,000		2,374,863
CSC Holdings LLC,
6.50%, 02/01/2029(b)		4,288,000		4,738,240
5.75%, 01/15/2030(b)		826,000		873,925
4.63%, 12/01/2030(b)		1,567,000		1,543,495
4.50%, 11/15/2031(b)		2,330,000		2,348,011
DISH DBS Corp., 7.75%, 07/01/2026		2,600,000		2,981,420
DISH Network Corp., Conv., 3.38%, 08/15/2026		3,693,000		3,861,415
Sirius XM Radio, Inc.,
3.13%, 09/01/2026(b)		3,247,000		3,312,589
4.00%, 07/15/2028(b)		3,673,000		3,756,928
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)		1,062,000		1,138,995
				54,084,543
Casinos & Gaming–3.55%
Codere Finance 2 (Luxembourg) S.A. (Spain), 7.13% PIK Rate, 4.50% Cash Rate, 11/01/2023(b)(c)		2,189,311		1,565,357
Everi Holdings, Inc., 5.00%, 07/15/2029(b)		4,610,000		4,724,098

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

5 Invesco High Yield Fund

	Principal
	Amount		Value
Casinos & Gaming–(continued)
Midwest Gaming Borrower LLC/ Midwest Gaming Finance Corp., 4.88%, 05/01/2029(b)	$	4,718,000	$	4,759,282
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(b)		8,762,000		9,203,342
Scientific Games International, Inc.,
8.63%, 07/01/2025(b)		1,938,000		2,094,663
8.25%, 03/15/2026(b)		2,314,000		2,464,127
Station Casinos LLC, 4.50%, 02/15/2028(b)		4,644,000		4,719,465
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(b)		4,404,000		4,586,502
				34,116,836
Computer & Electronics Retail–0.35%
Dell International LLC/EMC Corp., 7.13%, 06/15/2024(b)		3,270,000		3,343,575
Construction & Engineering–1.21%
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(b)		4,623,000		4,779,026
New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026(b)		2,738,000		2,816,717
9.75%, 07/15/2028(b)		3,602,000		3,997,626
				11,593,369
Consumer Finance–2.92%
Navient Corp.,
7.25%, 09/25/2023		5,428,000		5,970,135
5.00%, 03/15/2027		1,773,000		1,864,265
5.63%, 08/01/2033		3,922,000		3,804,713
OneMain Finance Corp.,
3.88%, 09/15/2028		2,496,000		2,509,291
5.38%, 11/15/2029		9,314,000		10,188,445
4.00%, 09/15/2030		3,708,000		3,720,867
				28,057,716
Copper–0.96%
First Quantum Minerals Ltd. (Zambia),
7.50%, 04/01/2025(b)		6,490,000		6,733,375
6.88%, 03/01/2026(b)		2,371,000		2,480,601
				9,213,976
Data Processing & Outsourced Services–0.51%
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(b)		4,724,000		4,878,569
Department Stores–0.33%
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029(b)		733,000		801,792
4.50%, 12/15/2034		2,460,000		2,410,800
				3,212,592
Diversified Banks–1.07%
Credit Agricole S.A. (France), 8.13%(b)(d)(e)		3,981,000		4,854,332
Natwest Group PLC (United Kingdom), 6.00%(d)(e)		4,830,000		5,419,984
				10,274,316
Diversified Capital Markets–0.48%
Credit Suisse Group AG (Switzerland), 7.50%(b)(d)(e)		4,285,000		4,629,943

	Principal
	Amount		Value
Diversified Chemicals–0.48%
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)	$	4,519,000	$	4,568,935
Diversified REITs–1.01%
DigitalBridge Group, Inc., Conv., 5.00%, 04/15/2023		2,624,000		2,701,908
iStar, Inc.,
4.75%, 10/01/2024		4,932,000		5,240,497
5.50%, 02/15/2026		1,695,000		1,777,631
				9,720,036
Electric Utilities–1.58%
Talen Energy Supply LLC, 7.63%, 06/01/2028(b)		6,606,000		5,724,892
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)		1,600,000		1,668,096
5.00%, 07/31/2027(b)		2,911,000		3,024,092
4.38%, 05/01/2029(b)		4,718,000		4,794,668
				15,211,748
Electrical Components & Equipment–0.85%
EnerSys,
5.00%, 04/30/2023(b)		3,225,000		3,363,933
4.38%, 12/15/2027(b)		180,000		189,447
Sensata Technologies B.V.,
4.88%, 10/15/2023(b)		3,665,000		3,926,534
4.00%, 04/15/2029(b)		643,000		666,341
				8,146,255
Environmental & Facilities Services–1.19%
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)		11,210,000		11,438,796
Fertilizers & Agricultural Chemicals–0.73%
OCI N.V. (Netherlands),
5.25%, 11/01/2024(b)		2,250,000		2,323,125
4.63%, 10/15/2025(b)		4,497,000		4,713,980
				7,037,105
Food Distributors–0.50%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028(b)		4,640,000		4,798,456
Food Retail–1.70%
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b)		4,237,000		4,660,700
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(b)		4,405,000		4,630,822
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b)		6,883,000		7,013,089
				16,304,611
Health Care Facilities–1.47%
Encompass Health Corp., 4.50%, 02/01/2028		4,516,000		4,736,155

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

6 Invesco High Yield Fund

	Principal
	Amount		Value
Health Care Facilities–(continued)
HCA, Inc.,
5.38%, 02/01/2025	$	2,458,000	$	2,772,956
5.88%, 02/15/2026		699,000		811,574
5.38%, 09/01/2026		1,344,000		1,552,051
5.88%, 02/01/2029		2,281,000		2,768,758
3.50%, 09/01/2030		1,383,000		1,486,234
				14,127,728
Health Care REITs–1.07%
CTR Partnership L.P./ CareTrust Capital Corp., 3.88%, 06/30/2028(b)		4,712,000		4,848,106
Diversified Healthcare Trust,
9.75%, 06/15/2025		169,000		186,111
4.38%, 03/01/2031		5,284,000		5,191,662
				10,225,879
Health Care Services–4.48%
Akumin, Inc., 7.00%, 11/01/2025(b)		10,567,000		9,990,570
Community Health Systems, Inc.,
8.00%, 03/15/2026(b)		4,268,000		4,574,016
6.13%, 04/01/2030(b)		4,680,000		4,723,875
DaVita, Inc.,
4.63%, 06/01/2030(b)		4,174,000		4,367,715
3.75%, 02/15/2031(b)		5,200,000		5,145,400
Global Medical Response, Inc., 6.50%, 10/01/2025(b)		2,404,000		2,482,130
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		6,572,000		6,841,321
MEDNAX, Inc., 6.25%, 01/15/2027(b)		4,420,000		4,663,100
RP Escrow Issuer LLC, 5.25%, 12/15/2025(b)		179,000		183,419
				42,971,546
Homebuilding–1.63%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(b)		7,864,000		8,725,501
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027(b)		6,510,000		6,949,425
				15,674,926
Hotels, Resorts & Cruise Lines–0.48%
Carnival Corp., 10.50%, 02/01/2026(b)		4,011,000		4,632,785
Household Products–1.21%
Energizer Holdings, Inc., 4.38%, 03/31/2029(b)		4,599,000		4,617,948
Prestige Brands, Inc., 3.75%, 04/01/2031(b)		7,094,000		7,014,441
				11,632,389
Independent Power Producers & Energy Traders–1.48%
Calpine Corp., 3.75%, 03/01/2031(b)		4,782,000		4,696,307
Clearway Energy Operating LLC,
4.75%, 03/15/2028(b)		5,172,000		5,482,061
3.75%, 02/15/2031(b)		3,963,000		4,032,313
				14,210,681

	Principal
	Amount		Value
Industrial Machinery–1.21%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)	$	1,603,000	$	1,582,882
EnPro Industries, Inc., 5.75%, 10/15/2026		4,670,000		4,910,529
Mueller Water Products, Inc., 4.00%, 06/15/2029(b)		4,904,000		5,111,537
				11,604,948
Integrated Oil & Gas–1.51%
Occidental Petroleum Corp.,
3.20%, 08/15/2026		1,684,000		1,740,153
8.50%, 07/15/2027		1,314,000		1,659,654
6.13%, 01/01/2031		3,959,000		4,792,746
6.20%, 03/15/2040		2,474,000		2,953,944
4.10%, 02/15/2047		3,430,000		3,358,364
				14,504,861
Integrated Telecommunication Services–0.97%
Altice France S.A. (France),
7.38%, 05/01/2026(b)		3,654,000		3,797,310
8.13%, 02/01/2027(b)		2,500,000		2,718,750
5.13%, 07/15/2029(b)		2,760,000		2,793,865
				9,309,925
Interactive Media & Services–1.45%
Audacy Capital Corp., 6.75%, 03/31/2029(b)		6,815,000		6,886,694
Scripps Escrow II, Inc.,
3.88%, 01/15/2029(b)		4,667,000		4,697,475
5.38%, 01/15/2031(b)		2,350,000		2,329,009
				13,913,178
Internet & Direct Marketing Retail–0.76%
QVC, Inc.,
4.38%, 09/01/2028		2,216,000		2,273,671
5.45%, 08/15/2034		4,667,000		4,993,690
				7,267,361
Investment Banking & Brokerage–0.71%
NFP Corp.,
4.88%, 08/15/2028(b)		1,789,000		1,822,544
6.88%, 08/15/2028(b)		4,874,000		5,008,035
				6,830,579
IT Consulting & Other Services–0.76%
Gartner, Inc.,
4.50%, 07/01/2028(b)		4,677,000		4,957,620
3.63%, 06/15/2029(b)		2,248,000		2,317,238
				7,274,858
Managed Health Care–0.98%
Centene Corp.,
4.63%, 12/15/2029		1,697,000		1,863,544
3.00%, 10/15/2030		7,228,000		7,500,640
				9,364,184
Metal & Glass Containers–1.21%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(b)		6,988,000		7,049,145

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

7 Invesco High Yield Fund

	Principal
	Amount		Value
Metal & Glass Containers–(continued)
Ardagh Packaging Finance
PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b)	$	4,377,000	$	4,584,908
				11,634,053
Movies & Entertainment–1.28%
Cinemark USA, Inc., 5.88%, 03/15/2026(b)		4,670,000		4,652,488
Netflix, Inc.,
5.88%, 11/15/2028		2,737,000		3,397,397
5.38%, 11/15/2029(b)		3,407,000		4,194,579
				12,244,464
Oil & Gas Drilling–2.88%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		4,633,000		4,916,771
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)		4,845,000		4,923,731
Precision Drilling Corp. (Canada), 6.88%, 01/15/2029(b)		3,497,000		3,522,913
Rockies Express Pipeline LLC,
4.80%, 05/15/2030(b)		4,100,000		4,245,386
6.88%, 04/15/2040(b)		3,158,000		3,485,943
Valaris Ltd.,
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(b)(c)		1,651,000		1,714,885
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(c)		4,655,000		4,835,125
				27,644,754
Oil & Gas Equipment & Services–1.09%
Bristow Group, Inc., 6.88%, 03/01/2028(b)		5,107,000		5,366,920
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		4,858,000		5,094,439
				10,461,359
Oil & Gas Exploration & Production–6.41%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)		12,731,000		13,829,622
Callon Petroleum Co., 8.00%, 08/01/2028(b)		7,402,000		7,135,639
EQT Corp.,
3.13%, 05/15/2026(b)		1,903,000		1,957,711
3.63%, 05/15/2031(b)		2,858,000		3,025,436
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.25%, 05/15/2026		6,199,000		5,974,286
8.00%, 01/15/2027		3,860,000		3,837,921
7.75%, 02/01/2028		1,313,000		1,288,841
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(b)		2,862,000		2,962,170
5.75%, 02/01/2029(b)		1,556,000		1,581,285
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(b)		8,614,000		8,959,034

	Principal
	Amount		Value
Oil & Gas Exploration & Production–(continued)
SM Energy Co.,
5.00%, 01/15/2024	$	1,939,000	$	1,931,729
6.75%, 09/15/2026		4,429,000		4,456,725
6.63%, 01/15/2027		4,586,000		4,614,708
				61,555,107
Oil & Gas Storage & Transportation–1.35%
NGL Energy Partners L.P./NGL Energy Finance Corp.,
7.50%, 11/01/2023		1,420,000		1,329,475
7.50%, 04/15/2026		3,054,000		2,562,459
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029(b)		8,711,000		9,027,253
				12,919,187
Packaged Foods & Meats–2.20%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029(b)		6,040,000		6,847,850
Kraft Heinz Foods Co. (The),
4.25%, 03/01/2031		4,072,000		4,704,910
6.88%, 01/26/2039		2,800,000		4,189,590
5.00%, 06/04/2042		442,000		560,084
Post Holdings, Inc.,
5.63%, 01/15/2028(b)		2,469,000		2,601,709
4.63%, 04/15/2030(b)		2,189,000		2,237,853
				21,141,996
Paper Products–0.98%
Schweitzer-Mauduit International,
Inc., 6.88%, 10/01/2026(b)		4,364,000		4,576,745
Sylvamo Corp., 7.00%, 09/01/2029(b)		4,707,000		4,879,441
				9,456,186
Pharmaceuticals–1.69%
AdaptHealth LLC,
6.13%, 08/01/2028(b)		2,215,000		2,361,744
5.13%, 03/01/2030(b)		2,425,000		2,459,835
Bausch Health Americas, Inc., 9.25%, 04/01/2026(b)		2,442,000		2,634,307
Bausch Health Cos., Inc.,
9.00%, 12/15/2025(b)		3,216,000		3,425,040
5.75%, 08/15/2027(b)		1,021,000		1,073,377
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/2027(b)		1,933,000		1,901,821
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		2,293,000		2,324,529
				16,180,653
Railroads–0.49%
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)		4,727,000		4,737,163
Research & Consulting Services–0.48%
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026(b)		3,256,000		3,435,080
10.25%, 02/15/2027(b)		1,042,000		1,131,878
				4,566,958

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

8 Invesco High Yield Fund

	Principal
	Amount		Value
Retail REITs–0.51%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)	$	4,593,000	$	4,868,580
Security & Alarm Services–0.66%
Brink’s Co. (The),
5.50%, 07/15/2025(b)		478,000		502,808
4.63%, 10/15/2027(b)		5,564,000		5,850,991
				6,353,799
Specialized Consumer Services–1.16%
Carriage Services, Inc., 4.25%, 05/15/2029(b)		5,056,000		5,070,207
Terminix Co. LLC (The), 7.45%, 08/15/2027		5,036,000		6,032,398
				11,102,605
Specialized REITs–0.74%
SBA Communications Corp., 3.88%, 02/15/2027		6,795,000		7,070,401
Specialty Chemicals–1.00%
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		9,128,000		9,641,450
Steel–0.50%
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		4,688,000		4,754,148
Systems Software–1.46%
Camelot Finance S.A., 4.50%, 11/01/2026(b)		13,414,000		14,014,947
Technology Hardware, Storage & Peripherals–0.32%
Western Digital Corp., 4.75%, 02/15/2026		2,738,000		3,064,972
Textiles–0.46%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025(b)		4,761,000		4,433,681
Thrifts & Mortgage Finance–0.62%
NMI Holdings, Inc., 7.38%, 06/01/2025(b)		5,272,000		5,970,540
Trading Companies & Distributors–0.35%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045(b)(d)		3,073,000		3,336,786
Wireless Telecommunication Services–0.49%
Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081(d)		4,624,000		4,698,285
Total U.S. Dollar Denominated Bonds & Notes (Cost $817,124,447)				837,394,768
Variable Rate Senior Loan Interests–8.43%(f)(g)
Food Distributors–0.55%
United Natural Foods, Inc., Term Loan B, 3.58% (1 mo. USD LIBOR + 3.50%), 10/22/2025		5,235,214		5,223,225
Health Care Equipment–0.47%
Radiology Partners, Inc., First Lien Term Loan B, 4.35% (1 mo. USD LIBOR + 4.25%), 07/09/2025		4,525,000		4,504,004

	Principal
	Amount		Value
Health Care Services–0.94%
Global Medical Response, Inc., Term Loan, 5.75% (3 mo. USD LIBOR + 4.75%), 10/02/2025	$	4,501,380	$	4,526,228
Surgery Center Holdings, Inc., Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), 09/03/2026		4,501,029		4,508,771
				9,034,999
Health Care Supplies–1.23%
Medline Industries, Inc., Term Loan,
-%, 08/04/2022(h)		4,725,000		4,725,000
-%, 08/04/2022(h)		7,088,000		7,088,000
				11,813,000
Hotels, Resorts & Cruise Lines–0.48%
Four Seasons Hotels Ltd. (Canada), First Lien Term Loan, 2.08% (1 mo. USD LIBOR + 2.00%), 11/30/2023		4,615,833		4,589,500
Metal & Glass Containers–0.47%
Flex Acquisition Co., Inc., Incremental Term Loan B, 3.15% (1 mo. USD LIBOR + 3.25%), 06/29/2025		4,538,846		4,488,079
Paper Packaging–0.47%
Graham Packaging Co., Inc., Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), 08/04/2027		4,563,563		4,549,894
Paper Products–0.99%
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 02/23/2028		9,513,332		9,513,332
Pharmaceuticals–1.12%
Bausch Health Americas, Inc. (Canada), First Lien Incremental Term Loan, 2.83% (1 mo. USD LIBOR + 2.75%), 11/27/2025		6,304,653		6,274,264
Endo LLC, Term Loan, 5.75% (3 mo. USD LIBOR + 5.00%), 03/10/2028		4,618,425		4,498,785
				10,773,049
Restaurants–0.99%
IRB Holding Corp., First Lien Term Loan B, 4.25% (3 mo. USD LIBOR + 3.25%) (3 mo. USD LIBOR + 3.25%), 12/01/2027		9,468,438		9,478,285
Specialty Stores–0.72%
PetSmart, Inc., Term Loan, 4.50% (3 mo. USD LIBOR + 3.75%) (3 mo. USD LIBOR + 3.75%), 02/11/2028		6,906,667		6,926,075
Total Variable Rate Senior Loan Interests (Cost $81,046,382)				80,893,442
Non-U.S. Dollar Denominated Bonds & Notes–1.18%(i)
Building Products–0.48%
Maxeda DIY Holding B.V. (Netherlands), 5.88%, 10/01/2026(b) EUR		3,741,000		4,570,994

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

9 Invesco High Yield Fund

	Principal
	Amount		Value
Casinos & Gaming–0.16%
Codere Finance 2 (Luxembourg) S.A. (Spain), 10.75%, 09/30/2023(b)		EUR  1,190,000	$	1,486,989
Food Retail–0.51%
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025(b)		GBP  3,659,000		4,918,002
Paper Packaging–0.01%
M&G Finance Luxembourg S.A. (Brazil), 5.08% (3 mo. EURIBOR + 5.63%)(e)(j)(k)		EUR  4,100,000		96,822
Textiles–0.02%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023(b)		EUR     200,000		225,953
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $11,982,025)				11,298,760
	Shares
Common Stocks & Other Equity Interests–0.06%
Integrated Telecommunication Services–0.00%
Ventelo, Inc. (United Kingdom)(l)(m)		73,021		0
Leisure Products–0.00%
HF Holdings, Inc.(l)(m)		36,820		0

Investment Abbreviations:
Conv.	– Convertible
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
LIBOR	– London Interbank Offered Rate
PIK	– Pay-in-Kind
REIT	– Real Estate Investment Trust
USD	– U.S. Dollar

	Shares		Value
Oil & Gas Drilling–0.06%
Valaris Ltd.(l)		21,400	$	635,365
Total Common Stocks & Other Equity Interests (Cost $7,253,781)				635,365
Money Market Funds–3.52%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(n)(o)		10,407,500		10,407,500
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(n)(o)		11,496,462		11,501,061
Invesco Treasury Portfolio, Institutional Class, 0.01%(n)(o)		11,894,286		11,894,286
Total Money Market Funds (Cost $33,804,960)				33,802,847
Options Purchased–0.05%
(Cost $1,283,958)(p)				460,578
TOTAL INVESTMENTS IN SECURITIES-100.48% (Cost $952,495,553)				964,485,760
OTHER ASSETS LESS LIABILITIES-(0.48)%				(4,628,267	)
NET ASSETS-100.00%			$	959,857,493

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

10 Invesco High Yield Fund

Notes to Schedule of Investments:

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

^(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $625,443,787, which represented 65.16% of the Fund’s Net Assets.

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

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

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

^(f) 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.

^(g) Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(h) This variable rate interest will settle after August 31, 2021, at which time the interest rate will be determined.

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

^(j) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2021 was $96,822, which represented less than 1% of the Fund’s Net Assets.

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

^(l) Non-income producing security.

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

⁽ⁿ⁾ Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2021.

	Value February 28, 2021			Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class		$	6,858,550	$91,785,823	$ (88,236,873)		$	-		$	-			$	10,407,500		$	815
Invesco Liquid Assets Portfolio, Institutional Class			9,742,049	65,400,449	(63,641,437)			510			(510	)			11,501,061			522
Invesco Treasury Portfolio, Institutional Class			7,838,342	104,898,083	(100,842,139)			-			-				11,894,286			337
Total		$	24,438,941	$262,084,355	$(252,720,449)		$	510		$	(510	)		$	33,802,847		$	1,674

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

^(p) The table below details options purchased.

Open Exchange-Traded Equity Options Purchased
Description	Type of Contract	Expiration Date	Number of Contracts	Exercise Price		Notional Value(a)		Value
Equity Risk
Altice USA, Inc.	Call	06/17/2022	607		USD 35.00		USD 2,124,500	$	65,253
Ford Motor Co.	Call	03/18/2022	4,000		USD 17.00		USD 6,800,000		182,000
Occidental Petroleum Corp.	Call	06/17/2022	1,150		USD 35.00		USD 4,025,000		213,325
Total Open Exchange-Traded Equity Options Purchased			5,757					$	460,578

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

Open Exchange-Traded Equity Options Written
Description	Type of Contract	Expiration Date	Number of Contracts	Exercise Price		Premiums Received			Notional Value(a)		Value			Unrealized Appreciation
Equity Risk
Ford Motor Co.	Call	03/18/2022	4,000		USD 20.00	$	(375,859	)		USD 8,000,000	$	(82,000	)	$	293,859
Occidental Petroleum Corp.	Call	06/17/2022	1,150		USD 45.00		(134,510	)		USD 5,175,000		(90,850	)		43,660
Total Open Exchange-Traded Equity Options Written						$	(510,369	)			$	(172,850	)	$	337,519

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

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

11 Invesco High Yield Fund

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
11/17/2021	Goldman Sachs International		GBP  3,690,000		USD  5,113,049	$	39,169
Currency Risk
11/17/2021	Citibank, N.A.		EUR  6,800,000		USD  7,984,902		(56,067	)
Total Forward Foreign Currency Contracts						$	(16,898	)

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

Portfolio Composition^†*

By credit quality, based on total investments

as of August 31, 2021

AA	0.16	%
BBB	6.35
BB	49.74
B	36.69
CCC	5.33
CC	0.17
Non-Rated	1.56

^†Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

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

12 Invesco High Yield Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $918,690,593)	$	930,682,913
Investments in affiliated money market funds, at value (Cost $33,804,960)		33,802,847
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		39,169
Cash		74,713
Foreign currencies, at value (Cost $1,407,986)		1,419,295
Receivable for: Investments sold		5,514,412
Fund shares sold		664,316
Dividends		306
Interest		12,846,636
Investment for trustee deferred compensation and retirement plans		350,402
Other assets		91,901
Total assets		985,486,910
Liabilities:
Other investments:
Options written, at value (premiums received $510,369)		172,850
Unrealized depreciation on forward foreign currency contracts outstanding		56,067
Payable for:
Investments purchased		22,793,324
Dividends		825,344
Fund shares reacquired		754,297
Accrued fees to affiliates		491,743
Accrued trustees’ and officers’ fees and benefits		1,527
Accrued other operating expenses		117,719
Trustee deferred compensation and retirement plans		416,546
Total liabilities		25,629,417
Net assets applicable to shares outstanding	$	959,857,493

Net assets consist of:
Shares of beneficial interest	$	1,173,360,996
Distributable earnings (loss)		(213,503,503	)
	$	959,857,493
Net Assets:
Class A	$	674,324,196
Class C	$	25,350,052
Class Y	$	55,696,236
Investor Class	$	75,360,936
Class R5	$	36,430,101
Class R6	$	92,695,972
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		168,661,508
Class C		6,356,529
Class Y		13,896,835
Investor Class		18,865,522
Class R5		9,146,323
Class R6		23,206,093
Class A: Net asset value per share	$	4.00
Maximum offering price per share (Net asset value of $4.00 ÷ 95.75%)	$	4.18
Class C:
Net asset value and offering price per share	$	3.99
Class Y:
Net asset value and offering price per share	$	4.01
Investor Class:
Net asset value and offering price per share	$	3.99
Class R5:
Net asset value and offering price per share	$	3.98
Class R6:
Net asset value and offering price per share	$	3.99

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

13 Invesco High Yield Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Interest	$	23,502,631
Dividends from affiliated money market funds		1,674
Total investment income		23,504,305
Expenses:
Advisory fees		2,566,787
Administrative services fees		66,425
Custodian fees		8,734
Distribution fees:
Class A		834,409
Class C		130,235
Investor Class		94,880
Transfer agent fees – A, C, Y and Investor		670,617
Transfer agent fees – R5		17,850
Transfer agent fees – R6		8,447
Trustees’ and officers’ fees and benefits		15,869
Registration and filing fees		59,408
Reports to shareholders		68,183
Professional services fees		98,669
Other		13,530
Total expenses		4,654,043
Less: Fees waived and/or expense offset arrangement(s)		(6,688	)
Net expenses		4,647,355
Net investment income		18,856,950
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		12,025,713
Affiliated investment securities		(510	)
Foreign currencies		(163,774	)
Forward foreign currency contracts		474,959
Option contracts written		(60,918	)
		12,275,470
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(4,050,524	)
Affiliated investment securities		510
Foreign currencies		1,590
Forward foreign currency contracts		(46,384	)
Option contracts written		327,010
		(3,767,798	)
Net realized and unrealized gain		8,507,672
Net increase in net assets resulting from operations	$	27,364,622

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

14 Invesco High Yield Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31, 2021			February 28, 2021
Operations:
Net investment income	$	18,856,950		$	46,982,352
Net realized gain (loss)		12,275,470			(56,740,108	)
Change in net unrealized appreciation (depreciation)		(3,767,798	)		64,918,746
Net increase in net assets resulting from operations		27,364,622			55,160,990
Distributions to shareholders from distributable earnings:
Class A		(15,060,263	)		(36,337,213	)
Class C		(491,130	)		(1,605,096	)
Class Y		(1,221,503	)		(3,453,422	)
Investor Class		(1,708,863	)		(4,324,940	)
Class R5		(899,670	)		(2,615,850	)
Class R6		(2,161,378	)		(7,661,843	)
Total distributions from distributable earnings		(21,542,807	)		(55,998,364	)
Return of capital:
Class A		–			(1,772,865	)
Class C		–			(78,311	)
Class Y		–			(168,490	)
Investor Class		–			(211,011	)
Class R5		–			(127,625	)
Class R6		–			(373,816	)
Total return of capital		–			(2,732,118	)
Total distributions		(21,542,807	)		(58,730,482	)
Share transactions–net:
Class A		12,661,779			(6,810,503	)
Class C		(1,668,118	)		(8,814,544	)
Class Y		4,186,886			(10,179,218	)
Investor Class		30,469			(5,412,983	)
Class R5		(2,472,277	)		(16,233,844	)
Class R6		8,862,069			(102,497,843	)
Net increase (decrease) in net assets resulting from share transactions		21,600,808			(149,948,935	)
Net increase (decrease) in net assets		27,422,623			(153,518,427	)
Net assets:
Beginning of period		932,434,870			1,085,953,297
End of period	$	959,857,493		$	932,434,870

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

15 Invesco High Yield Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations			Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/21		$	3.97		$	0.08		$	0.04			$	0.12		$	(0.09	)		$	-			$	(0.09	)		$	4.00		3.06	%		$	674,324		1.02	%(d)		1.02	%(d)		3.95	%(d)		51	%
Year ended 02/28/21			3.96			0.19			0.05				0.24			(0.22	)			(0.01	)			(0.23	)			3.97		6.59				657,549		1.07			1.07			4.89			101
Year ended 02/29/20			4.05			0.21			(0.07	)			0.14			(0.23	)			-				(0.23	)			3.96		3.53				663,578		1.01			1.02			5.09			62
Year ended 02/28/19			4.13			0.20			(0.07	)			0.13			(0.21	)			-				(0.21	)			4.05		3.28				685,222		1.15			1.15			4.96			34
Year ended 02/28/18			4.21			0.20			(0.07	)			0.13			(0.21	)			-				(0.21	)			4.13		3.07				701,560		1.07			1.08			4.69			56
Year ended 02/28/17			3.83			0.21			0.39				0.60			(0.21	)			(0.01	)			(0.22	)			4.21		15.91				828,560		1.00			1.01			5.10			99
Class C
Six months ended 08/31/21			3.96			0.06			0.05				0.11			(0.08	)			-				(0.08	)			3.99		2.68				25,350		1.77	(d)		1.77	(d)		3.20	(d)		51
Year ended 02/28/21			3.95			0.16			0.05				0.21			(0.19	)			(0.01	)			(0.20	)			3.96		5.79				26,860		1.82			1.82			4.14			101
Year ended 02/29/20			4.04			0.18			(0.07	)			0.11			(0.20	)			-				(0.20	)			3.95		2.75				35,743		1.76			1.77			4.34			62
Year ended 02/28/19			4.12			0.17			(0.07	)			0.10			(0.18	)			-				(0.18	)			4.04		2.50				37,607		1.90			1.90			4.21			34
Year ended 02/28/18			4.20			0.16			(0.06	)			0.10			(0.18	)			-				(0.18	)			4.12		2.29				88,812		1.82			1.83			3.94			56
Year ended 02/28/17			3.82			0.18			0.39				0.57			(0.18	)			(0.01	)			(0.19	)			4.20		15.09				101,572		1.75			1.76			4.35			99
Class Y
Six months ended 08/31/21			3.98			0.08			0.05				0.13			(0.10	)			-				(0.10	)			4.01		3.20				55,696		0.77	(d)		0.77	(d)		4.20	(d)		51
Year ended 02/28/21			3.97			0.19			0.06				0.25			(0.23	)			(0.01	)			(0.24	)			3.98		6.85				51,180		0.82			0.82			5.14			101
Year ended 02/29/20			4.07			0.22			(0.08	)			0.14			(0.24	)			-				(0.24	)			3.97		3.54				61,065		0.76			0.77			5.34			62
Year ended 02/28/19			4.14			0.21			(0.06	)			0.15			(0.22	)			-				(0.22	)			4.07		3.79				112,350		0.90			0.90			5.21			34
Year ended 02/28/18			4.23			0.21			(0.08	)			0.13			(0.22	)			-				(0.22	)			4.14		3.09				116,954		0.82			0.83			4.94			56
Year ended 02/28/17			3.84			0.22			0.40				0.62			(0.22	)			(0.01	)			(0.23	)			4.23		16.44				201,080		0.75			0.76			5.35			99
Investor Class
Six months ended 08/31/21			3.97			0.08			0.03				0.11			(0.09	)			-				(0.09	)			3.99		2.81				75,361		1.02	(d)		1.02	(d)		3.95	(d)		51
Year ended 02/28/21			3.96			0.18			0.06				0.24			(0.22	)			(0.01	)			(0.23	)			3.97		6.59				74,887		1.07			1.07			4.89			101
Year ended 02/29/20			4.05			0.21			(0.07	)			0.14			(0.23	)			-				(0.23	)			3.96		3.53				80,043		1.01			1.02			5.09			62
Year ended 02/28/19			4.13			0.20			(0.07	)			0.13			(0.21	)			-				(0.21	)			4.05		3.31				79,404		1.15			1.15			4.96			34
Year ended 02/28/18			4.21			0.20			(0.07	)			0.13			(0.21	)			-				(0.21	)			4.13		3.11	(e)			97,913		1.01	(e)		1.02	(e)		4.75	(e)		56
Year ended 02/28/17			3.83			0.21			0.39				0.60			(0.21	)			(0.01	)			(0.22	)			4.21		15.95	(e)			105,545		0.96	(e)		0.97	(e)		5.14	(e)		99
Class R5
Six months ended 08/31/21			3.96			0.09			0.03				0.12			(0.10	)			-				(0.10	)			3.98		2.97				36,430		0.71	(d)		0.71	(d)		4.26	(d)		51
Year ended 02/28/21			3.94			0.20			0.06				0.26			(0.23	)			(0.01	)			(0.24	)			3.96		7.21				38,676		0.74			0.74			5.22			101
Year ended 02/29/20			4.04			0.22			(0.07	)			0.15			(0.25	)			-				(0.25	)			3.94		3.75				55,520		0.68			0.69			5.42			62
Year ended 02/28/19			4.12			0.21			(0.07	)			0.14			(0.22	)			-				(0.22	)			4.04		3.59				64,804		0.84			0.84			5.27			34
Year ended 02/28/18			4.20			0.21			(0.07	)			0.14			(0.22	)			-				(0.22	)			4.12		3.40				75,185		0.75			0.76			5.01			56
Year ended 02/28/17			3.82			0.22			0.39				0.61			(0.22	)			(0.01	)			(0.23	)			4.20		16.32				88,644		0.66			0.67			5.44			99
Class R6
Six months ended 08/31/21			3.97			0.09			0.03				0.12			(0.10	)			-				(0.10	)			3.99		3.01				92,696		0.63	(d)		0.63	(d)		4.34	(d)		51
Year ended 02/28/21			3.95			0.20			0.07				0.27			(0.24	)			(0.01	)			(0.25	)			3.97		7.29				83,282		0.65			0.65			5.31			101
Year ended 02/29/20			4.05			0.22			(0.07	)			0.15			(0.25	)			-				(0.25	)			3.95		3.70				190,003		0.59			0.60			5.51			62
Year ended 02/28/19			4.12			0.22			(0.06	)			0.16			(0.23	)			-				(0.23	)			4.05		3.94				186,913		0.75			0.75			5.36			34
Year ended 02/28/18			4.20			0.21			(0.07	)			0.14			(0.22	)			-				(0.22	)			4.12		3.49				195,027		0.66			0.67			5.10			56
Year ended 02/28/17			3.82			0.23			0.39				0.62			(0.23	)			(0.01	)			(0.24	)			4.20		16.42				157,367		0.57			0.58			5.53			99

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.19% and 0.21% for the years ended February 28, 2018 and 2017, respectively.

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

16 Invesco High Yield Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return through growth of capital and current income.

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

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

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

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

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

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

17 Invesco High Yield Fund

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

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

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

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

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. 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. 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.

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

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

18 Invesco High Yield Fund

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

K. 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.

L. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

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

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 Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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

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

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

19 Invesco High Yield Fund

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

Q. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 200 million	0.625%
Next $300 million	0.550%
Next $500 million	0.500%
Over $1 billion	0.450%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.54%.

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

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.50%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $4,938.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $31,673 in front-end sales commissions from the sale of Class A shares and $1,634 and $518 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

    Level 1 – Prices are determined using quoted prices in an active market for identical assets.

20 Invesco High Yield Fund

Level 2 –

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –

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

The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	837,394,768			$–	$	837,394,768
Variable Rate Senior Loan Interests		–			80,893,442			–		80,893,442
Non-U.S. Dollar Denominated Bonds & Notes		–			11,298,760			–		11,298,760
Common Stocks & Other Equity Interests		635,365			–			0		635,365
Money Market Funds		33,802,847			–			–		33,802,847
Options Purchased		460,578			–			–		460,578
Total Investments in Securities		34,898,790			929,586,970			0		964,485,760
Other Investments - Assets*
Forward Foreign Currency Contracts		–			39,169			–		39,169
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–			(56,067	)		–		(56,067	)
Options Written		(172,850	)		–			–		(172,850	)
		(172,850	)		(56,067	)		–		(228,917	)
Total Other Investments		(172,850	)		(16,898	)		0		(189,748	)
Total Investments	$	34,725,940		$	929,570,072			$0	$	964,296,012

* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Options Written are shown at value.

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2021:

	Value
Derivative Assets	Currency Risk			Equity Risk			Total
Unrealized appreciation on forward foreign currency contracts outstanding	$	39,169		$	-		$	39,169
Options purchased, at value - Exchange-Traded(a)		-			460,578			460,578
Total Derivative Assets		39,169			460,578			499,747
Derivatives not subject to master netting agreements		-			(460,578	)		(460,578	)
Total Derivative Assets subject to master netting agreements	$	39,169		$	-		$	39,169
	Value
Derivative Liabilities	Currency Risk			Equity Risk			Total
Unrealized depreciation on forward foreign currency contracts outstanding	$	(56,067	)	$	-		$	(56,067	)
Options written, at value - Exchange-Traded		-			(172,850	)		(172,850	)
Total Derivative Liabilities		(56,067	)		(172,850	)		(228,917	)
Derivatives not subject to master netting agreements		-			172,850			172,850
Total Derivative Liabilities subject to master netting agreements	$	(56,067	)	$	-		$	(56,067	)

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

21 Invesco High Yield Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August    31, 2021.

	Financial	Financial
	Derivative	Derivative		Collateral
	Assets	Liabilities		(Received)/Pledged
	Forward Foreign	Forward Foreign	Net Value of			Net
Counterparty	Currency Contracts	Currency Contracts	Derivatives	Non-Cash	Cash	Amount
Citibank, N.A.	$          -	$(56,067)	$(56,067)	$-	$-		$(56,067	)
Goldman Sachs International	39,169	-	39,169	-	-		39,169
Total	$39,169	$(56,067)	$(16,898)	$-	$-		$(16,898	)

Effect of Derivative Investments for the six months ended August 31, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Equity Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts		$474,959			$              -			$ 474,959
Options purchased(a)		-			(382,555	)		(382,555	)
Options written		-			(60,918	)		(60,918	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(46,384	)		-			(46,384	)
Options purchased(a)		-			(786,678	)		(786,678	)
Options written		-			327,010			327,010
Total		$428,575			$(903,141	)		$(474,566	)

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

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

	Forward		Equity		Equity
	Foreign Currency		Options		Options
	Contracts		Purchased		Written
Average notional value		$18,631,889		$10,011,767		$11,043,417
Average Contracts		-		5,074		4,770

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,750.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

22 Invesco High Yield Fund

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of February 28, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	58,736,300	$	172,989,989	$	231,726,289

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $465,338,373 and $484,905,979, respectively. Cost of investments, including any derivatives, on a tax    basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	24,916,558
Aggregate unrealized (depreciation) of investments		(16,000,203	)
Net unrealized appreciation of investments	$	8,916,355

Cost of investments for tax purposes is $955,379,657.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2021(a)						February 28, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		16,792,188		$	66,827,442			29,195,845		$	110,136,013
Class C		1,027,471			4,080,619			2,347,529			8,647,952
Class Y		2,242,480			8,950,382			11,252,740			40,046,832
Investor Class		8,511,108			33,900,969			9,686,952			36,495,466
Class R5		714,716			2,837,524			3,319,296			12,755,668
Class R6		4,246,463			16,909,979			8,091,930			30,114,155
Issued as reinvestment of dividends:
Class A		2,803,245			11,184,610			7,484,797			28,184,475
Class C		85,010			338,286			318,397			1,192,841
Class Y		204,995			819,956			670,224			2,521,039
Investor Class		352,652			1,405,883			989,542			3,722,290
Class R5		225,707			896,775			732,116			2,735,497
Class R6		513,278			2,046,392			2,060,063			7,624,253
Automatic conversion of Class C shares to Class A shares:
Class A		333,200			1,326,457			1,947,548			7,557,588
Class C		(334,039	)		(1,326,457	)		(1,949,808	)		(7,557,588	)
Reacquired:
Class A		(16,742,536	)		(66,676,730	)		(40,759,509	)		(152,688,579	)
Class C		(1,199,270	)		(4,760,566	)		(2,988,920	)		(11,097,749	)
Class Y		(1,398,667	)		(5,583,452	)		(14,458,192	)		(52,747,089	)
Investor Class		(8,859,012	)		(35,276,383	)		(12,042,096	)		(45,630,739	)
Class R5		(1,565,918	)		(6,206,576	)		(8,360,698	)		(31,725,009	)
Class R6		(2,536,416	)		(10,094,302	)		(37,259,909	)		(140,236,251	)
Net increase (decrease) in share activity		5,416,655		$	21,600,808			(39,722,153	)	$	(149,948,935	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

23 Invesco High Yield Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)1	Period2	(08/31/21)	Period2	Ratio
Class A	$1,000.00	$1,028.10	$5.21	$1,020.06	$5.19	1.02%
Class C	1,000.00	1,024.30	9.03	1,016.28	9.00	1.77
Class Y	1,000.00	1,029.40	3.94	1,021.32	3.92	0.77
Investor Class	1,000.00	1,028.10	5.21	1,020.06	5.19	1.02
Class R5	1,000.00	1,029.70	3.63	1,021.63	3.62	0.71
Class R6	1,000.00	1,030.10	3.22	1,022.03	3.21	0.63

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

24 Invesco High Yield Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco High Yield Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s security selection in certain industries and sectors and exposure to longer duration credits, as well as unsuccessful credit hedges, negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense

25 Invesco High Yield Fund

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

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 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 noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount

equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

26 Invesco High Yield Fund

(This page intentionally left blank)

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

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

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

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

SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. HYI-SAR-1

Semiannual Report to Shareholders	August 31, 2021
Invesco High Yield Bond Factor Fund
Nasdaq:
A: OGYAX ∎ C: OGYCX ∎ R: OGYNX ∎ Y: OGYYX ∎ R5: GBHYX ∎ R6: OGYIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
24	Fund Expenses
25	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.36	%
Class C Shares	3.09
Class R Shares	3.34
Class Y Shares	3.59
Class R5 Shares	3.59
Class R6 Shares	3.48
Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index▼ (Broad Market/Style-Specific Index)	3.82
Source(s): ▼RIMES Technologies Corp.
The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco High Yield Bond Factor Fund

Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges
Class A Shares
Inception (11/8/13)	3.73	%
5 Years	4.35
1 Year	4.68
Class C Shares
Inception (11/8/13)	3.58	%
5 Years	4.55
1 Year	7.66
Class R Shares
Inception (11/8/13)	4.07	%
5 Years	5.04
1 Year	9.20
Class Y Shares
Inception (11/8/13)	4.62	%
5 Years	5.59
1 Year	9.74
Class R5 Shares
Inception	4.39	%
5 Years	5.41
1 Year	9.74
Class R6 Shares
Inception (11/8/13)	4.65	%
5 Years	5.60
1 Year	9.62

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Global High Yield Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global High Yield Fund. The Fund was subsequently renamed the Invesco High Yield Bond Factor Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses. For periods prior to February 28, 2020, performance shown is that of the Fund using its previous investment strategy. Therefore, the past performance shown for periods prior to February 28, 2020 may have differed had the Fund’s current investment strategy been in effect.

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

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in

net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

3 Invesco High Yield Bond Factor Fund

Liquidity Risk Management Program

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

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

without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco High Yield Bond Factor Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)

	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes–91.49%
Aerospace & Defense–2.14%
Bombardier, Inc. (Canada),
7.50%, 03/15/2025(b)	$	36,000	$	37,027
7.88%, 04/15/2027(b)		42,000		44,087
Howmet Aerospace, Inc.,
5.13%, 10/01/2024		166,000		182,646
5.90%, 02/01/2027		100,000		118,003
Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027(b)		200,000		219,617
TransDigm, Inc., 5.50%, 11/15/2027		75,000		76,798
Triumph Group, Inc., 8.88%, 06/01/2024(b)		139,000		153,247
				831,425
Agricultural Products–0.54%
JBS USA Food Co., 7.00%, 01/15/2026(b)		200,000		210,500
Airlines–0.92%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029(b)		135,000		145,965
Delta Air Lines, Inc., 2.90%, 10/28/2024		177,000		180,449
United Airlines, Inc., 4.38%, 04/15/2026(b)		28,000		29,102
				355,516
Alternative Carriers–0.96%
Lumen Technologies, Inc.,
Series W, 6.75%, 12/01/2023		131,000		144,270
Series P, 7.60%, 09/15/2039		121,000		134,480
Series U, 7.65%, 03/15/2042		86,000		95,976
				374,726
Apparel, Accessories & Luxury Goods–0.59%
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)		66,000		71,445
Hanesbrands, Inc., 4.63%, 05/15/2024(b)		150,000		159,375
				230,820
Auto Parts & Equipment–0.55%
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		32,000		34,200
Tenneco, Inc., 7.88%, 01/15/2029(b)		158,000		177,947
				212,147
Automobile Manufacturers–3.06%
Ford Motor Co.,
7.13%, 11/15/2025		75,000		88,509
6.63%, 10/01/2028		400,000		478,506
9.98%, 02/15/2047		65,000		106,034
Ford Motor Credit Co. LLC, 4.13%, 08/04/2025		350,000		374,063
Winnebago Industries, Inc., 6.25%, 07/15/2028(b)		132,000		142,420
				1,189,532
Biotechnology–0.19%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028(b)		74,000		72,247

	Principal
	Amount		Value
Broadcasting–2.24%
AMC Networks, Inc.,
5.00%, 04/01/2024	$	63,000	$	63,866
4.25%, 02/15/2029		109,000		108,319
iHeartCommunications, Inc., 8.38%, 05/01/2027		64,671		68,781
Liberty Interactive LLC, 8.25%, 02/01/2030		195,000		219,649
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b)		82,000		80,268
TEGNA, Inc., 5.00%, 09/15/2029		310,000		328,569
				869,452
Building Products–2.01%
Builders FirstSource, Inc., 6.75%, 06/01/2027(b)		94,000		100,463
North Queensland Export Terminal Pty. Ltd. (Australia), 4.45%, 12/15/2022(b)		200,000		192,088
SRM Escrow Issuer LLC, 6.00%, 11/01/2028(b)		201,000		213,311
Standard Industries, Inc., 5.00%, 02/15/2027(b)		264,000		273,240
				779,102
Cable & Satellite–2.69%
CSC Holdings LLC, 6.50%, 02/01/2029(b)		287,000		317,135
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc, 5.88%, 08/15/2027(b)		183,000		191,538
Telenet Finance Luxembourg Notes S.a r.l. (Belgium), 5.50%, 03/01/2028(b)		70,000		73,815
Telesat Canada/Telesat LLC (Canada), 5.63%, 12/06/2026(b)		108,000		103,855
UPC Broadband Finco B.V. (Netherlands), 4.88%, 07/15/2031(b)		200,000		204,460
Ziggo B.V. (Netherlands), 5.50%, 01/15/2027(b)		150,000		155,226
				1,046,029
Casinos & Gaming–4.24%
Affinity Gaming, 6.88%, 12/15/2027(b)		170,000		180,803
Caesars Entertainment, Inc., 8.13%, 07/01/2027(b)		40,000		44,262
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/2025(b)		34,000		34,525
International Game Technology PLC, 6.50%, 02/15/2025(b)		200,000		223,250
Melco Resorts Finance Ltd. (Hong Kong), 5.75%, 07/21/2028(b)		200,000		208,750
MGM China Holdings Ltd. (Macau), 5.38%, 05/15/2024(b)		200,000		205,250
MGM Resorts International, 5.75%, 06/15/2025		175,000		191,844
Sabre GLBL, Inc., 7.38%, 09/01/2025(b)		210,000		222,337
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
4.25%, 05/30/2023(b)		150,000		154,094
5.50%, 03/01/2025(b)		171,000		181,474
				1,646,589

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

5 Invesco High Yield Bond Factor Fund

	Principal
	Amount		Value
Coal & Consumable Fuels–0.51%
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025(b)	$	196,000	$	197,757
Murray Energy Corp., 12.00%, 04/15/2024(b)(c)		130,760		667
				198,424
Commodity Chemicals–0.80%
Methanex Corp. (Canada),
5.13%, 10/15/2027		138,000		149,954
5.25%, 12/15/2029		147,000		160,549
				310,503
Communications Equipment–1.49%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)		99,000		100,807
Plantronics, Inc., 4.75%, 03/01/2029(b)		180,000		172,562
Telefonaktiebolaget LM Ericsson (Sweden), 4.13%, 05/15/2022		159,000		162,999
ViaSat, Inc., 5.63%, 04/15/2027(b)		136,000		141,270
				577,638
Computer & Electronics Retail–0.49%
Dell International LLC/EMC Corp., 7.13%, 06/15/2024(b)		187,000		191,207
Construction & Engineering–0.68%
Dycom Industries, Inc., 4.50%, 04/15/2029(b)		72,000		74,070
Fluor Corp., 4.25%, 09/15/2028		181,000		189,842
				263,912
Construction Machinery & Heavy Trucks–0.22%
Trinity Industries, Inc., 4.55%, 10/01/2024		82,000		87,278
Consumer Finance–2.37%
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b)		200,000		193,000
Credit Acceptance Corp., 5.13%, 12/31/2024(b)		139,000		143,344
Navient Corp.,
5.88%, 10/25/2024		101,000		110,186
6.75%, 06/25/2025		160,000		178,600
OneMain Finance Corp.,
8.25%, 10/01/2023		165,000		185,639
6.13%, 03/15/2024		101,000		108,701
				919,470
Copper–0.40%
Freeport-McMoRan, Inc., 4.55%, 11/14/2024		142,000		153,892
Department Stores–1.20%
Macy’s Retail Holdings LLC, 3.63%, 06/01/2024		352,000		365,654
Nordstrom, Inc., 6.95%, 03/15/2028		85,000		100,589
				466,243
Diversified Banks–0.47%
Banco Mercantil del Norte S.A. (Mexico), 7.50%(b)(d)(e)		160,000		181,343

	Principal
	Amount		Value
Diversified Capital Markets–0.85%
Deutsche Bank AG (Germany), 4.30%, 05/24/2028(d)	$	318,000	$	329,452
Diversified Chemicals–0.41%
NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029(b)		160,000		161,000
Diversified Metals & Mining–0.27%
Mineral Resources Ltd. (Australia), 8.13%, 05/01/2027(b)		95,000		103,669
Diversified REITs–1.62%
iStar, Inc., 4.75%, 10/01/2024		153,000		162,570
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, 05/01/2024		115,000		125,494
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025(b)		183,000		195,810
VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025(b)		140,000		143,675
				627,549
Diversified Support Services–0.29%
Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b)		111,000		113,775
Drug Retail–0.15%
Rite Aid Corp., 8.00%, 11/15/2026(b)		55,000		56,782
Education Services–0.02%
Graham Holdings Co., 5.75%, 06/01/2026(b)		9,000		9,394
Electric Utilities–0.79%
InterGen N.V. (Netherlands), 7.00%, 06/30/2023(b)		200,000		198,256
Talen Energy Supply LLC, 7.25%, 05/15/2027(b)		127,000		109,972
				308,228
Electrical Components & Equipment–0.64%
Sensata Technologies B.V.,
4.88%, 10/15/2023(b)		100,000		107,136
5.63%, 11/01/2024(b)		128,000		142,560
				249,696
Electronic Components–0.15%
Brightstar Escrow Corp., 9.75%, 10/15/2025(b)		55,000		59,331
Environmental & Facilities Services–0.73%
GFL Environmental, Inc. (Canada), 4.25%, 06/01/2025(b)		170,000		176,588
Stericycle, Inc., 5.38%, 07/15/2024(b)		105,000		107,759
				284,347
Fertilizers & Agricultural Chemicals–0.59%
CVR Partners L.P./CVR Nitrogen Finance Corp., 9.25%, 06/15/2023(b)		12,000		12,070
Eurochem Finance DAC (Russia), 5.50%, 03/13/2024(b)		200,000		217,521
				229,591

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

6 Invesco High Yield Bond Factor Fund

	Principal
	Amount		Value
Food Distributors–0.38%
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)	$	150,000	$	148,696
Footwear–0.28%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)		97,000		106,821
Gas Utilities–0.39%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024		138,000		151,110
Health Care Equipment–0.42%
Varex Imaging Corp., 7.88%, 10/15/2027(b)		146,000		164,637
Health Care Facilities–1.90%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/2025(b)		33,000		33,371
HCA, Inc.,
5.38%, 02/01/2025		129,000		145,529
7.50%, 11/15/2095		30,000		45,827
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b)		31,000		33,015
Tenet Healthcare Corp.,
6.75%, 06/15/2023		35,000		37,975
4.63%, 07/15/2024		72,000		73,080
4.63%, 09/01/2024(b)		120,000		123,000
7.50%, 04/01/2025(b)		131,000		140,339
6.13%, 10/01/2028(b)		99,000		104,693
				736,829
Health Care REITs–0.29%
Diversified Healthcare Trust, 4.75%, 02/15/2028		110,000		111,547
Health Care Services–1.27%
Community Health Systems, Inc.,
6.88%, 04/15/2029(b)		33,000		34,320
6.13%, 04/01/2030(b)		33,000		33,309
Omnicare, Inc., 4.75%, 12/01/2022		30,000		31,080
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)		195,000		208,894
US Acute Care Solutions LLC, 6.38%, 03/01/2026(b)		178,000		185,343
				492,946
Homebuilding–1.01%
LGI Homes, Inc., 4.00%, 07/15/2029(b)		187,000		188,199
New Home Co., Inc. (The), 7.25%, 10/15/2025(b)		100,000		106,240
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024		90,000		99,896
				394,335
Hotel & Resort REITs–1.45%
FelCor Lodging L.P., 6.00%, 06/01/2025		140,000		143,255
Service Properties Trust,
4.65%, 03/15/2024		159,000		161,189
4.35%, 10/01/2024		177,000		179,655
4.95%, 02/15/2027		78,000		78,122
				562,221

	Principal
	Amount		Value
Hotels, Resorts & Cruise Lines–2.50%
Carnival Corp.,
11.50%, 04/01/2023(b)	$	22,000	$	24,743
9.88%, 08/01/2027(b)		92,000		106,145
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, 12/01/2024		234,000		243,251
Royal Caribbean Cruises Ltd.,
9.13%, 06/15/2023(b)		150,000		163,687
11.50%, 06/01/2025(b)		73,000		84,133
Travel + Leisure Co.,
5.65%, 04/01/2024		7,000		7,550
Series J, 6.00%, 04/01/2027		174,000		192,755
VOC Escrow Ltd., 5.00%, 02/15/2028(b)		151,000		149,502
				971,766
Independent Power Producers & Energy Traders–1.01%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030(b)		200,000		198,868
TerraForm Power Operating LLC, 4.25%, 01/31/2023(b)		188,000		193,405
				392,273
Industrial Conglomerates–0.35%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024		131,000		135,989
Industrial Machinery–0.39%
SPX FLOW, Inc., 5.88%, 08/15/2026(b)		76,000		78,233
TriMas Corp., 4.13%, 04/15/2029(b)		73,000		74,452
				152,685
Insurance Brokers–0.17%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027(b)		32,000		33,320
HUB International Ltd., 7.00%, 05/01/2026(b)		33,000		34,183
				67,503
Integrated Oil & Gas–0.78%
Occidental Petroleum Corp.,
6.95%, 07/01/2024		100,000		112,769
2.90%, 08/15/2024		184,000		188,830
				301,599
Integrated Telecommunication Services–3.16%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)		200,000		207,750
Embarq Corp., 8.00%, 06/01/2036		162,000		170,781
Frontier Communications Holdings LLC,
5.00%, 05/01/2028(b)		170,000		177,863
5.88%, 11/01/2029		72,000		73,319
Ligado Networks LLC, 15.50%PIK Rate, 0.00% Cash Rate, 11/01/2023(b)(f)		37,833		36,367
Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b)		305,000		331,520
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)		221,000		228,599
				1,226,199

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

7 Invesco High Yield Bond Factor Fund

	Principal
	Amount		Value
Interactive Media & Services–0.61%
Audacy Capital Corp., 6.50%, 05/01/2027(b)	$	102,000	$	102,638
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)		69,000		71,746
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/2026(b)		94,000		62,562
				236,946
Internet & Direct Marketing Retail–1.09%
Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026(b)		271,000		294,374
QVC, Inc., 4.85%, 04/01/2024		117,000		127,354
				421,728
Investment Banking & Brokerage–0.39%
FS Energy and Power Fund, 7.50%, 08/15/2023(b)		115,000		119,600
NFP Corp., 6.88%, 08/15/2028(b)		32,000		32,880
				152,480
Leisure Facilities–0.69%
NCL Corp. Ltd., 12.25%, 05/15/2024(b)		138,000		163,014
Vail Resorts, Inc., 6.25%, 05/15/2025(b)		100,000		106,679
				269,693
Managed Health Care–0.21%
Magellan Health, Inc., 4.90%, 09/22/2024		73,000		80,512
Metal & Glass Containers–0.96%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/2027(b)		200,000		207,250
Ball Corp., 4.00%, 11/15/2023		123,000		130,226
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/2025(b)		34,000		33,653
				371,129
Movies & Entertainment–1.12%
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025(b)		200,000		205,750
Cinemark USA, Inc.,
8.75%, 05/01/2025(b)		100,000		108,488
5.88%, 03/15/2026(b)		20,000		19,925
Netflix, Inc., 5.75%, 03/01/2024		92,000		102,331
				436,494
Office Services & Supplies–0.96%
ACCO Brands Corp., 4.25%, 03/15/2029(b)		184,000		185,136
Pitney Bowes, Inc.,
6.88%, 03/15/2027(b)		70,000		74,638
7.25%, 03/15/2029(b)		105,000		112,875
				372,649
Oil & Gas Drilling–0.35%
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)		130,000		137,306
Oil & Gas Equipment & Services–0.26%
Oceaneering International, Inc., 4.65%, 11/15/2024		100,000		102,003
Oil & Gas Exploration & Production–7.11%
Baytex Energy Corp. (Canada), 8.75%, 04/01/2027(b)		114,000		111,868

	Principal
	Amount		Value
Oil & Gas Exploration & Production–(continued)
CNX Resources Corp., 6.00%, 01/15/2029(b)	$	110,000	$	114,723
Continental Resources, Inc., 3.80%, 06/01/2024		204,000		218,025
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)		103,000		106,211
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)		148,000		148,732
Endeavor Energy Resources L.P./EER Finance, Inc., 6.63%, 07/15/2025(b)		68,000		72,196
EQT Corp., 6.63%, 02/01/2025		123,000		141,139
Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		107,000		105,397
8.00%, 01/15/2027		124,000		123,291
Gulfport Energy Operating Corp.,
6.38%, 05/15/2025		135,000		6,412
8.00%, 05/17/2026(b)		39,502		42,070
Hilcorp Energy I L.P./Hilcorp Finance Co.,
5.75%, 10/01/2025(b)		37,000		37,490
6.25%, 11/01/2028(b)		265,000		274,275
MEG Energy Corp. (Canada), 6.50%, 01/15/2025(b)		136,000		140,590
Murphy Oil Corp.,
6.88%, 08/15/2024		72,000		73,530
7.05%, 05/01/2029		80,000		88,906
6.38%, 12/01/2042		110,000		109,598
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025(b)		83,000		82,590
PDC Energy, Inc.,
6.13%, 09/15/2024		133,000		135,327
5.75%, 05/15/2026		145,000		150,742
Southwestern Energy Co., 4.10%, 03/15/2022		290,000		291,286
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025(b)		186,000		188,152
				2,762,550
Oil & Gas Refining & Marketing–2.12%
CVR Energy, Inc.,
5.25%, 02/15/2025(b)		97,000		95,185
5.75%, 02/15/2028(b)		181,000		179,002
EnLink Midstream Partners L.P.,
4.15%, 06/01/2025		75,000		77,342
4.85%, 07/15/2026		175,000		181,344
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025		350,000		245,464
Weatherford International Ltd., 11.00%, 12/01/2024(b)		44,000		46,035
				824,372
Oil & Gas Storage & Transportation–2.66%
Buckeye Partners L.P., 4.13%, 03/01/2025(b)		100,000		103,503
EnLink Midstream LLC, 5.38%, 06/01/2029		109,000		112,055
EQM Midstream Partners L.P.,
4.00%, 08/01/2024		100,000		102,375
6.50%, 07/15/2048		168,000		190,008
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,
6.00%, 03/01/2027(b)		70,000		72,540
5.50%, 01/15/2028(b)		269,000		272,041

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

8 Invesco High Yield Bond Factor Fund

	Principal
	Amount		Value
Oil & Gas Storage & Transportation–(continued)
Western Midstream Operating L.P., 4.35%, 02/01/2025		$172,000	$	180,956
				1,033,478
Other Diversified Financial Services–2.10%
CNG Holdings, Inc., 12.50%, 06/15/2024(b)		43,000		41,027
Enact Holdings, Inc., 6.50%, 08/15/2025(b)		90,000		97,312
Global Aircraft Leasing Co. Ltd. (Cayman Islands), 7.25%PIK Rate, 6.50% Cash Rate, 09/15/2024(b)(f)		275,642		273,575
Midcap Financial Issuer Trust, 5.63%, 01/15/2030(b)		200,000		199,281
Operadora de Servicios Mega S.A. de C.V. Sofom ER (Mexico), 8.25%, 02/11/2025(b)		200,000		203,999
				815,194
Packaged Foods & Meats–0.53%
Lamb Weston Holdings, Inc., 4.63%, 11/01/2024(b)		202,000		207,555
Paper Packaging–0.79%
Graphic Packaging International LLC, 4.13%, 08/15/2024		68,000		72,690
Sealed Air Corp.,
5.25%, 04/01/2023(b)		100,000		105,125
5.13%, 12/01/2024(b)		120,000		130,391
				308,206
Paper Products–0.19%
Clearwater Paper Corp., 5.38%, 02/01/2025(b)		68,000		72,457
Personal Products–1.82%
Avon Products, Inc. (United Kingdom), 8.45%, 03/15/2043		107,000		142,026
Edgewell Personal Care Co., 5.50%, 06/01/2028(b)		134,000		142,040
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b)		199,000		216,212
Oriflame Investment Holding PLC (Switzerland), 5.13%, 05/04/2026(b)		200,000		205,580
				705,858
Pharmaceuticals–3.20%
Bausch Health Cos., Inc.,
5.50%, 11/01/2025(b)		173,000		177,178
5.00%, 01/30/2028(b)		153,000		146,194
6.25%, 02/15/2029(b)		195,000		193,795
7.25%, 05/30/2029(b)		60,000		61,879
5.25%, 01/30/2030(b)		233,000		219,345
Elanco Animal Health, Inc., 5.90%, 08/28/2028		16,000		18,754
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.13%, 04/01/2029(b)		160,000		158,606
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)		130,000		135,531
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		130,000		131,787
				1,243,069

	Principal
	Amount		Value
Precious Metals & Minerals–0.00%
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/01/2022(b)(c)		$142,000	$	185
Property & Casualty Insurance–0.19%
MBIA, Inc., 5.70%, 12/01/2034		73,000		72,029
Regional Banks–0.61%
CIT Group, Inc., 5.00%, 08/01/2023		100,000		107,875
Synovus Financial Corp., 5.90%, 02/07/2029(d)		120,000		130,351
				238,226
Research & Consulting Services–0.27%
IHS Markit Ltd., 4.75%, 02/15/2025(b)		95,000		105,602
Restaurants–1.44%
Aramark Services, Inc.,
5.00%, 04/01/2025(b)		196,000		201,305
6.38%, 05/01/2025(b)		143,000		151,551
Brinker International, Inc., 5.00%, 10/01/2024(b)		70,000		74,116
Yum! Brands, Inc., 7.75%, 04/01/2025(b)		123,000		132,673
				559,645
Security & Alarm Services–1.08%
CoreCivic, Inc.,
4.63%, 05/01/2023		192,000		195,257
4.75%, 10/15/2027		75,000		69,344
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 04/15/2024(b)		147,000		156,739
				421,340
Semiconductor Equipment–0.37%
Amkor Technology, Inc., 6.63%, 09/15/2027(b)		135,000		145,571
Specialized REITs–1.19%
Iron Mountain, Inc.,
4.88%, 09/15/2029(b)		147,000		155,239
5.25%, 07/15/2030(b)		167,000		178,064
SBA Communications Corp., 4.88%, 09/01/2024		127,000		129,064
				462,367
Specialty Stores–1.03%
Bed Bath & Beyond, Inc., 3.75%, 08/01/2024		100,000		103,250
Michaels Cos., Inc. (The), 7.88%, 05/01/2029(b)		36,000		37,141
Staples, Inc., 7.50%, 04/15/2026(b)		257,000		260,534
				400,925
Steel–1.93%
ArcelorMittal S.A. (Luxembourg), 3.60%, 07/16/2024		158,000		168,328
Carpenter Technology Corp., 6.38%, 07/15/2028		204,000		221,134
Cleveland-Cliffs, Inc., 6.75%, 03/15/2026(b)		84,000		90,195
Infrabuild Australia Pty. Ltd. (Australia), 12.00%, 10/01/2024(b)		69,000		73,729
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		92,000		93,298

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

9 Invesco High Yield Bond Factor Fund

	Principal
	Amount		Value
Steel–(continued)
Warrior Met Coal, Inc., 8.00%, 11/01/2024(b)	$	103,000	$	103,837
				750,521
Systems Software–0.51%
Banff Merger Sub, Inc., 9.75%, 09/01/2026(b)		24,000		25,200
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)		166,000		172,799
				197,999
Technology Distributors–0.31%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024		108,000		119,551
Technology Hardware, Storage & Peripherals–0.94%
Xerox Corp., 6.75%, 12/15/2039		266,000		297,374
Xerox Holdings Corp., 5.50%, 08/15/2028(b)		65,000		67,995
				365,369
Thrifts & Mortgage Finance–0.24%
MGIC Investment Corp., 5.75%, 08/15/2023		88,000		95,001
Tobacco–0.31%
Vector Group Ltd., 5.75%, 02/01/2029(b)		118,000		120,213
Wireless Telecommunication Services–2.89%
Sprint Corp.,
7.88%, 09/15/2023		155,000		175,801
7.13%, 06/15/2024		200,000		230,250
7.63%, 02/15/2025		145,000		171,825
T-Mobile USA, Inc., 2.25%, 02/15/2026		51,000		52,148
VEON Holdings B.V. (Netherlands), 4.95%, 06/16/2024(b)		200,000		215,839
Vmed O2 UK Financing I PLC (United Kingdom), 4.25%, 01/31/2031(b)		277,000		278,044
				1,123,907
Total U.S. Dollar Denominated Bonds & Notes (Cost $34,747,383)				35,550,095
	Shares
Exchange-Traded Funds–2.88%
Invesco High Yield Bond Factor ETF (Cost $ 1,109,352)(g)		43,455		1,120,053
Common Stocks & Other Equity Interests–0.36%
Advertising–0.00%
Cxloyalty Group, Inc., Wts., expiring 04/10/2024(h)		39		0

	Shares		Value
Apparel, Accessories & Luxury Goods–0.01%
Claire’s Holdings LLC		20	$	4,590
Coal & Consumable Fuels–0.02%
ACNR Holdings, Inc.		232		6,148
Oil & Gas Equipment & Services–0.08%
Superior Energy Services, Inc.(h)		761		31,201
Oil & Gas Exploration & Production–0.25%
Gulfport Energy Operating Corp.(i)		1,483		99,153
Total Common Stocks & Other Equity Interests (Cost $101,683)				141,092
	Principal Amount
U.S. Treasury Securities–0.19%
U.S. Treasury Bills–0.19%
0.05%, 02/17/2022 (Cost $72,984)(j)(k)	$	73,000		72,985
Variable Rate Senior Loan Interests–0.03%(l)(m)
Apparel, Accessories & Luxury Goods–0.03%
Claire’s Stores, Inc., Term Loan B, 6.58% (1 mo. USD LIBOR + 6.50%), 12/18/2026 ( Cost $10,665)		12,423		12,060
		Shares
Preferred Stocks–0.00%
Apparel, Accessories & Luxury Goods–0.00%
Claire’s Holdings LLC, Series A, Pfd. (Cost $3,125)		5		1,204
Money Market Funds–3.69%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(g)(n)		488,282		488,282
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(g)(n)		385,990		386,144
Invesco Treasury Portfolio, Institutional Class, 0.01%(g)(n)		558,037		558,037
Total Money Market Funds (Cost $1,432,463)				1,432,463
TOTAL INVESTMENTS IN SECURITIES–98.64% (Cost $37,477,655)				38,329,952
OTHER ASSETS LESS LIABILITIES–1.36%				528,749
NET ASSETS-100.00%			$	38,858,701

Investment Abbreviations:
ETF	- Exchange-Traded Fund
LIBOR	- London Interbank Offered Rate
Pfd.	- Preferred
PIK	- Pay-in-Kind
REIT	- Real Estate Investment Trust
USD	- U.S. Dollar
Wts.	- Warrants

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

10 Invesco High Yield Bond Factor Fund

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $21,986,750, which represented 56.58% of the Fund’s Net Assets.

^(c)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2021 was $852, which represented less than 1% of the Fund’s Net Assets.

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

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

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

^(g)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2021.

	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2021			Dividend Income
Invesco High Yield Bond Factor ETF		$	988,545		$	792,089		$	(673,639	)		$	19,673		$	(6,615	)		$	1,120,053		$	23,907
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			156,793			3,803,236			(3,471,747	)			-			-				488,282			20
Invesco Liquid Assets Portfolio, Institutional Class			111,978			2,716,597			(2,442,431	)			-			-				386,144			8
Invesco Treasury Portfolio, Institutional Class			179,192			4,346,555			(3,967,710	)			-			-				558,037			8
Total		$	1,436,508		$	11,658,477		$	(10,555,527	)		$	19,673		$	(6,615	)		$	2,552,516		$	23,943

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

⁽ⁱ⁾  Non-income producing security.

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

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

^(l)  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.

^(m)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”), and may be subject to contractual and legal restrictions on sale. Senior secured corporate loans and senior secured debt securities in the Invesco BL Fund, Ltd.’s portfolio generally have variable rates which adjust to a base, such as the London Inter-Bank Offered Rate (“LIBOR”), on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

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

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 5 Year Notes		3		December-2021		$	371,156			$	(20	)		$	(20	)
U.S. Treasury 10 Year Notes		14		December-2021			1,868,344				4,656				4,656
U.S. Treasury 10 Year Ultra Notes		13		December-2021			1,924,203				5,906				5,906
U.S. Treasury Long Bonds		2		December-2021			325,938				906				906
U.S. Treasury Ultra Bonds		1		December-2021			197,281				688				688
Subtotal–Long Futures Contracts											12,136				12,136
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 2 Year Notes		9		December-2021			(1,982,953	)			(1,195	)			(1,195	)
Total Futures Contracts										$	10,941			$	10,941

Open Centrally Cleared Credit Default Swap Agreements(a)

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(b)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation

Credit Risk

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

Sell

5.00

%

Quarterly

06/20/2026

2.7697

%

USD 1,500,000

$

138,510

$

147,153

$

8,643

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

11 Invesco High Yield Bond Factor Fund

^(a)  Swaps are collateralized by $54,681 cash held with Citigroup Global Markets Inc., the Counterparty.

^(b)  Implied credit spreads represent the current level, as of August 31, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Investment Abbreviations:

USD –U.S. Dollar

Portfolio Composition^†*

By credit quality, based on total investments

as of August 31, 2021

AA	0.19	%
BBB	8.31
BB	64.01
B	19.74
CCC	1.66
Non-Rated	2.67
Equity	3.42

^† Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

* Excluding money market fund holdings, if any.

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

12 Invesco High Yield Bond Factor Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 34,935,840)	$	35,777,436
Investments in affiliates, at value (Cost $ 2,541,815)		2,552,516
Other investments:
Variation margin receivable-centrally cleared swap agreements		27,563
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		54,681
Cash		300,473
Receivable for:
Investments sold		613,308
Fund shares sold		3,889
Dividends		6
Interest		543,272
Investment for trustee deferred compensation and retirement plans		18,315
Other assets		57,717
Total assets		39,949,176
Liabilities:
Other investments:
Variation margin payable - futures contracts		6,228
Payable for:
Investments purchased		789,694
Dividends		26,641
Fund shares reacquired		76,928
Accrued fees to affiliates		64,211
Accrued trustees’ and officers’ fees and benefits		1,158
Accrued other operating expenses		107,300
Trustee deferred compensation and retirement plans		18,315
Total liabilities		1,090,475
Net assets applicable to shares outstanding	$	38,858,701
Net assets consist of:
Shares of beneficial interest	$	42,253,778
Distributable earnings (loss)		(3,395,077	)
	$	38,858,701

Net Assets:
Class A	$	26,573,617
Class C	$	5,219,283
Class R	$	3,527,306
Class Y	$	3,487,087
Class R5	$	10,353
Class R6	$	41,055
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,846,813
Class C		559,363
Class R		377,768
Class Y		373,421
Class R5		1,109
Class R6		4,398
Class A:
Net asset value per share	$	9.33
Maximum offering price per share (Net asset value of $9.33 ÷ 95.75%)	$	9.74
Class C:
Net asset value and offering price per share	$	9.33
Class R:
Net asset value and offering price per share	$	9.34
Class Y:
Net asset value and offering price per share	$	9.34
Class R5:
Net asset value and offering price per share	$	9.34
Class R6:
Net asset value and offering price per share	$	9.33

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

13 Invesco High Yield Bond Factor Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Interest	$	903,563
Dividends from affiliates		23,943
Other income		8,288
Total investment income		935,794
Expenses:
Advisory fees		68,429
Administrative services fees		2,590
Custodian fees		23,910
Distribution fees:
Class A		30,603
Class C		26,577
Class R		8,586
Transfer agent fees – A, C, R and Y		12,463
Transfer agent fees – R5		4
Transfer agent fees – R6		12
Trustees’ and officers’ fees and benefits		11,794
Registration and filing fees		45,257
Professional services fees		51,662
Other		(20,305	)
Total expenses		261,582
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(123,638	)
Net expenses		137,944
Net investment income		797,850
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		401,046
Affiliated investment securities		(6,615	)
Futures contracts		87,797
Swap agreements		(187	)
		482,041
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(130,479	)
Affiliated investment securities		19,673
Futures contracts		44,881
Swap agreements		8,643
		(57,282	)
Net realized and unrealized gain		424,759
Net increase in net assets resulting from operations	$	1,222,609

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

14 Invesco High Yield Bond Factor Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31,			February 28,
	2021			2021
Operations:
Net investment income	$	797,850		$	1,676,813
Net realized gain (loss)		482,041			(842,053	)
Change in net unrealized appreciation (depreciation)		(57,282	)		1,740,510
Net increase in net assets resulting from operations		1,222,609			2,575,270
Distributions to shareholders from distributable earnings:
Class A		(610,092	)		(1,247,439	)
Class C		(103,641	)		(250,179	)
Class R		(75,441	)		(152,928	)
Class Y		(47,188	)		(72,282	)
Class R5		(255	)		(552	)
Class R6		(823	)		(3,056	)
Total distributions from distributable earnings		(837,440	)		(1,726,436	)
Return of capital:
Class A		–			(47,219	)
Class C		–			(9,470	)
Class R		–			(5,789	)
Class Y		–			(2,736	)
Class R5		–			(21	)
Class R6		–			(116	)
Total return of capital		–			(65,351	)
Total distributions		(837,440	)		(1,791,787	)
Share transactions–net:
Class A		497,185			1,798,731
Class C		(59,291	)		(580,687	)
Class R		338,948			(32,303	)
Class Y		2,042,368			266,472
Class R6		17,623			(86,123	)
Net increase in net assets resulting from share transactions		2,836,833			1,366,090
Net increase in net assets		3,222,002			2,149,573
Net assets:
Beginning of period		35,636,699			33,487,126
End of period	$	38,858,701		$	35,636,699

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

15 Invesco High Yield Bond Factor Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/21		$9.24		$0.21		$0.10			$0.31			$	(0.22	)		$	–			$	(0.22	)		$	9.33		3.36	%(d)		$	26,574		0.63	%(d)(e)		1.29	%(d)(e)		4.43	%(d)(e)		47	%
Year ended 02/28/21		8.99		0.46		0.29			0.75				(0.48	)			(0.02	)			(0.50	)			9.24		8.73	(d)			25,804		0.64	(d)		2.07	(d)		5.29	(d)		161
Nine months ended 02/29/20		8.96		0.32		0.04			0.36				(0.31	)			(0.02	)			(0.33	)			8.99		4.04				23,445		2.40	(e)		2.40	(e)		4.72	(e)		127
Year ended 05/31/19		9.17		0.51		(0.21	)		0.30				(0.51	)			–				(0.51	)			8.96		3.42				22,791		1.78			1.78			5.61			56
Year ended 05/31/18		9.51		0.49		(0.34	)		0.15				(0.49	)			–				(0.49	)			9.17		1.61				21,669		1.68			1.68			5.19			71
Year ended 05/31/17		9.07		0.45		0.45			0.90				(0.46	)			–				(0.46	)			9.51		10.08				27,376		1.59			1.59			4.85			89
Year ended 05/31/16		9.75		0.44		(0.67	)		(0.23	)			(0.45	)			–				(0.45	)			9.07		(2.22	)			28,286		1.56			1.56			4.90			54
Class C
Six months ended 08/31/21		9.23		0.17		0.11			0.28				(0.18	)			–				(0.18	)			9.33		3.09				5,219		1.38	(e)		2.06	(e)		3.68	(e)		47
Year ended 02/28/21		8.98		0.40		0.28			0.68				(0.41	)			(0.02	)			(0.43	)			9.23		7.93				5,224		1.39			2.84			4.54			161
Nine months ended 02/29/20		8.96		0.27		0.03			0.30				(0.27	)			(0.01	)			(0.28	)			8.98		3.39				5,719		3.17	(e)		3.17	(e)		4.02	(e)		127
Year ended 05/31/19		9.16		0.44		(0.19	)		0.25				(0.45	)			–				(0.45	)			8.96		2.81				6,484		2.57			2.57			4.91			56
Year ended 05/31/18		9.50		0.42		(0.33	)		0.09				(0.43	)			–				(0.43	)			9.16		0.90				6,972		2.47			2.47			4.50			71
Year ended 05/31/17		9.06		0.39		0.44			0.83				(0.39	)			–				(0.39	)			9.50		9.33				7,070		2.55			2.55			4.18			89
Year ended 05/31/16		9.75		0.38		(0.68	)		(0.30	)			(0.39	)			–				(0.39	)			9.06		(3.00	)			4,458		2.59			2.59			4.21			54
Class R
Six months ended 08/31/21		9.24		0.20		0.11			0.31				(0.21	)			–				(0.21	)			9.34		3.34				3,527		0.88	(e)		1.56	(e)		4.18	(e)		47
Year ended 02/28/21		8.99		0.44		0.28			0.72				(0.45	)			(0.02	)			(0.47	)			9.24		8.46				3,151		0.89			2.34			5.04			161
Nine months ended 02/29/20		8.96		0.31		0.03			0.34				(0.29	)			(0.02	)			(0.31	)			8.99		3.85				3,098		2.67	(e)		2.67	(e)		4.48	(e)		127
Year ended 05/31/19		9.17		0.48		(0.20	)		0.28				(0.49	)			–				(0.49	)			8.96		3.17				2,839		2.20			2.20			5.36			56
Year ended 05/31/18		9.51		0.47		(0.34	)		0.13				(0.47	)			–				(0.47	)			9.17		1.36				2,185		2.07			2.07			4.96			71
Year ended 05/31/17		9.07		0.44		0.43			0.87				(0.43	)			–				(0.43	)			9.51		9.81				1,542		2.39			2.39			4.66			89
Year ended 05/31/16		9.75		0.42		(0.67	)		(0.25	)			(0.43	)			–				(0.43	)			9.07		(2.46	)			554		2.37			2.37			4.65			54
Class Y
Six months ended 08/31/21		9.24		0.22		0.11			0.33				(0.23	)			–				(0.23	)			9.34		3.59				3,487		0.38	(e)		1.06	(e)		4.68	(e)		47
Year ended 02/28/21		8.99		0.49		0.28			0.77				(0.50	)			(0.02	)			(0.52	)			9.24		9.00				1,425		0.39			1.84			5.54			161
Nine months ended 02/29/20		8.97		0.34		0.03			0.37				(0.33	)			(0.02	)			(0.35	)			8.99		4.16				1,105		2.17	(e)		2.17	(e)		5.01	(e)		127
Year ended 05/31/19		9.17		0.53		(0.19	)		0.34				(0.54	)			–				(0.54	)			8.97		3.85				1,505		1.50			1.50			5.91			56
Year ended 05/31/18		9.51		0.52		(0.34	)		0.18				(0.52	)			–				(0.52	)			9.17		1.92				1,534		1.44			1.44			5.50			71
Year ended 05/31/17		9.07		0.48		0.45			0.93				(0.49	)			–				(0.49	)			9.51		10.41				2,235		1.42			1.42			5.18			89
Year ended 05/31/16		9.75		0.47		(0.67	)		(0.20	)			(0.48	)			–				(0.48	)			9.07		(1.92	)			657		1.50			1.50			5.18			54
Class R5
Six months ended 08/31/21		9.24		0.22		0.11			0.33				(0.23	)			–				(0.23	)			9.34		3.59				10		0.38	(e)		1.06	(e)		4.68	(e)		47
Year ended 02/28/21		8.99		0.49		0.28			0.77				(0.50	)			(0.02	)			(0.52	)			9.24		9.00				10		0.39			1.52			5.54			161
Nine months ended 02/29/20		8.97		0.34		0.03			0.37				(0.33	)			(0.02	)			(0.35	)			8.99		4.16				10		1.84	(e)		1.84	(e)		5.02	(e)		127
Period ended 05/31/19(f)		9.02		0.01		(0.06	)		(0.05	)			(0.00	)			–				(0.00	)			8.97		3.48				10		1.22	(e)		1.22	(e)		5.91	(e)		56
Class R6
Six months ended 08/31/21		9.24		0.22		0.10			0.32				(0.23	)			–				(0.23	)			9.33		3.48				41		0.38	(e)		1.06	(e)		4.68	(e)		47
Year ended 02/28/21		9.00		0.48		0.28			0.76				(0.50	)			(0.02	)			(0.52	)			9.24		8.88				23		0.39			1.52			5.54			161
Nine months ended 02/29/20		8.97		0.35		0.04			0.39				(0.34	)			(0.02	)			(0.36	)			9.00		4.32				110		1.81	(e)		1.81	(e)		5.05	(e)		127
Year ended 05/31/19		9.16		0.54		(0.19	)		0.35				(0.54	)			–				(0.54	)			8.97		3.98				123		1.31			1.31			5.96			56
Year ended 05/31/18		9.50		0.52		(0.33	)		0.19				(0.53	)			–				(0.53	)			9.16		1.97				13,165		1.24			1.24			5.56			71
Year ended 05/31/17		9.07		0.48		0.44			0.92				(0.49	)			–				(0.49	)			9.50		10.34				9,843		1.18			1.18			5.12			89
Year ended 05/31/16		9.75		0.47		(0.67	)		(0.20	)			(0.48	)			–				(0.48	)			9.07		(1.87	)			22,186		1.27			1.27			5.26			54

^(a)  Calculated using average shares outstanding.

^(b)  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 0.23% and 0.23% for the six months ended August 31, 2021 and the year ended February 28, 2021, respectively.

^(e)  Annualized.

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

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

16 Invesco High Yield Bond Factor Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek total return.

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

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

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

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

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

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are 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

17 Invesco High Yield Bond Factor Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. 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 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 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.

18 Invesco High Yield Bond Factor Fund

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

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

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

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

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

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

19 Invesco High Yield Bond Factor Fund

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of August 31, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

O. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

P. Other Risks - The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

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

Q. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $2 billion	0.370%
Over $2 billion	0.350%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.37%.

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 June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.64%, 1.39%, 0.89%, 0.39%, 0.39% and 0.39%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

The Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $68,429, reimbursed fund level expenses of $42,560 and reimbursed class level expenses of $8,858, $1,793, $1,159, $654, $4 and $12 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

20 Invesco High Yield Bond Factor Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $4,318 in front-end sales commissions from the sale of Class A shares and $0 and $24 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	35,550,095	$	–	$	35,550,095
Exchange-Traded Funds		1,120,053			–		–		1,120,053
Common Stocks & Other Equity Interests		99,153			10,738		31,201		141,092
U.S. Treasury Securities		–			72,985		–		72,985
Variable Rate Senior Loan Interests		–			12,060		–		12,060
Preferred Stocks		–			1,204		–		1,204
Money Market Funds		1,432,463			–		–		1,432,463
Total Investments in Securities		2,651,669			35,647,082		31,201		38,329,952
Other Investments - Assets*
Futures Contracts		12,156			–		–		12,156
Swap Agreements		–			8,643		–		8,643
		12,156			8,643		–		20,799
Other Investments - Liabilities*
Futures Contracts		(1,215	)		–		–		(1,215	)
Total Other Investments		10,941			8,643		–		19,584
Total Investments	$	2,662,610		$	35,655,725	$	31,201	$	38,349,536

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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.

21 Invesco High Yield Bond Factor Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2021:

	Value
Derivative Assets	Credit Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$	12,156		$	12,156
Unrealized appreciation on swap agreements – Centrally Cleared(a)		8,643			-			8,643
Total Derivative Assets		8,643			12,156			20,799
Derivatives not subject to master netting agreements		(8,643	)		(12,156	)		(20,799	)
Total Derivative Assets subject to master netting agreements	$	-		$	-		$	-

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

	Value
Derivative Liabilities	Credit Risk	Interest Rate Risk		Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$-		$(1,215)	$	(1,215	)
Derivatives not subject to master netting agreements	-		1,215		1,215
Total Derivative Liabilities subject to master netting agreements	$-		$          -	$	-

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

Effect of Derivative Investments for the six months ended August 31, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Credit			Interest
	Risk			Rate Risk		Total
Realized Gain (Loss):
Futures contracts	$	-		$	87,797	$	87,797
Swap agreements		(187	)		-		(187	)
Change in Net Unrealized Appreciation:
Futures contracts		-			44,881		44,881
Swap agreements		8,643			-		8,643
Total	$	8,456		$	132,678	$	141,134

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

	Futures	Swap
	Contracts	Agreements
Average notional value	$7,336,311	$950,000

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $169.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

22 Invesco High Yield Bond Factor Fund

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of February 28, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,590,035	$	3,135,384	$	4,725,419

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $18,473,132 and $16,870,343, respectively. Cost of investments, including any derivatives, on a tax basis    includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,369,792
Aggregate unrealized (depreciation) of investments		(465,672	)
Net unrealized appreciation of investments	$	904,120

Cost of investments for tax purposes is $37,445,416.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2021(a)						February 28, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		363,493		$	3,380,572			712,810		$	6,278,805
Class C		64,470			598,092			182,202			1,598,201
Class R		68,771			636,774			97,058			844,750
Class Y		231,520			2,156,919			54,911			474,206
Class R6		1,808			16,828			233			2,128
Issued as reinvestment of dividends:
Class A		53,346			496,414			121,947			1,071,974
Class C		8,887			82,655			22,864			200,494
Class R		8,043			74,872			17,841			156,458
Class Y		3,629			33,786			6,774			59,610
Class R6		88			823			204			1,758
Automatic conversion of Class C shares to Class A shares:
Class A		30,536			283,276			61,830			558,432
Class C		(30,540	)		(283,276	)		(61,843	)		(558,432	)
Reacquired:
Class A		(394,158	)		(3,663,077	)		(711,775	)		(6,110,480	)
Class C		(49,193	)		(456,762	)		(214,155	)		(1,820,950	)
Class R		(40,069	)		(372,698	)		(118,572	)		(1,033,511	)
Class Y		(15,918	)		(148,337	)		(30,413	)		(267,344	)
Class R6		(3	)		(28	)		(10,188	)		(90,009	)
Net increase in share activity		304,710		$	2,836,833			131,728		$	1,366,090

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 18% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

23 Invesco High Yield Bond Factor Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)1	Period2	(08/31/21)	Period2	Ratio
Class A	$1,000.00	$1,033.60	$3.23	$1,022.03	$3.21	0.63%
Class C	1,000.00	1,030.90	7.06	1,018.25	7.02	1.38
Class R	1,000.00	1,033.40	4.51	1,020.77	4.48	0.88
Class Y	1,000.00	1,035.90	1.95	1,023.29	1.94	0.38
Class R5	1,000.00	1,035.90	1.95	1,023.29	1.94	0.38
Class R6	1,000.00	1,034.80	1.95	1,023.29	1.94	0.38

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

24 Invesco High Yield Bond Factor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco High Yield Bond Factor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds,

such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that underweight exposure to certain large issuers that experienced downgrades in credit ratings detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board further considered that the Fund had changed its name,

25 Invesco High Yield Bond Factor Fund

investment strategy and index against which future performance will be compared on February 28, 2020 in connection with its repositioning as a factor-based fund, and that performance results prior to such date reflected that of the Fund’s former strategy. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. The Board considered information provided regarding the more recent performance of the Fund utilizing the new strategy as well as other metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective in 2020 in connection with its repositioning as a factor-based fund. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers 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 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 noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount

equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

26 Invesco High Yield Bond Factor Fund

(This page intentionally left blank)

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

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

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

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

SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. O-GLHY-SAR-1

Semiannual Report to Shareholders	August 31, 2021
Invesco Income Fund
Nasdaq: A: AGOVX ∎ C: AGVCX ∎ R: AGVRX ∎ Y: AGVYX ∎ Investor: AGIVX ∎ R5: AGOIX ∎ R6: AGVSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
24	Fund Expenses
25	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.11	%
Class C Shares	1.72
Class R Shares	1.89
Class Y Shares	2.23
Investor Class Shares	2.14
Class R5 Shares	2.28
Class R6 Shares	2.33
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	1.49
Source(s): ▼RIMES Technologies Corp.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                     Invesco Income Fund

Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges
Class A Shares
Inception (4/28/87)	4.51	%
10 Years	0.79
5 Years	-0.28
1 Year	4.78
Class C Shares
Inception (8/4/97)	3.20	%
10 Years	0.63
5 Years	-0.16
1 Year	7.41
Class R Shares
Inception (6/3/02)	2.62	%
10 Years	0.97
5 Years	0.33
1 Year	9.00
Class Y Shares
Inception (10/3/08)	2.50	%
10 Years	1.48
5 Years	0.83
1 Year	9.48
Investor Class Shares
Inception (9/30/03)	2.67	%
10 Years	1.26
5 Years	0.65
1 Year	9.29
Class R5 Shares
Inception (4/29/05)	3.11	%
10 Years	1.59
5 Years	0.93
1 Year	9.62
Class R6 Shares
10 Years	1.38	%
5 Years	0.89
1 Year	9.72
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable

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

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

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

3                     Invesco Income Fund

Liquidity Risk Management Program

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

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

without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4                     Invesco Income Fund

Schedule of Investments

August 31, 2021

(Unaudited)

	Principal
	Amount		Value
Asset-Backed Securities–77.55%
AMSR Trust,
Series 2020-SFR2, Class E1, 4.03%, 07/17/2037(a)	$	2,412,000	$	2,506,024
Series 2020-SFR5, Class D, 2.18%, 11/17/2037(a)		5,000,000		5,024,266
Angel Oak Mortgage Trust,
Series 2019-5, Class B1, 3.96%, 10/25/2049(a)(b)		2,361,000		2,365,207
Series 2020-3, Class M1, 3.81%, 04/25/2065(a)(b)		5,000,000		5,129,642
Series 2020-4, Class A3, 2.81%, 06/25/2065(a)(b)		2,714,792		2,751,775
Series 2020-5, Class A3, 2.04%, 05/25/2065(a)(b)		2,136,275		2,154,521
Series 2020-6, Class A3, 1.78%, 05/25/2065(a)(b)		2,434,419		2,443,819
Series 2021-1, Class M1, 2.22%, 01/25/2066(a)(b)		3,164,000		3,148,210
Arroyo Mortgage Trust, Series 2020-1, Class A3, 3.33%, 03/25/2055(a)		4,463,000		4,612,132
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, 03/20/2026(a)		1,000,000		1,046,191
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class XA, IO, 0.94%, 09/15/2048(c)		17,829,050		483,461
Bank, Series 2018-BNK14, Class E, 3.00%, 09/15/2060(a)		5,750,000		4,782,469
BBCMS Mortgage Trust, Series 2018-C2, Class C, 5.13%, 12/15/2051(b)		2,500,000		2,854,610
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 12A1, 2.87%, 01/25/2035(b)		331,861		342,005
Benchmark Mortgage Trust,
Series 2018-B3, Class C, 4.71%, 04/10/2051(b)		4,375,000		4,877,588
Series 2019-B11, Class D, 3.00%, 05/15/2052(a)		5,250,000		5,145,307
Series 2019-B14, Class C, 3.90%, 12/15/2062(b)		4,650,000		5,010,206
Series 2019-B15, Class C, 3.84%, 12/15/2072(b)		1,000,000		1,057,829
Series 2019-B9, Class C, 4.97%, 03/15/2052(b)		4,000,000		4,628,694
Series 2020-B17, Class C, 3.37%, 03/15/2053(b)		3,000,000		3,140,317
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, 5.68%, 12/16/2041(a)(d)		4,580,937		4,508,080
BRAVO Residential Funding Trust, Series 2019-NQM2, Class A3, 3.11%, 11/25/2059(a)(b)		2,307,843		2,326,505
Cantor Commercial Real Estate Lending, Series 2019-CF1, Class 65D, 4.66%, 05/15/2052(a)(b)		4,517,000		4,049,313

	Principal
	Amount		Value
Cerberus Loan Funding XXV L.P., Series 2018-4RA, Class DR, 3.93% (3 mo. USD LIBOR + 3.80%), 10/15/2030(a)(e)	$	2,100,000	$	2,052,529
Chase Mortgage Finance Corp.,
Series 2016-SH1, Class M3, 3.75%, 04/25/2045(a)(b)		1,608,231		1,627,249
Series 2016-SH2, Class M3, 3.75%, 12/25/2045(a)(b)		1,904,546		1,922,063
Citigroup Commercial Mortgage Trust,
Series 2013-GC11, Class D, 4.56%, 04/10/2023(a)(b)		4,885,000		4,978,309
Series 2015-GC29, Class D, 3.11%, 04/10/2048(a)		5,000,000		4,915,600
COLT Funding LLC, Series 2021-1, Class M1, 2.29%, 06/25/2066(a)(b)		4,500,000		4,465,004
COLT Mortgage Loan Trust,
Series 2020-1, Class A3, 2.90%, 02/25/2050(a)(b)		964,119		966,924
Series 2020-2, Class A3, 3.70%, 03/25/2065(a)(b)		2,664,000		2,719,645
Series 2020-3, Class A3, 2.38%, 04/27/2065(a)(b)		1,583,253		1,589,817
Commercial Mortgage Trust,
Series 2014-CR19, Class C, 4.86%, 08/10/2024(b)		4,578,800		4,835,530
Series 2014-UBS4, Class C, IO, 4.81%, 07/10/2024(c)		5,000,000		5,186,678
Series 2015-CR26, Class C, 4.69%, 10/10/2048(b)		4,000,000		4,330,428
Credit Suisse Mortgage Capital Ctfs.,
Series 2020-SPT1, Class A3, 2.73%, 04/25/2065(a)(d)		5,000,000		5,077,219
Credit Suisse Mortgage Trust,
Series 2021-NQM1, Class M1, 2.13%, 05/25/2065(a)(b)		1,649,583		1,655,579
Series 2021-NQM2, Class M1, 2.28%, 02/25/2066(a)(b)		6,000,000		6,024,012
CSAIL Commercial Mortgage Trust,
Series 2016-C6, Class E, 4.09%, 01/15/2049(a)(b)		3,000,000		1,917,612
Series 2017-CX9, Class D, 4.28%, 09/15/2050(a)(b)		6,304,000		5,646,662
Series 2019-C16, Class C, 4.24%, 06/15/2052(b)		2,000,000		2,167,913
Series 2019-C17, Class C, 3.93%, 09/15/2052		5,000,000		5,363,528
Deephaven Residential Mortgage Trust, Series 2020-2, Class A3, 2.86%, 05/25/2065(a)		5,800,000		5,902,533
Dryden 53 CLO Ltd., Series 2017-53A, Class A, 1.25% (3 mo. USD LIBOR + 1.12%), 01/15/2031(a)(e)		7,000,000		7,010,355
Extended Stay America Trust, Series 2021-ESH, Class C, 1.80% (1 mo. USD LIBOR + 1.70%), 07/15/2038(a)(e)		2,400,000		2,416,947
FirstKey Homes Trust, Series 2020- SFR2, Class D, 1.97%, 10/19/2037(a)		5,000,000		5,019,544

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

5                     Invesco Income Fund

	Principal
	Amount		Value
Flagstar Mortgage Trust,
Series 2018-5, Class B1, 4.50%, 09/25/2048(a)(b)	$	1,599,608	$	1,623,474
Series 2018-5, Class B2, 4.50%, 09/25/2048(a)(b)		1,916,707		1,927,862
Series 2018-6RR, Class B2, 4.98%, 10/25/2048(a)(b)		2,830,319		2,941,173
Series 2018-6RR, Class B3, 4.98%, 10/25/2048(a)(b)		2,830,319		2,935,869
FREMF Mortgage Trust,
Series 2019-KF68, Class B, 2.29% (1 mo. USD LIBOR + 2.20%), 07/25/2026(a)(e)		1,771,532		1,775,750
Series 2019-KF72, Class B, 2.19% (1 mo. USD LIBOR + 2.10%), 11/25/2026(a)(e)		5,591,825		5,579,869
FRTKL, Series 2021-SFR1, Class E2, 2.52%, 09/17/2038(a)		3,250,000		3,257,058
Galton Funding Mortgage Trust, Series 2019-H1, Class B1, 3.89%, 10/25/2059(a)(b)		5,480,000		5,518,146
GCAT Trust,
Series 2019-NQM3, Class B1, 3.95%, 11/25/2059(a)(b)		4,000,000		4,201,078
Series 2020-NQM2, Class M1, 3.59%, 04/25/2065(a)(b)		3,500,000		3,587,063
Series 2021-NQM1, Class M1, 2.32%, 01/25/2066(a)(b)		5,000,000		4,988,394
GS Mortgage Securities Corp. Trust,
Series 2017-SLP, Class E, 4.74%, 10/10/2032(a)(b)		5,050,000		5,045,914
Series 2018-TWR, Class G, 4.02% (1 mo. USD LIBOR + 3.92%), 07/15/2022(a)(e)		3,000,000		2,748,455
GS Mortgage Securities Trust, Series 2017-GS6, Class C, 4.32%, 05/10/2050(b)		2,774,000		3,043,794
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A3, 2.35%, 09/27/2060(a)(b)		1,039,737		1,055,243
Home Partners of America Trust, Series 2017-1, Class E, 2.74% (1 mo. USD LIBOR + 2.65%), 07/17/2034(a)(e)		5,000,000		5,015,990
Invitation Homes Trust,
Series 2018-SFR2, Class C, 1.38% (1 mo. USD LIBOR + 1.28%), 06/17/2037(a)(e)		1,249,804		1,253,993
Series 2018-SFR3, Class C, 1.39% (1 mo. USD LIBOR + 1.30%), 07/17/2037(a)(e)		3,684,658		3,698,967
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047(a)		6,272,500		6,806,926
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-PHH, Class E, 4.06% (1 mo. USD LIBOR + 2.56%), 06/15/2022(a)(e)		2,000,000		807,645
Series 2018-PHH, Class F, 4.66% (1 mo. USD LIBOR + 3.16%), 06/15/2022(a)(e)		2,000,000		546,000
JPMBB Commercial Mortgage Securities Trust, Series 2013-C12, Class C, 4.24%, 07/15/2045(b)		4,760,000		4,941,663

	Principal
	Amount		Value
JPMDB Commercial Mortgage Securities Trust, Series 2020- COR7, Class C, 3.85%, 05/13/2053(b)	$	4,779,000	$	5,217,194
Life Mortgage Trust, Series 2021-BMR, Class D, 1.50% (1 mo. USD LIBOR + 1.40%), 03/15/2038(a)(e)		5,800,000		5,813,994
MACH 1 Cayman Ltd., Series 2019-1, Class B, 4.34%, 10/15/2039(a)		1,953,845		1,904,144
Madison Park Funding XVIII Ltd., Series 2015-18A, Class A1R, 1.32% (3 mo. USD LIBOR + 1.19%), 10/21/2030(a)(e)		3,000,000		3,002,243
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C20, Class D, 3.07%, 02/15/2048(a)		3,200,000		3,128,977
Series 2015-C24, Class D, 3.26%, 07/15/2025(a)		5,000,000		4,908,229
Morgan Stanley Capital I Trust, Series 2018-H4, Class C, 5.24%, 12/15/2051(b)		5,000,000		5,476,821
Motel Trust,
Series 2021-MTL6, Class C, 1.60% (1 mo. USD LIBOR + 1.50%), 09/15/2038(a)(e)		2,750,000		2,761,172
Series 2021-MTL6, Class E, 2.80% (1 mo. USD LIBOR + 2.70%), 09/15/2038(a)(e)		2,920,000		2,927,300
New Residential Mortgage Loan Trust, Series 2021-NQ1R, Class M1, 2.27%, 07/25/2055(a)(b)		2,250,000		2,244,266
OCP CLO Ltd., Series 2017-13A, Class A1A, 1.39% (3 mo. USD LIBOR + 1.26%), 07/15/2030(a)(e)		4,100,000		4,102,152
Octagon Investment Partners 48 Ltd., Series 2020-3A, Class A, 1.63% (3 mo. USD LIBOR + 1.50%), 10/20/2031(a)(e)		6,000,000		6,015,061
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.39% (3 mo. USD LIBOR + 1.26%), 01/20/2033(a)(e)		2,400,000		2,405,144
Onslow Bay Financial LLC, Series 2021-NQM1, Class M1, 2.22%, 02/25/2066(a)(b)		3,500,000		3,502,767
Progress Residential Trust,
Series 2018-SFR3, Class D, 4.43%, 10/17/2035(a)		7,000,000		7,012,160
Series 2019-SFR1, Class E, 4.47%, 08/17/2035(a)		5,000,000		5,069,875
Series 2021-SFR2, Class E2, 2.65%, 04/19/2038(a)		4,500,000		4,543,126
Series 2021-SFR5, Class E2, 2.36%, 07/17/2038(a)		4,570,000		4,566,922
Residential Mortgage Loan Trust,
Series 2019-3, Class B1, 3.81%, 09/25/2059(a)(b)		3,276,000		3,368,242
Series 2020-2, Class M1, 3.57%, 05/25/2060(a)(b)		5,000,000		5,150,008
Sapphire Aviation Finance II Ltd., Series 2020-1A, Class B, 4.34%, 03/15/2040(a)		3,039,185		2,752,210
Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M, 4.75%, 06/25/2057(a)(b)		3,000,000		3,101,299

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

6                     Invesco Income Fund

	Principal
	Amount		Value
Sonic Capital LLC,
Series 2018-1A, Class A2, 4.03%, 02/20/2048(a)	$	2,737,588	$	2,820,879
Series 2020-1A, Class A2I, 3.85%, 01/20/2050(a)		5,651,109		6,054,569
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(a)		1,370,000		1,377,505
Star Trust, Series 2021-SFR1, Class D, 1.39% (1 mo. USD LIBOR + 1.30%), 04/17/2038(a)(e)		6,665,000		6,669,266
Starwood Mortgage Residential Trust,
Series 2020-2, Class A2, 3.97%, 04/25/2060(a)(b)		4,000,000		4,128,648
Series 2020-3, Class A3, 2.59%, 04/25/2065(a)(b)		3,000,000		3,050,199
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 1.42% (3 mo. USD LIBOR + 1.29%), 04/18/2033(a)(e)		7,500,000		7,530,168
Textainer Marine Containers Ltd.,
Series 2021-3A, Class B, 2.43%, 08/20/2046(a)		5,000,000		4,975,445
Textainer Marine Containers VII Ltd. (China),
Series 2020-1A, Class B, 4.94%, 08/21/2045(a)		3,583,969		3,710,066
Series 2021-2A, Class B, 2.82%, 04/20/2046(a)		4,866,667		4,949,290
TICP CLO IX Ltd., Series 2017-9A, Class A, 1.27% (3 mo. USD LIBOR + 1.14%), 01/20/2031(a)(e)		7,000,000		7,004,535
TIF Funding II LLC, Series 2021-1A, Class B, 2.54%, 02/20/2046(a)		1,766,365		1,774,365
Tricon American Homes Trust,
Series 2018-SFR1, Class D, 4.17%, 05/17/2037(a)		2,000,000		2,111,095
Series 2020-SFR1, Class D, 2.55%, 07/17/2038(a)		8,900,000		9,075,885
Series 2020-SFR1, Class E, 3.54%, 07/17/2038(a)		1,600,000		1,660,436
Series 2020-SFR2, Class D, 2.28%, 11/17/2039(a)		2,000,000		2,016,667
Verus Securitization Trust,
Series 2020-4, Class A3, 2.32%, 05/25/2065(a)(d)		3,646,076		3,684,997
Series 2020-INV1, Class A3, 3.89%, 03/25/2060(a)(b)		2,800,000		2,922,810
Series 2021-R1, Class M1, 2.34%, 10/25/2063(a)		3,250,000		3,281,127
Series 2021-R2, Class M1, 2.24%, 02/25/2064(a)		4,281,000		4,292,693
Vista Point Securitization Trust,
Series 2020-1, Class M1, 4.15%, 03/25/2065(a)(b)		2,100,000		2,173,358
Series 2020-2, Class A3, 2.50%, 04/25/2065(a)(b)		1,739,914		1,759,306
Series 2020-2, Class M1, 3.40%, 04/25/2065(a)(b)		1,650,000		1,702,608
Voya CLO Ltd. (Cayman Islands),
Series 2014-1A, Class CR2, 2.93% (3 mo. USD LIBOR + 2.80%), 04/18/2031(a)(e)		1,300,000		1,257,552
Series 2020-2A, Class D, 4.38% (3 mo. USD LIBOR + 4.25%), 07/19/2031(a)(e)		4,000,000		4,008,563

	Principal
	Amount		Value
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class D, 3.96%, 12/15/2024(a)(b)	$	6,000,000	$	5,624,954
Series 2015-NXS2, Class D, 4.44%, 07/15/2025(b)		6,000,000		5,685,068
Series 2017-C39, Class C, 4.12%, 09/15/2050		2,309,000		2,484,309
Series 2017-RC1, Class D, 3.25%, 01/15/2060(a)		4,000,000		3,795,690
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(a)		2,400,000		2,483,893
Total Asset-Backed Securities (Cost $433,684,605)				438,519,429
U.S. Government Sponsored Agency Mortgage-Backed Securities–17.79%
Collateralized Mortgage Obligations–1.43%
Freddie Mac Multifamily Structured Credit Risk,
Series 2021-MN2, Class M1, 1.85%(30 Day Average SOFR + 1.80%), 07/25/2041(a)(e)		4,785,000		4,797,129
Series 2021-MN1, Class M1, 2.05%(30 Day Average SOFR + 2.00%), 01/25/2051(a)(e)		1,676,253		1,686,378
Series 2021-MN1, Class M2, 3.80%(30 Day Average SOFR + 3.75%), 01/25/2051(a)(e)		1,500,000		1,586,403
				8,069,910
Federal Home Loan Mortgage Corp. (FHLMC)–0.01%
9.00%, 04/01/2025		17,139		18,421
9.50%, 04/01/2025		3,595		3,617
6.50%, 06/01/2029 to 08/01/2032		2,938		3,329
7.00%, 03/01/2032 to 05/01/2032		991		1,060
				26,427
Federal National Mortgage Association (FNMA)–0.01%
9.50%, 08/01/2022		1		1
6.00%, 04/01/2024		130		146
6.75%, 07/01/2024		44,736		50,320
6.95%, 07/01/2025 to 10/01/2025		19,982		20,164
6.50%, 01/01/2026 to 10/01/2036		4,304		4,884
7.00%, 06/01/2029 to 02/01/2032		996		1,045
8.00%, 10/01/2029		23		25
				76,585

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

7                     Invesco Income Fund

	Principal
	Amount		Value
Government National Mortgage Association (GNMA)–5.40%
8.00%, 12/15/2021 to 02/15/2036	$	374,189	$	425,878
7.00%, 01/15/2023 to 12/15/2036		330,849		347,655
9.50%, 03/15/2023		11		11
6.50%, 07/15/2024 to 09/15/2032		24,811		25,270
6.95%, 07/20/2025 to 11/20/2026		57,237		58,584
8.50%, 01/15/2037		15,006		15,518
TBA, 2.50%, 09/01/2051(f)		28,600,000		29,661,328
				30,534,244
Uniform Mortgage-Backed Securities–10.94%
TBA, 2.50%, 09/01/2051(f)		59,570,000		61,873,684
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $100,442,644)				100,580,850
Agency Credit Risk Transfer Notes–9.67%
Fannie Mae Connecticut Avenue Securities,
Series 2017-C03, Class 1M2, 3.08% (1 mo. USD LIBOR + 3.00%), 10/25/2029(e)		5,759,555		5,919,748
Series 2017-C05, Class 1M2, 2.28% (1 mo. USD LIBOR + 2.20%), 01/25/2030(e)		3,549,898		3,631,234
Series 2018-C02, Class 2M2, 2.28% (1 mo. USD LIBOR + 2.20%), 08/25/2030(e)		895,467		906,166
Series 2018-C03, Class 1M2, 2.23% (1 mo. USD LIBOR + 2.15%), 10/25/2030(e)		3,613,879		3,661,738
Freddie Mac,
Series 2017-HQA2, Class M2, STACR®, 2.73% (1 mo. USD LIBOR + 2.65%), 12/25/2029(e)		918,678		935,902
Series 2018-HQA1, Class M2, STACR®, 2.38% (1 mo. USD LIBOR + 2.30%), 09/25/2030(e)		3,859,521		3,913,314
Series 2018-DNA2, Class M2, STACR®, 2.23% (1 mo. USD LIBOR + 2.15%), 12/25/2030(a)(e)		5,000,000		5,055,741
Series 2021-DNA2, Class M2, STACR®, 2.35% (30 Day Average SOFR + 2.30%), 08/25/2033(a)(e)		6,630,000		6,789,069
Series 2021-DNA5, Class M2, STACR®, 1.70% (30 Day Average SOFR + 1.65%), 01/25/2034(a)(e)		915,000		922,095
Series 2018-HRP2, Class M3, STACR®, 2.48% (1 mo. USD LIBOR + 2.40%), 02/25/2047(a)(e)		5,000,000		5,095,922
Series 2020-DNA5, Class M2, STACR®, 2.85% (30 Day Average SOFR + 2.80%), 10/25/2050(a)(e)		5,000,000		5,060,361
Freddie Mac Multifamily Connecticut Avenue Securities Trust,
Series 2019-01, Class M10, 3.33% (1 mo. USD LIBOR + 3.25%), 10/15/2049(a)(e)		1,333,000		1,346,369
Series 2019-01, Class B10, 5.58% (1 mo. USD LIBOR + 5.50%), 10/15/2049(a)(e)		1,500,000		1,540,470

	Principal
	Amount		Value
Golub Capital Partners CLO 34(M) Ltd., (Cayman Islands), Series 2017- 34A, Class CR, 3.77% (3 mo. USD LIBOR + 3.65%), 03/14/2031(a)(e)	$	5,000,000	$	5,007,481
Strata CLO I Ltd., (Cayman Islands), Series 2018-1A, Class D, 4.19% (3 mo. USD LIBOR + 4.06%), 01/15/2031(a)(e)		5,000,000		4,929,205
Total Agency Credit Risk Transfer Notes (Cost $53,619,667)				54,714,815
	Shares
Preferred Stocks–5.03%
Mortgage REITs–5.03%
AG Mortgage Investment Trust, Inc., 8.00%, Series C, Pfd.(g) 150,000				3,747,000
Annaly Capital Management, Inc., 6.50%, Series G, Pfd.(g)		150,000		3,865,500
Chimera Investment Corp., 8.00%, Series B, Pfd.(g)		150,000		3,951,000
Dynex Capital, Inc., 6.90%, Series C, Pfd.(g)		160,000		4,200,000
MFA Financial, Inc., 6.50%, Series C, Pfd.(g)		150,000		3,583,500
New Residential Investment Corp., 7.13%, Series B, Pfd.(g)		100,000		2,570,000
PennyMac Mortgage Investment Trust, 8.00%, Series B, Pfd.(g)		100,000		2,709,000
Two Harbors Investment Corp., 7.25%, Series C, Pfd.(g)		150,000		3,816,000
Total Preferred Stocks (Cost $26,090,050)				28,442,000
Common Stocks & Other Equity Interests–0.98%
Mortgage REITs–0.98%
New Residential Investment Corp.		100,000		1,092,000
New York Mortgage Trust, Inc.		630,000		2,784,600
PennyMac Mortgage Investment Trust		85,000		1,649,850
Total Common Stocks & Other Equity Interests (Cost $7,418,334)				5,526,450
	Principal
	Amount
U.S. Dollar Denominated Bonds & Notes–0.72%
Diversified Banks–0.23%
Lloyds Banking Group PLC (United Kingdom), 7.50%(g)(h)	$	1,110,000		1,284,677
Diversified Capital Markets–0.49%
Credit Suisse Group AG (Switzerland), 7.25%(a)(g)(h)		2,500,000		2,806,625
Total U.S. Dollar Denominated Bonds & Notes (Cost $3,628,750)				4,091,302
U.S. Treasury Securities–0.35%
U.S. Treasury Bills–0.35%
0.05%, 02/17/2022 (Cost $1,979,568)(i)(j)		1,980,000		1,979,581
	Shares
Exchange-Traded Funds–0.18%
Invesco High Yield Bond Factor ETF (Cost $ 996,450)(k)		39,000		1,005,225
Money Market Funds–5.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(k)(l)		16,958,703		16,958,703

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

8                     Invesco Income Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(k)(l)		11,305,802	$	11,305,802
Total Money Market Funds (Cost $28,264,505)				28,264,505
TOTAL INVESTMENTS IN SECURITIES–117.27% (Cost $656,124,573)				663,124,157
OTHER ASSETS LESS LIABILITIES–(17.27)%				(97,636,673	)
NET ASSETS–100.00%			$	565,487,484

Investment Abbreviations:
CLO	– Collateralized Loan Obligation
Ctfs.	– Certificates
ETF	– Exchange-Traded Fund
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
Pfd.	– Preferred
REIT	– Real Estate Investment Trust
SOFR	– Secured Overnight Financing Rate
STACR® – Structured Agency Credit Risk
TBA	– To Be Announced
USD	– U.S. Dollar

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $414,015,041, which represented 73.21% of the Fund’s Net Assets.

^(b)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2021.

^(c)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2021.

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

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

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

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

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

⁽ⁱ⁾  All or a portion of the value was pledged and/or designated as collateral to cover margin requirements for open futures contracts and swap agreements. See Note 1M and Note 1N.

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

^(k) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2021.

	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Invesco High Yield Bond Factor ETF		$	-		$	996,450		$	-			$	8,775		$	-		$	1,005,225		$	22,037
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			32,800,718			86,470,221			(102,312,236	)			-			-			16,958,703			2,433
Invesco Treasury Portfolio, Institutional Class			21,867,146			57,646,814			(68,208,158	)			-			-			11,305,802			597
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			6,752,725			(6,752,725	)			-			-			-			20	*
Invesco Private Prime Fund			-			10,652,834			(10,652,834	)			-			-			-			312	*
Total		$	54,667,864		$	162,519,044		$	(187,925,953	)		$	8,775		$	-		$	29,269,730		$	25,399

* 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.

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

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

9                     Invesco Income Fund

Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		391		December-2021	$	(52,180,172	)	$	(183,281	)	$	(183,281	)
U.S. Treasury 10 Year Ultra Notes		294		December-2021		(43,516,593	)		(178,710	)		(178,710	)
U.S. Treasury Long Bond		73		December-2021		(11,896,719	)		(38,781	)		(38,781	)
U.S. Treasury Ultra Bonds		56		December-2021		(11,047,750	)		(76,563	)		(76,563	)
Total Futures Contracts								$	(477,335	)	$	(477,335	)

Open Over-The-Counter Credit Default Swap Agreements

Counterparty

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(a)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Credit Risk

Merrill Lynch

Markit CMBX North America A

International

Index, Series 12, Version 1

Sell

2.00%

Monthly

08/17/2061

1.9088%

USD 10,000,000

$72,806

$58,719

$(14,087)

^(a)  Implied credit spreads represent the current level, as of August 31, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Abbreviations:

USD –U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of August 31, 2021

Asset-Backed Securities	66.1%
U.S. Government Sponsored Agency Mortgage-Backed Securities	15.2
Agency Credit Risk Transfer Notes	8.2
Preferred Stocks	4.3
Money Market Funds	4.3
Security Type, each less than 1% of Total Investments	1.9

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

10                     Invesco Income Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $626,863,618)		$633,854,427
Investments in affiliates, at value (Cost $29,260,955)		29,269,730
Other investments:
Variation margin receivable – futures contracts		204,639
Swaps receivable – OTC		3,889
Premiums paid on swap agreements – OTC		72,806
Foreign currencies, at value (Cost $962)		958
Receivable for:
Fund shares sold		107,149
Dividends		186,459
Interest		1,319,288
Investment for trustee deferred compensation and retirement plans		241,018
Other assets		77,812
Total assets		665,338,175
Liabilities:
Other investments:
Unrealized depreciation on swap agreements–OTC		14,087
Payable for:
Investments purchased		98,682,857
Dividends		131,094
Fund shares reacquired		356,300
Accrued fees to affiliates		275,980
Accrued trustees’ and officers’ fees and benefits		1,431
Accrued other operating expenses		133,333
Trustee deferred compensation and retirement plans		255,609
Total liabilities		99,850,691
Net assets applicable to shares outstanding	$	565,487,484
Net assets consist of:
Shares of beneficial interest	$	607,840,168
Distributable earnings (loss)		(42,352,684	)
	$565,487,484

Net Assets:
Class A	$	325,726,007
Class C	$	6,925,420
Class R	$	4,251,787
Class Y	$	39,703,147
Investor Class	$	18,954,005
Class R5	$	455,531
Class R6	$	169,471,587
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		40,775,846
Class C		866,494
Class R		531,911
Class Y		4,962,303
Investor Class		2,368,934
Class R5		56,978
Class R6		21,237,367
Class A:
Net asset value per share	$	7.99
Maximum offering price per share (Net asset value of $7.99 ÷ 95.75%)	$	8.34
Class C:
Net asset value and offering price per share	$	7.99
Class R:
Net asset value and offering price per share	$	7.99
Class Y:
Net asset value and offering price per share	$	8.00
Investor Class:
Net asset value and offering price per share	$	8.00
Class R5:
Net asset value and offering price per share	$	7.99
Class R6:
Net asset value and offering price per share	$	7.98

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

11                     Invesco Income Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Interest	$	9,026,343
Dividends		1,603,449
Dividends from affiliated money market funds (includes securities lending income of $3,729)		28,796
Total investment income		10,658,588
Expenses:
Advisory fees		1,257,338
Administrative services fees		44,911
Custodian fees		8,507
Distribution fees:
Class A		417,350
Class C		31,757
Class R		10,215
Investor Class		15,663
Transfer agent fees – A, C, R, Y and Investor		368,069
Transfer agent fees – R5		27
Trustees’ and officers’ fees and benefits		13,914
Registration and filing fees		51,119
Reports to shareholders		30,121
Professional services fees		28,550
Other		10,027
Total expenses		2,287,568
Less: Fees waived and/or expense offset arrangement(s)		(1,864	)
Net expenses		2,285,704
Net investment income		8,372,884
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		528,571
Futures contracts		826,963
Swap agreements		(61,801	)
	1,293,733
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		4,977,561
Affiliated investment securities		8,775
Foreign currencies		(21	)
Futures contracts		(2,390,525	)
Swap agreements		343,092
	2,938,882
Net realized and unrealized gain		4,232,615
Net increase in net assets resulting from operations	$	12,605,499

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

12                     Invesco Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31,			February 28,
	2021			2021
Operations:
Net investment income	$	8,372,884		$	17,040,907
Net realized gain (loss)		1,293,733			(5,350,941	)
Change in net unrealized appreciation (depreciation)		2,938,882			(11,003,510	)
Net increase in net assets resulting from operations		12,605,499			686,456
Distributions to shareholders from distributable earnings:
Class A		(4,833,618	)		(13,360,948	)
Class C		(68,044	)		(235,881	)
Class R		(55,631	)		(129,518	)
Class Y		(617,680	)		(979,490	)
Investor Class		(289,816	)		(812,329	)
Class R5		(6,907	)		(18,061	)
Class R6		(3,095,433	)		(5,455,684	)
Total distributions from distributable earnings		(8,967,129	)		(20,991,911	)
Return of capital:
Class A		–			(239,615	)
Class C		–			(4,230	)
Class R		–			(2,323	)
Class Y		–			(17,566	)
Investor Class		–			(14,569	)
Class R5		–			(324	)
Class R6		–			(97,842	)
Total return of capital		–			(376,469	)
Total distributions		(8,967,129	)		(21,368,380	)
Share transactions–net:
Class A		(12,645,059	)		(31,361,922	)
Class C		1,401,365			(2,933,812	)
Class R		396,778			(159,887	)
Class Y		(10,126,515	)		38,035,058
Investor Class		(720,954	)		(2,926,497	)
Class R5		65,007			(74,157	)
Class R6		(58,926,936	)		207,578,458
Net increase (decrease) in net assets resulting from share transactions		(80,556,314	)		208,157,241
Net increase (decrease) in net assets		(76,917,944	)		187,475,317
Net assets:
Beginning of period		642,405,428			454,930,111
End of period	$	565,487,484		$	642,405,428

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

13                     Invesco Income Fund

Financial Highlights

(Unaudited)

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

																																					Ratio of			Ratio of
																																					expenses			expenses
								Net gains																													to average			to average net
								(losses)																													net assets			assets without			Ratio of net
	Net asset							on securities								Dividends																					with fee waivers			fee waivers			investment
	value,			Net				(both				Total from				from net												Net asset						Net assets,			and/or			and/or			income
	beginning			investment				realized and				investment				investment				Return of				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			income(a)				unrealized)				operations				income				capital				distributions				of period			return (b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Class A
Six months ended 08/31/21		$	7.94		$	0.11			$	0.06			$	0.17			$	(0.12	)		$	–			$	(0.12	)		$	7.99		2.11	%		$	325,726		0.92	%(d)		0.92	%(d)		2.70	%(d)		132	%
Year ended 02/28/21			8.68			0.23				(0.66	)			(0.43	)			(0.30	)			(0.01	)			(0.31	)			7.94		(4.62	)			336,319		0.97			0.97			3.16			276
Year ended 02/29/20			8.51			0.35				0.22				0.57				(0.40	)			–				(0.40	)			8.68		6.75				405,061		1.00			1.00			4.08			97
Year ended 02/28/19			8.65			0.27	(e)			(0.13	)			0.14				(0.28	)			–				(0.28	)			8.51		1.66				424,003		1.01			1.08			3.12	(e)		119	(e)
Year ended 02/28/18			8.84			0.12				(0.15	)			(0.03	)			(0.16	)			–				(0.16	)			8.65		(0.34	)			482,902		0.98			0.98			1.34			25
Year ended 02/28/17			9.02			0.11				(0.12	)(f)			(0.01	)			(0.17	)			–				(0.17	)			8.84		(0.15	)(f)			559,388		0.97			0.97			1.25			30
Class C
Six months ended 08/31/21			7.94			0.08				0.06				0.14				(0.09	)			–				(0.09	)			7.99		1.72				6,925		1.67	(d)		1.67	(d)		1.95	(d)		132
Year ended 02/28/21			8.68			0.18				(0.67	)			(0.49	)			(0.25	)			(0.00	)			(0.25	)			7.94		(5.35	)			5,489		1.72			1.72			2.41			276
Year ended 02/29/20			8.50			0.29				0.22				0.51				(0.33	)			–				(0.33	)			8.68		6.09				9,556		1.75			1.75			3.33			97
Year ended 02/28/19			8.65			0.20	(e)			(0.13	)			0.07				(0.22	)			–				(0.22	)			8.50		0.78				9,862		1.76			1.83			2.37	(e)		119	(e)
Year ended 02/28/18			8.83			0.05				(0.13	)			(0.08	)			(0.10	)			–				(0.10	)			8.65		(0.97	)			30,223		1.73			1.73			0.59			25
Year ended 02/28/17			9.02			0.04				(0.13	)(f)			(0.09	)			(0.10	)			–				(0.10	)			8.83		(1.00	)(f)			40,481		1.72			1.72			0.50			30
Class R
Six months ended 08/31/21			7.95			0.10				0.05				0.15				(0.11	)			–				(0.11	)			7.99		1.89				4,252		1.17	(d)		1.17	(d)		2.45	(d)		132
Year ended 02/28/21			8.69			0.22				(0.67	)			(0.45	)			(0.28	)			(0.01	)			(0.29	)			7.95		(4.85	)			3,832		1.22			1.22			2.91			276
Year ended 02/29/20			8.52			0.33				0.21				0.54				(0.37	)			–				(0.37	)			8.69		6.48				4,443		1.25			1.25			3.83			97
Year ended 02/28/19			8.66			0.25	(e)			(0.13	)			0.12				(0.26	)			–				(0.26	)			8.52		1.41				5,557		1.26			1.33			2.87	(e)		119	(e)
Year ended 02/28/18			8.85			0.10				(0.15	)			(0.05	)			(0.14	)			–				(0.14	)			8.66		(0.58	)			5,427		1.23			1.23			1.09			25
Year ended 02/28/17			9.03			0.09				(0.12	)(f)			(0.03	)			(0.15	)			–				(0.15	)			8.85		(0.39	)(f)			6,219		1.22			1.22			1.00			30
Class Y
Six months ended 08/31/21			7.95			0.12				0.06				0.18				(0.13	)			–				(0.13	)			8.00		2.23				39,703		0.67	(d)		0.67	(d)		2.95	(d)		132
Year ended 02/28/21			8.69			0.26				(0.67	)			(0.41	)			(0.32	)			(0.01	)			(0.33	)			7.95		(4.37	)			49,578		0.72			0.72			3.41			276
Year ended 02/29/20			8.52			0.38				0.21				0.59				(0.42	)			–				(0.42	)			8.69		7.02				10,540		0.75			0.75			4.33			97
Year ended 02/28/19			8.67			0.29	(e)			(0.14	)			0.15				(0.30	)			–				(0.30	)			8.52		1.80				9,674		0.76			0.83			3.37	(e)		119	(e)
Year ended 02/28/18			8.86			0.14				(0.15	)			(0.01	)			(0.18	)			–				(0.18	)			8.67		(0.08	)			10,671		0.73			0.73			1.59			25
Year ended 02/28/17			9.04			0.14				(0.13	)(f)			0.01				(0.19	)			–				(0.19	)			8.86		0.11	(f)			12,554		0.72			0.72			1.50			30
Investor Class
Six months ended 08/31/21			7.95			0.11				0.06				0.17				(0.12	)			–				(0.12	)			8.00		2.14	(g)			18,954		0.83	(d)(g)		0.83	(d)(g)		2.79	(d)(g)		132
Year ended 02/28/21			8.69			0.24				(0.67	)			(0.43	)			(0.30	)			(0.01	)			(0.31	)			7.95		(4.55	)(g)			19,552		0.89	(g)		0.89	(g)		3.24	(g)		276
Year ended 02/29/20			8.52			0.36				0.21				0.57				(0.40	)			–				(0.40	)			8.69		6.81	(g)			24,787		0.93	(g)		0.93	(g)		4.15	(g)		97
Year ended 02/28/19			8.66			0.27	(e)			(0.13	)			0.14				(0.28	)			–				(0.28	)			8.52		1.71	(g)			25,692		0.95	(g)		1.02	(g)		3.18	(e)(g)		119	(e)
Year ended 02/28/18			8.85			0.12				(0.14	)			(0.02	)			(0.17	)			–				(0.17	)			8.66		(0.29	)(g)			30,085		0.96	(g)		0.96	(g)		1.36	(g)		25
Year ended 02/28/17			9.03			0.12				(0.13	)(f)			(0.01	)			(0.17	)			–				(0.17	)			8.85		(0.12	)(f)(g)			35,471		0.92	(g)		0.92	(g)		1.30	(g)		30
Class R5
Six months ended 08/31/21			7.94			0.13				0.05				0.18				(0.13	)			–				(0.13	)			7.99		2.28				456		0.50	(d)		0.50	(d)		3.12	(d)		132
Year ended 02/28/21			8.68			0.26				(0.67	)			(0.41	)			(0.32	)			(0.01	)			(0.33	)			7.94		(4.26	)			388		0.57			0.57			3.56			276
Year ended 02/29/20			8.51			0.38				0.22				0.60				(0.43	)			–				(0.43	)			8.68		7.11				508		0.64			0.64			4.44			97
Year ended 02/28/19			8.66			0.30	(e)			(0.14	)			0.16				(0.31	)			–				(0.31	)			8.51		1.87				946		0.70			0.73			3.43	(e)		119	(e)
Year ended 02/28/18			8.85			0.15				(0.14	)			0.01				(0.20	)			–				(0.20	)			8.66		0.04				615		0.58			0.58			1.74			25
Year ended 02/28/17			9.03			0.14				(0.12	)(f)			0.02				(0.20	)			–				(0.20	)			8.85		0.20	(f)			1,093		0.62			0.62			1.60			30
Class R6
Six months ended 08/31/21			7.93			0.13				0.05				0.18				(0.13	)			–				(0.13	)			7.98		2.33				169,472		0.49	(d)		0.49	(d)		3.13	(d)		132
Year ended 02/28/21			8.67			0.27				(0.67	)			(0.40	)			(0.33	)			(0.01	)			(0.34	)			7.93		(4.23	)			227,247		0.52			0.52			3.61			276
Year ended 02/29/20			8.51			0.39				0.20				0.59				(0.43	)			–				(0.43	)			8.67		7.00				36		0.63			0.63			4.45			97
Year ended 02/28/19			8.66			0.30	(e)			(0.14	)			0.16				(0.31	)			–				(0.31	)			8.51		1.88				42		0.69			0.70			3.44	(e)		119	(e)
Period ended 02/28/18(h)			8.84			0.14				(0.14	)			(0.00	)			(0.18	)			–				(0.18	)			8.66		(0.03	)			6,663		0.57	(d)		0.57	(d)		1.75	(d)		25

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Annualized.

^(e)  Effective July 26, 2018, the Fund modified certain investment policies utilized in achieving its investment objective throughout the period. The Fund’s net investment income and portfolio turnover have increased significantly due to the realignment of the Fund’s portfolio of investments as a result of these changes.

^(f)  Includes litigation proceeds received during the period. Had the litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(0.17), $(0.18), $(0.17), $(0.18), $(0.18) and $(0.17) for Class A, Class C, Class R, Class Y, Investor Class and Class R5 shares, respectively and total returns would have been lower.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.16%, 0.17%, 0.19%, 0.19%, 0.23% and 0.21% for the six months ended August 31, 2021 and years ended February 28, 2021, February 29, 2020, February 28, 2019, February 28, 2018 and February 28, 2017, respectively.

^(h)  Commencement date of April 4, 2017.

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

14                     Invesco Income Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is current income, and secondarily, capital appreciation.

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

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

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

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

15                     Invesco Income Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund 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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. 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. Commercial Mortgage-Backed Securities – The Fund may invest in both single and multi-issuer Commercial Mortgage-Backed Securities (“CMBS”). This includes both investment grade and non-investment grade CMBS as well as other non-rated CMBS. A CMBS is a type of mortgage-backed security that is secured by one or more mortgage loans on interests in commercial real estate property. CMBS differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. Investments in CMBS are subject to the various risks which relate to the pool of underlying assets in which the CMBS represents an interest. Securities backed by commercial real estate assets are subject to securities market risks as well as risks similar to those of direct ownership of commercial real estate loans. Risks include the ability of a borrower to meet its obligations on the loan which could lead to default or foreclosure of the property. Such actions may impact the amount of proceeds ultimately derived from the loan, and the timing of receipt of such proceeds.

Management estimates future expected cash flows at the time of purchase based on the anticipated repayment dates on the CMBS. Subsequent changes in expected cash flow projection may result in a prospective change in the timing or character of income recognized on these securities, or the amortized cost of these securities. The Fund amortizes premiums and/or accretes discounts based on the projected cash flows. Realized and unrealized gains and losses on CMBS are included in the Statement of Operations as Net realized gain (loss) from unaffiliated investment securities and Change in net unrealized appreciation (depreciation)of unaffiliated investment securities, respectively.

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 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

16                     Invesco Income Fund

generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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 settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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

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

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

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

17                     Invesco Income Fund

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of August 31, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

P. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

Q. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

R. Other Risks – The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

18                     Invesco Income Fund

CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

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.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

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.

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

S. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $200 million		0.500%
Next $300 million		0.400%
Next $500 million		0.350%
Next $19.5 billion		0.300%
Over $20.5 billion		0.240%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.43%.

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 June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.50%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

19                     Invesco Income Fund

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $247.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $7,557 in front-end sales commissions from the sale of Class A shares and $207 and $386 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
Asset-Backed Securities	$	–		$	438,519,429			$–	$	438,519,429
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			100,580,850			–		100,580,850
Agency Credit Risk Transfer Notes		–			54,714,815			–		54,714,815
Preferred Stocks		28,442,000			–			–		28,442,000
Common Stocks & Other Equity Interests		5,526,450			–			–		5,526,450
U.S. Dollar Denominated Bonds & Notes		–			4,091,302			–		4,091,302
U.S. Treasury Securities		–			1,979,581			–		1,979,581
Exchange-Traded Funds		1,005,225			–			–		1,005,225
Money Market Funds		28,264,505			–			–		28,264,505
Total Investments in Securities		63,238,180			599,885,977			–		663,124,157
Other Investments - Liabilities*
Futures Contracts		(477,335	)		–			–		(477,335	)
Swap Agreements		–			(14,087	)		–		(14,087	)
Total Other Investments		(477,335	)		(14,087	)		–		(491,422	)
Total Investments	$	62,760,845		$	599,871,890			$–	$	662,632,735

* Unrealized appreciation (depreciation).

20                     Invesco Income Fund

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2021:

	Value
	Credit			Interest
Derivative Liabilities	Risk			Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$	(477,335	)	$	(477,335)
Unrealized depreciation on swap agreements – OTC		(14,087	)		-			(14,087	)
Total Derivative Liabilities		(14,087	)		(477,335	)		(491,422	)
Derivatives not subject to master netting agreements		-			477,335			477,335
Total Derivative Liabilities subject to master netting agreements	$	(14,087	)	$	-		$	(14,087	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2021.

	Financial Derivative Assets	Financial Derivative Liabilities		Collateral (Received)/Pledged
Counterparty	Swap Agreement	Swap Agreement	Net Value of Derivatives	Non-Cash	Cash	Net Amount
Merrill Lynch International	$76,695	$(14,087)	$62,608	$–	$–	$62,608

Effect of Derivative Investments for the six months ended August 31, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	-		$	826,963		$	826,963
Swap agreements		(61,801	)		-			(61,801	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		-			(2,390,525	)		(2,390,525	)
Swap agreements		343,092			-			343,092
Total	$	281,291		$	(1,563,562	)	$	(1,282,271	)

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

	Futures		Swap
	Contracts		Agreements
Average notional value	$	119,746,883	$	21,666,667

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,617.

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

21                     Invesco Income Fund

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of February 28, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	14,724,415	$	32,686,721	$	47,411,136

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $77,180,590 and $126,262,031, respectively. Cost of investments, including any derivatives, on a tax    basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	11,969,725
Aggregate unrealized (depreciation) of investments		(7,443,333	)
Net unrealized appreciation of investments	$	4,526,392

Cost of investments for tax purposes is $ 658,106,343.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2021(a)						February 28, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		1,062,417		$	8,473,039			2,226,448		$	16,564,185
Class C		305,272			2,436,383			320,565			2,429,814
Class R		81,828			653,103			174,836			1,301,117
Class Y		683,334			5,464,708			5,982,713			45,144,577
Investor Class		136,402			1,087,614			259,252			1,966,461
Class R5		8,289			66,193			18,795			137,686
Class R6		1,099,268			8,742,275			29,040,117			210,551,966
Issued as reinvestment of dividends:
Class A		527,999			4,214,741			1,607,668			11,729,640
Class C		7,574			60,489			27,388			198,770
Class R		6,960			55,588			17,923			130,650
Class Y		51,271			409,977			79,902			600,249
Investor Class		33,976			271,612			108,678			793,219
Class R5		845			6,747			2,466			17,939
Class R6		388,218			3,095,293			725,842			5,553,111
Automatic conversion of Class C shares to Class A shares:
Class A		38,847			309,954			234,191			1,778,837
Class C		(38,843	)		(309,954	)		(234,132	)		(1,778,837	)

22                     Invesco Income Fund

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2021(a)						February 28, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(3,214,889	)	$	(25,642,793	)		(8,378,628	)	$	(61,434,584	)
Class C		(98,428	)		(785,553	)		(523,859	)		(3,783,559	)
Class R		(39,093	)		(311,913	)		(221,744	)		(1,591,654	)
Class Y		(2,007,007	)		(16,001,200	)		(1,040,220	)		(7,709,768	)
Investor Class		(260,388	)		(2,080,180	)		(761,076	)		(5,686,177	)
Class R5		(995	)		(7,933	)		(30,899	)		(229,782	)
Class R6		(8,898,943	)		(70,764,504	)		(1,121,320	)		(8,526,619	)
Net increase (decrease) in share activity		(10,126,086	)	$	(80,556,314	)		28,514,906		$	208,157,241

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 28% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

23                     Invesco Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)1	Period2	(08/31/21)	Period2	Ratio
Class A	$1,000.00	$1,021.10	$4.69	$1,020.57	$4.69	0.92%
Class C	1,000.00	1,017.20	8.49	1,016.79	8.49	1.67
Class R	1,000.00	1,018.90	5.95	1,019.31	5.96	1.17
Class Y	1,000.00	1,022.30	3.42	1,021.83	3.41	0.67
Investor Class	1,000.00	1,021.40	4.23	1,021.02	4.23	0.83
Class R5	1,000.00	1,022.80	2.55	1,022.68	2.55	0.50
Class R6	1,000.00	1,023.30	2.50	1,022.74	2.50	0.49

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

24                     Invesco Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over the multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile for the one, three and five year periods. The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund had changed its name, investment strategy and index as of July 26, 2018 and that the performance results prior to the 2018 calendar year were with respect to the Fund’s prior investment strategy. As a result, the Board did not consider performance results prior to 2018 to be particularly relevant. The Board discussed contributors to and detractors from Fund performance for periods after 2018 which reflect the Fund’s utilization of its current strategy. The Board noted that allocation to and security selection within certain structured credit sectors and industries detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

25                     Invesco Income Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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 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 noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to

the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

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

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the

Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

26                     Invesco Income Fund

(This page intentionally left blank)

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

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

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

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

SEC file number(s): 811-05686 and 033-39519                     Invesco Distributors, Inc.                                  INC-SAR-1

Semiannual Report to Shareholders	August 31, 2021
Invesco Intermediate Bond Factor Fund
Nasdaq:
A: OFIAX ∎ C: OFICX ∎ R: OFINX ∎ Y: OFIYX ∎ R5: IOTEX ∎ R6: OFIIX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
14	Financial Statements
17	Financial Highlights
18	Notes to Financial Statements
25	Fund Expenses
26	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	1.81	%
Class C Shares	1.43
Class R Shares	1.60
Class Y Shares	1.94
Class R5 Shares	1.85
Class R6 Shares	1.94
Bloomberg U.S. Aggregate Bond Index▼	1.49
Source(s): ▼RIMES Technologies Corp.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting
invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder”
to locate your Fund; then click on its name to access its product detail page. There, you can
learn more about your Fund’s investment strategies, holdings and performance.
  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share
their insights about market and economic news and trends.

2 Invesco Intermediate Bond Factor Fund

Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges
Class A Shares
Inception (8/2/10)	4.31	%
10 Years	4.10
5 Years	2.44
1 Year	-3.04
Class C Shares
Inception (8/2/10)	4.11	%
10 Years	3.89
5 Years	2.50
1 Year	-0.51
Class R Shares
Inception (8/2/10)	4.40	%
10 Years	4.25
5 Years	3.00
1 Year	0.91
Class Y Shares
Inception (8/2/10)	4.95	%
10 Years	4.81
5 Years	3.62
1 Year	1.46
Class R5 Shares
10 Years	4.60	%
5 Years	3.42
1 Year	1.46
Class R6 Shares
Inception (11/28/12)	3.96	%
5 Years	3.68
1 Year	1.46

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Intermediate Income Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Intermediate Income Fund. The Fund was subsequently renamed the Invesco Intermediate Bond Factor Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses. For periods prior to February 28, 2020, performance shown is that of the Fund using its previous past performance investment strategy. Therefore, the past performance shown for periods prior to February 28, 2020 may have differed had the Fund’s current investment strategy been in effect.

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

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

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

3 Invesco Intermediate Bond Factor Fund

Liquidity Risk Management Program

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

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

without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Intermediate Bond Factor Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes–49.51%
Advertising–0.11%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024	$	200,000	$       216,969
Aerospace & Defense–1.00%
Boeing Co. (The), 3.10%, 05/01/2026		725,000	769,458
Hexcel Corp., 4.20%, 02/15/2027		370,000	405,546
Raytheon Technologies Corp., 3.50%, 03/15/2027		292,000	322,959
Rockwell Collins, Inc., 3.20%, 03/15/2024		441,000	468,723
			1,966,686
Agricultural & Farm Machinery–0.22%
CNH Industrial N.V. (United Kingdom), 4.50%, 08/15/2023		400,000	429,005
Agricultural Products–0.30%
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026		553,000	599,453
Air Freight & Logistics–0.80%
FedEx Corp., 4.75%, 11/15/2045		600,000	757,715
4.55%, 04/01/2046		668,000	820,567
			1,578,282
Airlines–0.62%
Delta Air Lines, Inc., 3.80%, 04/19/2023		17,000	17,623
2.90%, 10/28/2024		69,000	70,344
3.75%, 10/28/2029		38,000	38,600
Southwest Airlines Co., 3.00%, 11/15/2026		500,000	534,417
Spirit Airlines Pass-Through Trust, Series 2015-1A, 4.10%, 10/01/2029		97,805	102,850
United Airlines Pass-Through Trust, Series 2019-1, Class AA, 4.15%, 08/25/2031		408,089	446,949
			1,210,783
Apparel Retail–0.77%
TJX Cos., Inc. (The), 3.88%, 04/15/2030		1,312,000	1,518,250
Asset Management & Custody Banks–0.47%
Affiliated Managers Group, Inc., 4.25%, 02/15/2024		106,000	115,201
Ameriprise Financial, Inc., 4.00%, 10/15/2023		241,000	259,077
FS KKR Capital Corp., 4.13%, 02/01/2025		119,000	126,603
Golub Capital BDC, Inc., 3.38%, 04/15/2024		240,000	252,043

	Principal     Amount		Value
Asset Management & Custody Banks–(continued)
Main Street Capital Corp., 5.20%, 05/01/2024	$	150,000	$       162,871
			915,795
Automobile Manufacturers–1.34%
American Honda Finance Corp., 3.50%, 02/15/2028		848,000	944,035
Ford Motor Co., 4.75%, 01/15/2043		100,000	108,003
Ford Motor Credit Co. LLC, 3.09%, 01/09/2023		385,000	392,700
General Motors Co., 6.60%, 04/01/2036		100,000	136,929
5.15%, 04/01/2038		49,000	59,188
6.25%, 10/02/2043		403,000	552,622
6.75%, 04/01/2046		259,000	375,381
5.95%, 04/01/2049		44,000	60,020
			2,628,878
Biotechnology–0.44%
AbbVie, Inc., 2.95%, 11/21/2026		117,000	126,161
Amgen, Inc., 3.63%, 05/22/2024		425,000	456,299
2.20%, 02/21/2027		17,000	17,727
Gilead Sciences, Inc., 3.70%, 04/01/2024		250,000	268,072
			868,259
Brewers–0.41%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		262,000	441,356
Molson Coors Beverage Co., 5.00%, 05/01/2042		165,000	205,682
4.20%, 07/15/2046		140,000	158,462
			805,500
Broadcasting–0.40%
Discovery Communications LLC, 4.13%, 05/15/2029		289,000	326,627
ViacomCBS, Inc., 4.75%, 05/15/2025		400,000	451,166
			777,793
Building Products–0.05%
Owens Corning, 7.00%, 12/01/2036		62,000	90,701
Cable & Satellite–1.36%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 5.05%, 03/30/2029		419,000	496,649
5.13%, 07/01/2049		50,000	60,176
Comcast Corp., 3.60%, 03/01/2024		403,000	433,723
Grupo Televisa S.A.B. (Mexico), 4.63%, 01/30/2026		450,000	501,835

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

5 Invesco Intermediate Bond Factor Fund

	Principal     Amount		Value
Cable & Satellite–(continued)
Time Warner Cable LLC, 7.30%, 07/01/2038	$	106,000	$       154,597
5.50%, 09/01/2041		408,000	510,464
4.50%, 09/15/2042		420,000	470,607
Time Warner Entertainment Co. L.P., 8.38%, 07/15/2033		35,000	52,170
			2,680,221
Commodity Chemicals–0.02%
Westlake Chemical Corp., 5.00%, 08/15/2046		27,000	34,442
Communications Equipment–0.02%
Juniper Networks, Inc., 5.95%, 03/15/2041		14,000	18,941
Motorola Solutions, Inc., 5.50%, 09/01/2044		14,000	18,437
			37,378
Computer & Electronics Retail–0.40%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		400,000	478,003
8.10%, 07/15/2036		52,000	79,852
8.35%, 07/15/2046		140,000	230,150
			788,005
Construction & Engineering–0.08%
Fluor Corp., 3.50%, 12/15/2024		32,000	33,671
4.25%, 09/15/2028		38,000	39,856
Valmont Industries, Inc., 5.25%, 10/01/2054		73,000	93,696
			167,223
Construction Machinery & Heavy Trucks–0.84%
Caterpillar Financial Services Corp., 3.25%, 12/01/2024		637,000	694,366
Cummins, Inc., 3.65%, 10/01/2023		479,000	508,266
nVent Finance S.a.r.l. (United Kingdom), 4.55%, 04/15/2028		400,000	444,607
			1,647,239
Consumer Finance–0.77%
Ally Financial, Inc., 8.00%, 11/01/2031		218,000	319,939
American Express Co., 3.40%, 02/22/2024		350,000	373,812
3.00%, 10/30/2024		75,000	80,313
Capital One Bank USA N.A., 3.38%, 02/15/2023		250,000	260,638
Capital One Financial Corp., 3.75%, 04/24/2024		453,000	487,799
			1,522,501
Distillers & Vintners–0.50%
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024		574,000	600,343
3.88%, 05/18/2028		330,000	378,189
			978,532

	Principal     Amount		Value
Diversified Banks–7.38%
Banco Santander S.A. (Spain), 5.18%, 11/19/2025	$	600,000	$       687,382
4.25%, 04/11/2027		400,000	453,457
4.38%, 04/12/2028		200,000	229,727
Bancolombia S.A. (Colombia), 3.00%, 01/29/2025		213,000	216,971
Bank of America Corp., 4.45%, 03/03/2026		430,000	485,287
1.32%, 06/19/2026(b)		405,000	406,451
3.56%, 04/23/2027(b)		221,000	242,576
Series DD, 6.30%(b)(c)		257,000	299,958
Bank of America N.A., 3.34%, 01/25/2023(b)		427,000	432,195
Bank of Montreal (Canada), 3.80%, 12/15/2032(b)		300,000	331,947
Barclays Bank PLC (United Kingdom), 3.75%, 05/15/2024		240,000	260,374
Barclays PLC (United Kingdom), 5.20%, 05/12/2026		284,000	327,005
3.56%, 09/23/2035(b)		400,000	418,322
7.88%(b)(c)(d)		75,000	77,526
8.00%(b)(c)		94,000	106,866
BPCE S.A. (France), 4.50%, 03/15/2025(d)		195,000	215,741
Citigroup, Inc., 4.04%, 06/01/2024(b)		300,000	318,307
3.67%, 07/24/2028(b)		100,000	110,910
8.13%, 07/15/2039		200,000	345,376
Cooperatieve Rabobank U.A. (Netherlands), 3.95%, 11/09/2022		900,000	937,622
HSBC Bank USA N.A., 5.88%, 11/01/2034		700,000	923,631
HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024		454,000	489,775
3.95%, 05/18/2024(b)		300,000	317,286
4.29%, 09/12/2026(b)		325,000	361,189
4.58%, 06/19/2029(b)		165,000	190,777
6.10%, 01/14/2042		342,000	505,223
JPMorgan Chase & Co., 3.80%, 07/23/2024(b)		258,000	273,864
3.88%, 09/10/2024		502,000	546,676
7.75%, 07/15/2025		250,000	310,936
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024		350,000	386,717
4.45%, 05/08/2025		755,000	844,319
3.87%, 07/09/2025(b)		201,000	217,754
3.75%, 01/11/2027		375,000	416,054
National Australia Bank Ltd. (Australia), 2.50%, 07/12/2026		250,000	266,670
Sumitomo Mitsui Financial Group, Inc. (Japan), 2.35%, 01/15/2025		200,000	208,910
Svenska Handelsbanken AB (Sweden), 3.90%, 11/20/2023		474,000	511,764
U.S. Bancorp, Series W, 3.10%, 04/27/2026		160,000	174,294
Westpac Banking Corp. (Australia), 3.30%, 02/26/2024		147,000	157,389
2.85%, 05/13/2026		451,000	489,068
			14,496,296

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

6 Invesco Intermediate Bond Factor Fund

	Principal     Amount		Value
Diversified Capital Markets–0.36%
Credit Suisse Group AG (Switzerland), 3.87%, 01/12/2029(b)(d)	$	189,000	$       209,163
Deutsche Bank AG (Germany), 3.95%, 02/27/2023		343,000	359,729
UBS Group AG (Switzerland), 7.00%(b)(c)(d)		125,000	137,123
			706,015
Diversified Chemicals–0.03%
Dow Chemical Co. (The), 9.40%, 05/15/2039		32,000	58,807
Diversified REITs–0.02%
CyrusOne L.P./CyrusOne Finance Corp., 3.45%, 11/15/2029		33,000	34,711
Drug Retail–0.15%
Walgreens Boots Alliance, Inc., 4.80%, 11/18/2044		245,000	299,105
Education Services–0.02%
California Institute of Technology, 4.70%, 11/01/2111		27,000	39,810
Electric Utilities–3.21%
AEP Texas, Inc., 3.95%, 06/01/2028(d)		806,000	910,509
Duke Energy Corp., 3.75%, 04/15/2024		290,000	311,304
Edison International, 5.75%, 06/15/2027		150,000	171,573
4.13%, 03/15/2028		228,000	244,213
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024(d)		349,000	374,210
Eversource Energy, Series L, 2.90%, 10/01/2024		230,000	244,077
ITC Holdings Corp., 5.30%, 07/01/2043		323,000	433,022
National Grid USA, 5.80%, 04/01/2035		146,000	183,430
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/2079(b)		235,000	275,821
Oglethorpe Power Corp., 5.95%, 11/01/2039		374,000	512,628
Southern California Edison Co., 6.65%, 04/01/2029		500,000	620,494
6.00%, 01/15/2034		168,000	222,937
Southern Power Co., 5.15%, 09/15/2041		435,000	543,411
Union Electric Co., 8.45%, 03/15/2039		400,000	690,020
Virginia Electric & Power Co., 8.88%, 11/15/2038		316,000	568,040
			6,305,689
Electronic Components–0.18%
Amphenol Corp., 3.20%, 04/01/2024		111,000	117,514
Corning, Inc., 5.35%, 11/15/2048		50,000	69,799
5.85%, 11/15/2068		110,000	165,648
			352,961

	Principal     Amount		Value
Fertilizers & Agricultural Chemicals–0.03%
Mosaic Co. (The), 5.45%, 11/15/2033	$	19,000	$         24,119
5.63%, 11/15/2043		24,000	31,961
			56,080
Health Care Equipment–0.19%
Baxter International, Inc., 3.95%, 04/01/2030		318,000	366,949
Health Care Facilities–1.06%
CommonSpirit Health, 1.55%, 10/01/2025		314,000	318,245
3.35%, 10/01/2029		375,000	407,578
HCA, Inc., 5.25%, 04/15/2025		197,000	224,958
5.25%, 06/15/2049		300,000	392,357
SSM Health Care Corp., Series 2018, 3.69%, 06/01/2023		715,000	750,277
			2,093,415
Health Care REITs–0.34%
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		615,000	634,930
Sabra Health Care L.P., 5.13%, 08/15/2026		28,000	31,615
			666,545
Health Care Services–0.95%
CHRISTUS Health, Series C, 4.34%, 07/01/2028		430,000	498,921
Cigna Corp., 4.50%, 02/25/2026		200,000	227,273
CVS Health Corp., 2.88%, 06/01/2026		179,000	192,140
5.05%, 03/25/2048		302,000	400,402
Dignity Health, 5.27%, 11/01/2064		248,000	352,570
Toledo Hospital (The), 6.02%, 11/15/2048		154,000	190,230
			1,861,536
Home Improvement Retail–0.11%
Lowe’s Cos., Inc., 3.13%, 09/15/2024		200,000	213,962
Hotel & Resort REITs–0.12%
Host Hotels & Resorts L.P., Series H, 3.38%, 12/15/2029		125,000	130,229
Service Properties Trust, 4.35%, 10/01/2024		61,000	61,915
4.95%, 10/01/2029		50,000	49,571
			241,715
Hotels, Resorts & Cruise Lines–0.32%
Booking Holdings, Inc., 3.55%, 03/15/2028		399,000	445,682
Expedia Group, Inc., 4.63%, 08/01/2027		122,000	138,060
Marriott International, Inc., Series EE, 5.75%, 05/01/2025		39,000	44,825
			628,567
Hypermarkets & Super Centers–0.17%
Walmart, Inc., 3.70%, 06/26/2028		300,000	342,788

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

7 Invesco Intermediate Bond Factor Fund

	Principal     Amount		Value
Independent Power Producers & Energy Traders–0.12%
Enel Generacion Chile S.A. (Chile), 4.25%, 04/15/2024	$	226,000	$       242,251
Industrial Conglomerates–0.83%
General Electric Co., 6.75%, 03/15/2032		460,000	639,435
5.88%, 01/14/2038		725,000	999,149
			1,638,584
Industrial Machinery–0.71%
Parker-Hannifin Corp., 3.25%, 03/01/2027		675,000	735,392
Stanley Black & Decker, Inc., 4.25%, 11/15/2028		570,000	668,939
			1,404,331
Insurance Brokers–0.32%
Aon Corp., 8.21%, 01/01/2027		100,000	130,478
Marsh & McLennan Cos., Inc., 3.88%, 03/15/2024		456,000	492,193
			622,671
Integrated Oil & Gas–1.28%
BP Capital Markets PLC (United Kingdom), 3.81%, 02/10/2024		321,000	346,165
Chevron Corp., 2.90%, 03/03/2024		324,000	342,648
Chevron USA, Inc., 5.25%, 11/15/2043		370,000	510,188
Exxon Mobil Corp., 2.99%, 03/19/2025		450,000	481,623
Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025		90,000	97,541
4.55%, 08/12/2043		315,000	400,070
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024		226,000	243,725
TotalEnergies Capital International S.A. (France), 2.70%, 01/25/2023		82,000	84,823
			2,506,783
Integrated Telecommunication Services–0.75%
TCI Communications, Inc., 7.13%, 02/15/2028		1,100,000	1,467,572
Interactive Media & Services–1.11%
Alphabet, Inc., 3.38%, 02/25/2024		274,000	294,408
Baidu, Inc. (China), 3.50%, 11/28/2022		865,000	894,173
4.38%, 05/14/2024		400,000	435,550
4.38%, 03/29/2028		300,000	341,607
Weibo Corp. (China), 3.50%, 07/05/2024		200,000	209,434
			2,175,172
Internet & Direct Marketing Retail–0.53%
Alibaba Group Holding Ltd. (China), 3.40%, 12/06/2027		330,000	359,668
4.50%, 11/28/2034		570,000	672,986
			1,032,654

	Principal     Amount		Value
Investment Banking & Brokerage–2.19%
Brookfield Finance, Inc. (Canada), 4.00%, 04/01/2024	$	240,000	$       259,047
4.70%, 09/20/2047		101,000	125,328
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024		1,077,000	1,166,461
3.50%, 11/16/2026		301,000	327,853
Jefferies Group LLC, 6.25%, 01/15/2036		182,000	246,893
Jefferies Group LLC/Jefferies Group
Capital Finance, Inc., 4.85%, 01/15/2027		134,000	156,378
Morgan Stanley, 3.74%, 04/24/2024(b)		726,000	764,453
3.88%, 01/27/2026		415,000	462,982
Series F, 3.88%, 04/29/2024		538,000	582,950
Nomura Holdings, Inc. (Japan), 2.65%, 01/16/2025		200,000	209,614
			4,301,959
IT Consulting & Other Services–0.36%
International Business Machines Corp., 7.13%, 12/01/2096		383,000	714,890
Leisure Products–0.31%
Hasbro, Inc., 6.35%, 03/15/2040		300,000	421,134
5.10%, 05/15/2044		147,000	179,807
			600,941
Life & Health Insurance–1.35%
Brighthouse Financial, Inc., 3.70%, 06/22/2027		257,000	282,113
4.70%, 06/22/2047		236,000	267,972
MetLife, Inc., 3.60%, 04/10/2024		692,000	746,637
Series D, 5.88%(b)(c)		100,000	117,069
Prudential Financial, Inc., 5.63%, 06/15/2043(b)		342,000	365,355
5.20%, 03/15/2044(b)		225,000	241,771
5.38%, 05/15/2045(b)		135,000	149,974
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027(d)		441,000	469,238
Unum Group, 5.75%, 08/15/2042		13,000	16,438
			2,656,567
Motorcycle Manufacturers–0.26%
Harley-Davidson, Inc., 3.50%, 07/28/2025		187,000	200,941
4.63%, 07/28/2045		279,000	303,579
			504,520
Multi-line Insurance–0.06%
American International Group, Inc., Series A-9, 5.75%, 04/01/2048(b)		20,000	23,135
8.18%, 05/15/2058(b)		11,000	16,409
XLIT Ltd. (Bermuda), 4.45%, 03/31/2025		75,000	83,990
			123,534

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

8 Invesco Intermediate Bond Factor Fund

	Principal     Amount		Value
Multi-Utilities–0.56%
Black Hills Corp., 4.25%, 11/30/2023	$	216,000	$       230,954
3.95%, 01/15/2026		277,000	303,754
PSEG Power LLC, 8.63%, 04/15/2031		358,000	565,881
			1,100,589
Oil & Gas Equipment & Services–0.50%
Baker Hughes Holdings LLC, 5.13%, 09/15/2040		152,000	195,826
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.77%, 12/15/2022		162,000	166,882
4.08%, 12/15/2047		181,000	208,049
Halliburton Co., 7.45%, 09/15/2039		113,000	165,101
NOV, Inc., 3.60%, 12/01/2029		243,000	256,971
			992,829
Oil & Gas Exploration & Production–0.86%
Apache Corp., 5.10%, 09/01/2040		322,000	358,634
Hess Corp., 5.60%, 02/15/2041		140,000	175,013
Marathon Oil Corp., 3.85%, 06/01/2025		470,000	516,125
6.60%, 10/01/2037		250,000	332,151
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		275,000	306,620
			1,688,543
Oil & Gas Storage & Transportation–1.26%
Boardwalk Pipelines L.P., 4.45%, 07/15/2027		56,000	63,304
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024		370,000	419,835
Columbia Pipeline Group, Inc., 5.80%, 06/01/2045		143,000	200,625
Enable Midstream Partners L.P., 3.90%, 05/15/2024		250,000	265,892
4.95%, 05/15/2028		51,000	58,070
Energy Transfer L.P., 5.30%, 04/15/2047		389,000	460,959
5.40%, 10/01/2047		167,000	203,082
Enterprise Products Operating LLC, 3.75%, 02/15/2025		165,000	179,370
Kinder Morgan Energy Partners L.P., 6.95%, 01/15/2038		131,000	187,754
Spectra Energy Partners L.P., 3.50%, 03/15/2025		175,000	188,497
Western Midstream Operating L.P., 4.65%, 07/01/2026		56,000	60,438
Williams Cos., Inc. (The), 6.30%, 04/15/2040		136,000	186,785
			2,474,611
Other Diversified Financial Services–0.47%
Avolon Holdings Funding Ltd. (Ireland), 3.25%, 02/15/2027(d)		265,000	274,974
Blackstone Holdings Finance Co. LLC, 3.15%, 10/02/2027(d)		125,000	136,138
Equitable Holdings, Inc., 5.00%, 04/20/2048		44,000	57,254

	Principal     Amount		Value
Other Diversified Financial Services–(continued)
ORIX Corp. (Japan), 4.05%, 01/16/2024	$	322,000	$       347,548
3.70%, 07/18/2027		72,000	80,797
Voya Financial, Inc., 5.65%, 05/15/2053(b)		20,000	21,181
			917,892
Paper Packaging–0.18%
International Paper Co., 4.80%, 06/15/2044		280,000	361,480
Paper Products–0.14%
Fibria Overseas Finance Ltd. (Brazil), 5.50%, 01/17/2027		27,000	31,233
Suzano Austria GmbH (Brazil), 6.00%, 01/15/2029		200,000	239,009
			270,242
Pharmaceuticals–0.54%
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		800,000	855,169
4.90%, 12/15/2044		200,000	215,594
			1,070,763
Property & Casualty Insurance–0.36%
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025		76,000	82,869
Assured Guaranty US Holdings, Inc., 5.00%, 07/01/2024		266,000	297,080
CNA Financial Corp., 3.95%, 05/15/2024		297,000	320,536
			700,485
Regional Banks–0.60%
Fifth Third Bancorp, 2.38%, 01/28/2025		235,000	245,943
Huntington Bancshares, Inc., 2.63%, 08/06/2024		230,000	242,161
KeyBank N.A., 3.40%, 05/20/2026		230,000	252,327
PNC Financial Services Group, Inc. (The), 3.90%, 04/29/2024		270,000	292,448
Truist Bank, 4.05%, 11/03/2025		10,000	11,227
3.30%, 05/15/2026		115,000	126,529
			1,170,635
Reinsurance–0.04%
RenaissanceRe Finance, Inc. (Bermuda), 3.70%, 04/01/2025		34,000	36,928
Sompo International Holdings Ltd. (Bermuda), 4.70%, 10/15/2022		34,000	35,428
			72,356
Residential REITs–0.33%
American Campus Communities
Operating Partnership L.P., 3.88%, 01/30/2031		100,000	112,296
AvalonBay Communities, Inc., 4.20%, 12/15/2023		325,000	349,279
Spirit Realty L.P., 3.20%, 02/15/2031		175,000	185,966
			647,541

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

9 Invesco Intermediate Bond Factor Fund

	Principal     Amount		Value
Restaurants–0.25%
Starbucks Corp., 3.85%, 10/01/2023	$	467,000	$       496,481
Retail REITs–0.41%
Federal Realty Investment Trust, 4.50%, 12/01/2044		61,000	74,872
Kite Realty Group L.P., 4.00%, 10/01/2026		326,000	353,300
Simon Property Group L.P., 6.75%, 02/01/2040		244,000	368,886
			797,058
Semiconductors–1.03%
Broadcom Corp./Broadcom Cayman
Finance Ltd., 3.88%, 01/15/2027		173,000	191,050
Broadcom, Inc., 4.11%, 09/15/2028		265,000	297,283
Intel Corp., 2.88%, 05/11/2024		275,000	291,728
Microchip Technology, Inc., 4.33%, 06/01/2023		200,000	212,089
QUALCOMM, Inc., 2.90%, 05/20/2024		681,000	720,778
Xilinx, Inc., 2.95%, 06/01/2024		300,000	316,382
			2,029,310
Soft Drinks–0.28%
Coca-Cola FEMSA S.A.B. de C.V. (Mexico), 2.75%, 01/22/2030		526,000	551,477
Specialized Finance–0.28%
National Rural Utilities Cooperative Finance Corp., 3.40%, 11/15/2023		305,000	322,774
8.00%, 03/01/2032		148,000	223,588
5.25%, 04/20/2046(b)		12,000	13,059
			559,421
Specialty Chemicals–0.20%
Ecolab, Inc., 5.50%, 12/08/2041		90,000	127,694
PPG Industries, Inc., 2.40%, 08/15/2024		261,000	273,568
			401,262
Steel–0.16%
ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029		240,000	269,131
7.00%, 10/15/2039		27,000	38,848
			307,979
Systems Software–1.28%
Microsoft Corp., 2.88%, 02/06/2024		295,000	311,406
2.70%, 02/12/2025		647,000	690,419
3.13%, 11/03/2025		425,000	463,475
3.95%, 08/08/2056		406,000	519,365
Oracle Corp., 2.50%, 04/01/2025		500,000	524,665
			2,509,330

	Principal     Amount		Value
Technology Hardware, Storage & Peripherals–1.07%
Apple, Inc., 3.00%, 02/09/2024	$	379,000	$       400,959
3.25%, 02/23/2026		355,000	388,942
4.45%, 05/06/2044		476,000	620,691
Hewlett Packard Enterprise Co., 6.35%, 10/15/2045		220,000	304,750
HP, Inc., 6.00%, 09/15/2041		245,000	324,385
Seagate HDD Cayman, 4.88%, 06/01/2027		50,000	56,014
			2,095,741
Tobacco–2.17%
Altria Group, Inc., 4.80%, 02/14/2029		353,000	410,944
2.45%, 02/04/2032		300,000	293,386
4.50%, 05/02/2043		557,000	613,661
3.88%, 09/16/2046		225,000	227,633
5.95%, 02/14/2049		41,000	53,338
BAT Capital Corp. (United Kingdom), 3.22%, 08/15/2024		200,000	212,287
3.56%, 08/15/2027		407,000	440,722
4.54%, 08/15/2047		87,000	93,400
4.76%, 09/06/2049		35,000	38,558
Philip Morris International, Inc., 6.38%, 05/16/2038		280,000	399,812
4.50%, 03/20/2042		418,000	499,069
Reynolds American, Inc. (United Kingdom), 5.70%, 08/15/2035		256,000	313,358
5.85%, 08/15/2045		545,000	675,180
			4,271,348
Trading Companies & Distributors–0.35%
Air Lease Corp., 3.00%, 02/01/2030		560,000	574,084
Aircastle Ltd., 5.00%, 04/01/2023		100,000	106,592
			680,676
Water Utilities–0.16%
American Water Capital Corp., 3.85%, 03/01/2024		174,000	187,174
6.59%, 10/15/2037		84,000	126,139
			313,313
Wireless Telecommunication Services–0.29%
America Movil S.A.B. de C.V. (Mexico), 6.38%, 03/01/2035		400,000	573,092
Total U.S. Dollar Denominated Bonds & Notes (Cost $93,226,509)			97,273,729
U.S. Treasury Securities–27.99%
U.S. Treasury Bills–0.18%
0.05%, 02/17/2022(e)(f)		360,000	359,924
U.S. Treasury Bonds–1.36%
2.38%, 11/15/2049		1,037,600	1,141,401
2.00%, 02/15/2050		1,500,000	1,524,609
			2,666,010

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

10 Invesco Intermediate Bond Factor Fund

	Principal     Amount		Value
U.S. Treasury Notes–26.45%
1.38%, 01/31/2022	$	4,402,000	$    4,425,993
1.13%, 02/28/2022		9,553,000	9,603,989
0.13%, 07/31/2022		2,535,000	2,536,106
0.13%, 01/31/2023		1,750,000	1,750,000
1.38%, 02/15/2023		563,000	573,237
1.38%, 01/31/2025		8,521,000	8,774,799
1.13%, 02/28/2025		3,577,000	3,652,942
0.75%, 03/31/2026		3,900,000	3,905,484
1.50%, 08/15/2026		5,980,000	6,191,519
1.50%, 01/31/2027		8,215,500	8,505,289
0.50%, 06/30/2027		2,100,000	2,051,848
			51,971,206
Total U.S. Treasury Securities (Cost $54,499,332)			54,997,140
U.S. Government Sponsored Agency Mortgage-Backed Securities–26.26%
Collateralized Mortgage Obligations–0.35%
Fannie Mae ACES, IO, 0.29%, 12/25/2022(g)		15,311,009	25,793
Fannie Mae REMICs, IO, 3.50%, 08/25/2035(h)		315,662	38,917
5.50%, 07/25/2046(h)		87,335	14,878
4.00%, 08/25/2047(h)		69,873	7,815
5.00% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047(h)(i)		836,580	149,032
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC03, Class X1, IO, 0.63%, 11/25/2024(g)		4,159,473	55,214
Series K734, Class X1, IO, 0.78%, 02/25/2026(g)		3,051,002	75,186
Series K735, Class X1, IO, 1.10%, 05/25/2026(g)		3,066,807	124,048
Series K093, Class X1, IO, 1.09%, 05/25/2029(g)		2,549,636	166,843
Freddie Mac REMICs, IO, 6.00%(6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(h)(i)		182,818	25,735
Freddie Mac STRIPS, IO, 3.00%, 12/15/2027(h)		91,569	4,616
			688,077
Federal Home Loan Mortgage Corp. (FHLMC)–4.30%
4.50%, 09/01/2049 to 01/01/2050		469,796	508,320
3.00%, 01/01/2050 to 10/01/2050		4,171,840	4,451,599
2.50%, 07/01/2050 to 08/01/2050		3,322,633	3,490,979
			8,450,898
Federal National Mortgage Association (FNMA)–5.77%
4.50%, 06/01/2049		202,070	218,028
3.00%, 10/01/2049 to 08/01/2050		6,846,441	7,185,302
2.50%, 03/01/2050 to 08/01/2050		1,125,274	1,180,902
2.00%, 03/01/2051 to 08/01/2051		2,699,855	2,749,997
			11,334,229

	Principal     Amount		Value
Government National Mortgage Association (GNMA)–0.04%
IO, 6.10% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(h)(i)	$	406,940	$      75,461
Uniform Mortgage-Backed Securities–15.80%
TBA, 1.50%, 09/01/2036(j)		1,064,000	1,081,109
2.00%, 09/01/2036 to 09/01/2051(j)		12,782,000	13,079,910
2.50%, 09/01/2036 to 09/01/2051(j)		16,239,000	16,872,334
			31,033,353
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $51,574,190)			51,582,018
Non-U.S. Dollar Denominated Bonds & Notes–9.82%(k)
Sovereign Debt–9.82%
Australia Government Bond (Australia), Series 142, 4.25%, 04/21/2026(d)	AUD	1,785,000	1,529,051
Series 155, 2.50%, 05/21/2030(d)	AUD	1,086,000	893,246
Bundesobligation (Germany), Series 183, 0.00%, 04/10/2026(d)	EUR	1,178,000	1,437,733
Bundesrepublik Deutschland Bundesanleihe (Germany), 0.00%, 02/15/2031(d)	EUR	437,000	537,255
Canadian Government Bond (Canada), 0.50%, 09/01/2025	CAD	4,144,000	3,251,210
0.50%, 12/01/2030	CAD	2,091,000	1,553,901
Norway Government Bond (Norway), Series 477, 1.75%, 03/13/2025(d)	NOK	29,052,000	3,431,573
Series 482, 1.38%, 08/19/2030(d)	NOK	13,204,000	1,534,515
Sweden Government Bond (Sweden), Series 1058, 2.50%, 05/12/2025	SEK	12,275,000	1,566,769
Series 1061, 0.75%, 11/12/2029(d)	SEK	6,480,000	791,444
Swiss Confederation Government Bond (Switzerland), 1.25%, 06/11/2024(d)	CHF	1,533,000	1,768,154
0.50%, 05/27/2030(d)	CHF	844,000	995,583
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $18,875,446)			19,290,434
Asset-Backed Securities–0.24%
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		15,809	15,877
Bank, Series 2019-BNK16, Class XA, IO, 1.12%, 02/15/2052(g)		2,365,255	136,733
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050(g)		6,128,476	286,608
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2005-AR14, Class 1A4, 2.89%, 12/25/2035(l)		25,907	26,309
Total Asset-Backed Securities (Cost $510,196)			465,527

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

11 Invesco Intermediate Bond Factor Fund

	Shares		Value
Money Market Funds–1.54%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(m)(n)		1,055,700	$    1,055,700
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(m)(n)		755,373	755,675
Invesco Treasury Portfolio, Institutional Class, 0.01%(m)(n)		1,206,514	1,206,514
Total Money Market Funds (Cost $3,017,889)			3,017,889
TOTAL INVESTMENTS IN SECURITIES-115.36% (Cost $221,703,562)			226,626,737
OTHER ASSETS LESS LIABILITIES-(15.36)%			(30,176,363)
NET ASSETS-100.00%			$196,450,374

Investment Abbreviations:

ACES	– Automatically Convertible Extendable Security
AUD	– Australian Dollar
CAD	– Canadian Dollar
CHF	– Swiss Franc
Ctfs.	– Certificates
EUR	– Euro
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
NOK	– Norwegian Krone
REIT	– Real Estate Investment Trust
REMICs	– Real Estate Mortgage Investment Conduits
SEK	– Swedish Krona
STRIPS	– Separately Traded Registered Interest and Principal Security
TBA	– To Be Announced
USD	– U.S. Dollar

Notes to Schedule of Investments:

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

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

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

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $15,723,176, which represented 8.00% of the Fund’s Net Assets.

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

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

^(g)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2021.

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

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

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

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

^(l)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2021.

^(m) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2021.

	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	554,525		$	9,631,919		$	(9,130,744	)		$	-		$	-		$	1,055,700	$  79
Invesco Liquid Assets Portfolio, Institutional Class			396,028			6,879,942			(6,520,295	)			-			-			755,675	25
Invesco Treasury Portfolio, Institutional Class			633,743			11,007,908			(10,435,137	)			-			-			1,206,514	33
Total		$	1,584,296		$	27,519,769		$	(26,086,176	)		$	-		$	-		$	3,017,889	$137

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

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

12 Invesco Intermediate Bond Factor Fund

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		4		December-2021		$	881,313			$	563			$	563
U.S. Treasury 10 Year Ultra Notes		15		December-2021			2,220,234				7,383				7,383
U.S. Treasury Long Bonds		8		December-2021			1,303,750				3,625				3,625
U.S. Treasury Ultra Bonds		53		December-2021			10,455,906				33,437				33,437
Subtotal–Long Futures Contracts											45,008				45,008
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 5 Year Notes		173		December-2021			(21,403,344	)			(47,984	)			(47,984	)
Total Futures Contracts										$	(2,976	)		$	(2,976	)

Open Forward Foreign Currency Contracts
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
11/10/2021	Goldman Sachs International		CHF	247,433		USD	274,027		$	3,369
11/10/2021	Goldman Sachs International		SEK	1,985,819		USD	231,043			810
11/17/2021	Goldman Sachs International		CAD	2,787,000		USD	2,216,844			8,098
11/10/2021	Morgan Stanley and Co. International PLC		CAD	3,266,810		USD	2,605,945			16,913
11/17/2021	Morgan Stanley and Co. International PLC		AUD	3,273,000		USD	2,401,540			6,261
Subtotal–Appreciation										35,451
Currency Risk
11/10/2021	Bank of America, N.A.		NOK	1,768,361		USD	200,065			(3,290	)
11/17/2021	Citibank, N.A.		EUR	1,667,000		USD	1,957,475			(13,744	)
11/17/2021	Deutsche Bank AG		SEK	18,434,000		USD	2,119,011			(18,308	)
11/17/2021	Goldman Sachs International		NOK	41,594,000		USD	4,650,935			(131,947	)
11/17/2021	Morgan Stanley and Co. International PLC		CHF	2,298,000		USD	2,504,578			(9,563	)
Subtotal–Depreciation										(176,852	)
Total Forward Foreign Currency Contracts									$	(141,401	)

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

NOK– Norwegian Krone

SEK – Swedish Krona

USD – U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of August 31, 2021

U.S. Dollar Denominated Bonds & Notes	42.92	%
U.S. Treasury Securities	24.27
U.S. Government Sponsored Agency Mortgage-Backed Securities	22.76
Non-U.S. Dollar Denominated Bonds & Notes	8.51
Security types each less than 1% portfolio	0.21
Money Market Funds	1.33

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

13 Invesco Intermediate Bond Factor Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $218,685,673)	$	223,608,848
Investments in affiliated money market funds, at value (Cost $3,017,889)		3,017,889
Other investments: Unrealized appreciation on forward foreign currency contracts outstanding		35,451
Cash		500,000
Foreign currencies, at value (Cost $20,431)		20,905
Receivable for:
Fund shares sold		199,378
Dividends		40
Interest		1,228,603
Investment for trustee deferred compensation and retirement plans		31,939
Other assets		62,579
Total assets		228,705,632
Liabilities:
Other investments:
Variation margin payable - futures contracts		60,740
Unrealized depreciation on forward foreign currency contracts outstanding		176,852
Payable for:
Investments purchased		31,090,417
Dividends		19,657
Fund shares reacquired		611,927
Accrued fees to affiliates		113,961
Accrued trustees’ and officers’ fees and benefits		1,293
Accrued other operating expenses		148,472
Trustee deferred compensation and retirement plans		31,939
Total liabilities		32,255,258
Net assets applicable to shares outstanding	$	196,450,374
Net assets consist of:
Shares of beneficial interest	$	192,682,149
Distributable earnings		3,768,225
	$	196,450,374

Net Assets:
Class A	$	127,535,142
Class C	$	17,281,546
Class R	$	20,270,203
Class Y	$	17,673,565
Class R5	$	10,339
Class R6	$	13,679,579
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,556,738
Class C		1,565,974
Class R		1,835,555
Class Y		1,602,861
Class R5		937
Class R6		1,240,188
Class A:
Net asset value per share	$	11.04
Maximum offering price per share (Net asset value of $11.04 ÷ 95.75%)	$	11.53
Class C:
Net asset value and offering price per share	$	11.04
Class R:
Net asset value and offering price per share	$	11.04
Class Y:
Net asset value and offering price per share	$	11.03
Class R5:
Net asset value and offering price per share	$	11.03
Class R6:
Net asset value and offering price per share	$	11.03

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

14 Invesco Intermediate Bond Factor Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $1,455)	$	1,670,950
Dividends from affiliated money market funds		137
Total investment income		1,671,087
Expenses:
Advisory fees		246,823
Administrative services fees		14,296
Custodian fees		18,475
Distribution fees:
Class A		157,807
Class C		90,519
Class R		48,379
Transfer agent fees – A, C, R and Y		72,080
Transfer agent fees – R5		1
Transfer agent fees – R6		890
Trustees’ and officers’ fees and benefits		13,010
Registration and filing fees		48,536
Reports to shareholders		24,075
Professional services fees		28,011
Other		8,143
Total expenses		771,045
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(202,775	)
Net expenses		568,270
Net investment income		1,102,817
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		51,237
Foreign currencies		2,967
Forward foreign currency contracts		692,273
Futures contracts		751,734
		1,498,211
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,382,309
Foreign currencies		(3,257	)
Forward foreign currency contracts		(342,630	)
Futures contracts		(182,409	)
		854,013
Net realized and unrealized gain		2,352,224
Net increase in net assets resulting from operations	$	3,455,041

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

15 Invesco Intermediate Bond Factor Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31,			February 28,
	2021			2021
Operations:
Net investment income	$	1,102,817		$	2,657,103
Net realized gain		1,498,211			6,948,203
Change in net unrealized appreciation (depreciation)		854,013			(5,435,020	)
Net increase in net assets resulting from operations		3,455,041			4,170,286
Distributions to shareholders from distributable earnings:
Class A		(1,030,565	)		(6,950,181	)
Class C		(75,698	)		(1,035,568	)
Class R		(129,203	)		(980,705	)
Class Y		(162,151	)		(1,024,796	)
Class R5		(94	)		(596	)
Class R6		(108,725	)		(431,934	)
Total distributions from distributable earnings		(1,506,436	)		(10,423,780	)
Share transactions–net:
Class A		(6,579,264	)		14,644,016
Class C		(1,898,082	)		(3,458,732	)
Class R		218,097			132,575
Class Y		(244,990	)		(697,837	)
Class R6		5,110,655			2,840,209
Net increase (decrease) in net assets resulting from share transactions		(3,393,584	)		13,460,231
Net increase (decrease) in net assets		(1,444,979	)		7,206,737
Net assets:
Beginning of period		197,895,353			190,688,616
End of period	$	196,450,374		$	197,895,353

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

16 Invesco Intermediate Bond Factor Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 08/31/21		$10.93		$0.06		$0.14			$0.20			$	(0.09	)		$	–			$	(0.09	)		$11.04		1.81	%(e)		$127,535		0.52	%(e)(f)		0.73	%(e)(f)		1.17	%(e)(f)		98	%
Year ended 02/28/21		11.27		0.16		0.10			0.26				(0.21	)			(0.39	)			(0.60	)		10.93		2.30	(e)		132,856		0.52	(e)		0.96	(e)		1.42	(e)		292
Seven months ended 02/29/20		10.88		0.18		0.40			0.58				(0.19	)			–				(0.19	)		11.27		5.39			122,371		1.05	(f)		1.05	(f)		2.80	(f)		64
Year ended 07/31/19		10.43		0.32		0.45			0.77				(0.32	)			–				(0.32	)		10.88		7.52			119,300		0.97			0.97			3.07			108
Year ended 07/31/18		10.92		0.31		(0.49	)		(0.18	)			(0.31	)			–				(0.31	)		10.43		(1.67	)		119,119		0.97			0.97			2.89			57
Year ended 07/31/17		11.03		0.29		(0.10	)		0.19				(0.30	)			–				(0.30	)		10.92		1.82			129,985		1.00			1.00			2.68			80
Year ended 07/31/16		10.66		0.30		0.37			0.67				(0.30	)			–				(0.30	)		11.03		6.45			139,018		1.02			1.02			2.83			73
Class C
Six months ended 08/31/21		10.93		0.02		0.14			0.16				(0.05	)			–				(0.05	)		11.04		1.43			17,282		1.27	(f)		1.49	(f)		0.42	(f)		98
Year ended 02/28/21		11.26		0.08		0.10			0.18				(0.12	)			(0.39	)			(0.51	)		10.93		1.56			19,013		1.27			1.72			0.67			292
Seven months ended 02/29/20		10.87		0.12		0.40			0.52				(0.13	)			–				(0.13	)		11.26		4.80			23,114		1.81	(f)		1.81	(f)		1.90	(f)		64
Year ended 07/31/19		10.43		0.23		0.44			0.67				(0.23	)			–				(0.23	)		10.87		6.52			23,487		1.72			1.72			2.17			108
Year ended 07/31/18		10.91		0.23		(0.48	)		(0.25	)			(0.23	)			–				(0.23	)		10.43		(2.32	)		31,250		1.72			1.72			2.14			57
Year ended 07/31/17		11.03		0.21		(0.11	)		0.10				(0.22	)			–				(0.22	)		10.91		0.97			33,420		1.75			1.75			1.92			80
Year ended 07/31/16		10.65		0.22		0.38			0.60				(0.22	)			–				(0.22	)		11.03		5.76			38,261		1.77			1.77			2.07			73
Class R
Six months ended 08/31/21		10.93		0.05		0.13			0.18				(0.07	)			–				(0.07	)		11.04		1.69			20,270		0.77	(f)		0.99	(f)		0.92	(f)		98
Year ended 02/28/21		11.27		0.13		0.10			0.23				(0.18	)			(0.39	)			(0.57	)		10.93		2.02			19,876		0.77			1.22			1.17			292
Seven months ended 02/29/20		10.88		0.15		0.40			0.55				(0.16	)			–				(0.16	)		11.27		5.09			20,366		1.31	(f)		1.31	(f)		2.40	(f)		64
Year ended 07/31/19		10.44		0.28		0.44			0.72				(0.28	)			–				(0.28	)		10.88		7.06			20,511		1.22			1.22			2.67			108
Year ended 07/31/18		10.93		0.28		(0.49	)		(0.21	)			(0.28	)			–				(0.28	)		10.44		(1.91	)		19,416		1.21			1.21			2.65			57
Year ended 07/31/17		11.04		0.26		(0.09	)		0.17				(0.28	)			–				(0.28	)		10.93		1.58			15,318		1.25			1.25			2.45			80
Year ended 07/31/16		10.66		0.27		0.39			0.66				(0.28	)			–				(0.28	)		11.04		6.29			11,736		1.27			1.27			2.55			73
Class Y
Six months ended 08/31/21		10.92		0.08		0.13			0.21				(0.10	)			–				(0.10	)		11.03		1.94			17,674		0.27	(f)		0.49	(f)		1.42	(f)		98
Year ended 02/28/21		11.26		0.19		0.10			0.29				(0.24	)			(0.39	)			(0.63	)		10.92		2.58			17,750		0.27			0.72			1.67			292
Seven months ended 02/29/20		10.88		0.20		0.40			0.60				(0.22	)			–				(0.22	)		11.26		5.55			19,032		0.81	(f)		0.81	(f)		3.09	(f)		64
Year ended 07/31/19		10.43		0.35		0.45			0.80				(0.35	)			–				(0.35	)		10.88		7.81			20,940		0.73			0.73			3.37			108
Year ended 07/31/18		10.91		0.33		(0.47	)		(0.14	)			(0.34	)			–				(0.34	)		10.43		(1.35	)		27,430		0.72			0.72			3.14			57
Year ended 07/31/17		11.03		0.32		(0.11	)		0.21				(0.33	)			–				(0.33	)		10.91		1.98			17,748		0.75			0.75			2.95			80
Year ended 07/31/16		10.65		0.32		0.39			0.71				(0.33	)			–				(0.33	)		11.03		6.82			11,013		0.77			0.77			3.04			73
Class R5
Six months ended 08/31/21		10.92		0.08		0.13			0.21				(0.10	)			–				(0.10	)		11.03		1.94			10		0.27	(f)		0.42	(f)		1.42	(f)		98
Year ended 02/28/21		11.27		0.19		0.09			0.28				(0.24	)			(0.39	)			(0.63	)		10.92		2.49			10		0.27			0.47			1.67			292
Seven months ended 02/29/20		10.87		0.20		0.40			0.60				(0.20	)			–				(0.20	)		11.27		5.59			11		0.60	(f)		0.60	(f)		3.09	(f)		64
Period ended 07/31/19(g)		10.67		0.07		0.19			0.26				(0.06	)			–				(0.06	)		10.87		2.44			10		0.62	(f)		0.62	(f)		3.39	(f)		108
Class R6
Six months ended 08/31/21		10.92		0.08		0.13			0.21				(0.10	)			–				(0.10	)		11.03		1.94			13,680		0.27	(f)		0.42	(f)		1.42	(f)		98
Year ended 02/28/21		11.27		0.19		0.09			0.28				(0.24	)			(0.39	)			(0.63	)		10.92		2.49			8,392		0.27			0.47			1.67			292
Seven months ended 02/29/20		10.88		0.20		0.40			0.60				(0.21	)			–				(0.21	)		11.27		5.60			5,795		0.58	(f)		0.58	(f)		3.14	(f)		64
Year ended 07/31/19		10.44		0.36		0.43			0.79				(0.35	)			–				(0.35	)		10.88		7.80			5,662		0.56			0.56			3.41			108
Year ended 07/31/18		10.92		0.35		(0.48	)		(0.13	)			(0.35	)			–				(0.35	)		10.44		(1.18	)		7,783		0.56			0.56			3.30			57
Year ended 07/31/17		11.03		0.35		(0.11	)		0.24				(0.35	)			–				(0.35	)		10.92		2.27			2,189		0.56			0.56			3.23			80
Year ended 07/31/16		10.65		0.35		0.38			0.73				(0.35	)			–				(0.35	)		11.03		7.03			80		0.57			0.57			3.28			73

^(a) Calculated using average shares outstanding.

^(b) 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 indirect expenses from affiliated fund fees and expenses of 0.02%, 0.02%, 0.02%, 0.02%, 0.01% and 0.01% for the seven months ended February 29, 2020 and the years ended July 31, 2019, 2018, 2017 and 2016, respectively.

^(d) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the seven months ended February 29, 2020, the portfolio turnover calculation excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $11,531,839 and 13,476,801, respectively. For the year ended July 31, 2019, the portfolio turnover calculation excludes purchase and sale transactions of TBA mortgage-related securities of $129,169,490 and $127,412,648, respectively.

^(e) The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended August 31, 2021 and the year ended February 28, 2021, respectively.

^(f) Annualized.

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

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

17 Invesco Intermediate Bond Factor Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek total return.

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

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

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

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

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

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from

18 Invesco Intermediate Bond Factor Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. 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. 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.

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

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

19 Invesco Intermediate Bond Factor Fund

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

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

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on borrowings.

M. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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

O. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

P. Other Risks - The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

Q. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
Up to First $2 billion	0.250%
Over $2 billion	0.230%

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

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.25% .

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 June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.52%, 1.27%, 0.77%, 0.27%, 0.27% and 0.27%, respectively, of the Fund’s average daily net assets (the “expense

20 Invesco Intermediate Bond Factor Fund

limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $129,326 and reimbursed class level expenses of $50,889, $6,814, $7,386, $6,991, $1 and $890 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $8,113 in front-end sales commissions from the sale of Class A shares and $1,290 and $1,135 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	–		$	97,273,729		$	–		$	97,273,729
U.S. Treasury Securities			–			54,997,140			–			54,997,140
U.S. Government Sponsored Agency Mortgage-Backed Securities			–			51,582,018			–			51,582,018
Non-U.S. Dollar Denominated Bonds & Notes			–			19,290,434			–			19,290,434
Asset-Backed Securities			–			465,527			–			465,527
Money Market Funds			3,017,889			–			–			3,017,889
Total Investments in Securities			3,017,889			223,608,848			–			226,626,737
Other Investments - Assets*
Futures Contracts			45,008			–			–			45,008
Forward Foreign Currency Contracts			–			35,451			–			35,451
			45,008			35,451			–			80,459

21 Invesco Intermediate Bond Factor Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(47,984	)	$	–			$–	$	(47,984	)
Forward Foreign Currency Contracts		–			(176,852	)		–		(176,852	)
		(47,984	)		(176,852	)		–		(224,836	)
Total Other Investments		(2,976	)		(141,401	)		–		(144,377	)
Total Investments	$	3,014,913		$	223,467,447			$–	$	226,482,360

* Forward foreign currency contracts and futures contracts are valued at unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2021:

	Value
	Currency			Interest
Derivative Assets	Risk			Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$	45,008		$	45,008
Unrealized appreciation on forward foreign currency contracts outstanding		35,451			-			35,451
Total Derivative Assets		35,451			45,008			80,459
Derivatives not subject to master netting agreements		-			(45,008	)		(45,008	)
Total Derivative Assets subject to master netting agreements	$	35,451		$	-		$	35,451
	Value
	Currency			Interest
Derivative Liabilities	Risk			Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$	(47,984	)	$	(47,984	)
Unrealized depreciation on forward foreign currency contracts outstanding		(176,852	)		-			(176,852	)
Total Derivative Liabilities		(176,852	)		(47,984	)		(224,836	)
Derivatives not subject to master netting agreements		-			47,984			47,984
Total Derivative Liabilities subject to master netting agreements	$	(176,852	)	$	-		$	(176,852	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2021.

	Financial Derivative Assets			Financial Derivative Liabilities							Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts			Forward Foreign Currency Contracts				Net Value of Derivatives			Non-Cash	Cash	Net Amount
Bank of America, N.A.		$	–		$	(3,290	)	$	(3,290	)	$–	$–	$	(3,290	)
Citibank, N.A.			–			(13,744	)		(13,744	)	–	–		(13,744	)
Deutsche Bank AG			–			(18,308	)		(18,308	)	–	–		(18,308	)
Goldman Sachs International			12,277			(131,947	)		(119,670	)	–	–		(119,670	)
Morgan Stanley and Co. International PLC			23,174			(9,563	)		13,611		–	–		13,611
Total		$	35,451		$	(176,852	)	$	(141,401	)	$–	$–	$	(141,401	)

22 Invesco Intermediate Bond Factor Fund

Effect of Derivative Investments for the six months ended August 31, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total
Realized Gain:
Forward foreign currency contracts	$	692,273		$	-		$	692,273
Futures contracts		-			751,734			751,734
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(342,630	)		-			(342,630	)
Futures contracts		-			(182,409	)		(182,409	)
Total	$	349,643		$	569,325		$	918,968

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

	Forward
	Foreign Currency		Futures
	Contracts		Contracts
Average notional value		$   23,514,474	$41,599,294

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $478.

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of February 28, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $20,963,182 and $19,981,836, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	4,269,532
Aggregate unrealized (depreciation) of investments		(929,261	)
Net unrealized appreciation of investments	$	3,340,271

Cost of investments for tax purposes is $223,142,089.

23 Invesco Intermediate Bond Factor Fund

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2021(a)						February 28, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		983,582		$	10,742,618			3,508,888		$	39,534,028
Class C		186,004			2,025,325			626,399			7,093,784
Class R		353,800			3,885,989			616,374			6,947,974
Class Y		420,947			4,589,346			1,012,270			11,367,384
Class R6		649,244			7,044,205			601,313			6,748,921
Issued as reinvestment of dividends:
Class A		86,130			941,327			578,748			6,484,001
Class C		6,481			70,839			86,432			966,642
Class R		11,667			127,586			87,372			978,807
Class Y		12,025			131,330			82,988			929,251
Class R6		9,841			107,624			38,370			429,973
Automatic conversion of Class C shares to Class A shares:
Class A		74,988			817,510			426,650			4,774,247
Class C		(74,988	)		(817,510	)		(426,677	)		(4,774,247	)
Reacquired:
Class A		(1,748,527	)		(19,080,719	)		(3,214,756	)		(36,148,260	)
Class C		(291,703	)		(3,176,736	)		(598,609	)		(6,744,911	)
Class R		(347,883	)		(3,795,478	)		(692,456	)		(7,794,206	)
Class Y		(456,003	)		(4,965,666	)		(1,159,492	)		(12,994,472	)
Class R6		(187,303	)		(2,041,174	)		(385,631	)		(4,338,685	)
Net increase (decrease) in share activity		(311,698	)	$	(3,393,584	)		1,188,183		$	13,460,231

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 20% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

24 Invesco Intermediate Bond Factor Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (03/01/21)	Ending     Account Value     (08/31/21)1	Expenses     Paid During     Period2	Ending     Account Value     (08/31/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,018.10	$2.65	$1,022.58	$2.65	0.52%
Class C	1,000.00	1,014.30	6.45	1,018.80	6.46	1.27
Class R	1,000.00	1,016.00	3.91	1,021.32	3.92	0.77
Class Y	1,000.00	1,019.40	1.37	1,023.84	1.38	0.27
Class R5	1,000.00	1,018.50	1.37	1,023.84	1.38	0.27
Class R6	1,000.00	1,019.40	1.37	1,023.84	1.38	0.27

¹ The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

25 Invesco Intermediate Bond Factor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Intermediate Bond Factor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period, the fifth quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period, below the performance of the Index for the three year period and above the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s exposure to bonds with certain factor characteristics detracted from performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could

26 Invesco Intermediate Bond Factor Fund

produce different results. The Board further considered that the Fund had changed its name, investment strategy and portfolio management team on February 28, 2020 in connection with its repositioning as a factor-based fund, and that performance results prior to such date reflected that of the Fund’s former strategy. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. The Board also reviewed more recent Fund performance as well as other metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective in 2020 in connection with its repositioning as a factor-based fund. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers 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 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 noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount

equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

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

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

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

SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. O-INTI-SAR-1                         

Semiannual Report to Shareholders August 31, 2021

Invesco Real Estate Fund

Nasdaq:

A: IARAX ∎ C: IARCX ∎ R: IARRX ∎ Y: IARYX ∎ Investor: REINX ∎ R5: IARIX ∎ R6: IARFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses
19	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	25.02	%
Class C Shares	24.53
Class R Shares	24.83
Class Y Shares	25.18
Investor Class Shares	25.07
Class R5 Shares	25.33
Class R6 Shares	25.32
S&P 500 Index▼ (Broad Market Index)	19.52
FTSE NAREIT All Equity REITs Index▼ (Style-Specific Index)	25.95
Lipper Real Estate Funds Index∎ (Peer Group Index)	23.36
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.   The FTSE NAREIT All Equity REITs Index is an unmanaged index considered representative of US REITs.   The Lipper Real Estate Funds Index is an unmanaged index considered representative of real estate funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Real Estate Fund

Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/31/96)	9.24%
10 Years	9.11
5 Years	6.09
1 Year	23.36
Class C Shares
Inception (5/1/95)	10.34%
10 Years	9.07
5 Years	6.48
1 Year	28.60
Class R Shares
Inception (4/30/04)	9.40%
10 Years	9.45
5 Years	7.02
1 Year	30.26
Class Y Shares
Inception (10/3/08)	9.31%
10 Years	10.00
5 Years	7.56
1 Year	30.89
Investor Class Shares
Inception (9/30/03)	9.81%
10 Years	9.74
5 Years	7.33
1 Year	30.57
Class R5 Shares
Inception (4/30/04)	10.13%
10 Years	10.15
5 Years	7.71
1 Year	31.19
Class R6 Shares
10 Years	10.18%
5 Years	7.80
1 Year	31.30

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    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.

3 Invesco Real Estate Fund

Liquidity Risk Management Program

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

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

without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Real Estate Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.38%
Apartments–14.80%
AvalonBay Communities, Inc.		397,927	$	91,356,081
Camden Property Trust		259,344		38,911,974
Equity Residential		289,556		24,342,973
Mid-America Apartment Communities, Inc.		313,869		60,378,979
UDR, Inc.(b)		1,866,751		100,841,889
				315,831,896
Data Centers–11.01%
CoreSite Realty Corp.		93,096		13,812,653
CyrusOne, Inc.		361,520		27,829,810
Digital Realty Trust, Inc.		167,649		27,479,348
Equinix, Inc.		196,545		165,775,880
				234,897,691
Diversified–0.77%
BGP Holdings PLC(c)(d)		3,547,941		4
JBG SMITH Properties		546,438		16,464,177
				16,464,181
Free Standing–2.43%
Agree Realty Corp.		256,204		19,100,008
Essential Properties Realty Trust, Inc.		783,965		25,408,306
NETSTREIT Corp.		285,609		7,385,849
				51,894,163
Health Care–8.56%
Ventas, Inc.		1,395,739		78,077,640
Welltower, Inc.		1,195,870		104,674,501
				182,752,141
Industrial–14.64%
Americold Realty Trust(b)		846,305		31,093,246
Duke Realty Corp.		1,456,222		76,466,217
Exeter Industrial Value Fund L.P.(c)(d)(e)		4,185,000		292,030
Prologis, Inc.		1,095,126		147,469,667
Rexford Industrial Realty, Inc.		921,197		57,049,730
				312,370,890
Infrastructure REITs–14.05%
American Tower Corp.		549,578		160,570,204
Crown Castle International Corp.		380,784		74,134,837
SBA Communications Corp., Class A		181,227		65,055,056
				299,760,097
Lodging Resorts–8.03%
Apple Hospitality REIT, Inc.		1,935,957		28,613,444
DiamondRock Hospitality Co.(f)		1,492,077		13,488,376
Host Hotels & Resorts, Inc.(f)		1,420,901		23,530,121
RLJ Lodging Trust		2,083,451		30,064,198
Ryman Hospitality Properties, Inc.(b)(f)		396,484		32,935,926
Sunstone Hotel Investors, Inc.(b)(f)		2,819,560		32,678,700
Xenia Hotels & Resorts, Inc.(f)		570,285		9,934,365
				171,245,130

	Shares		Value
Office–4.54%
Alexandria Real Estate Equities, Inc.		194,989	$	40,239,880
Brandywine Realty Trust		1,327,332		18,423,368
Columbia Property Trust, Inc.		511,729		8,556,109
Highwoods Properties, Inc.		388,705		17,759,931
Kilroy Realty Corp.		182,038		11,950,795
				96,930,083
Regional Malls–2.28%
Simon Property Group, Inc.		362,157		48,692,009
Self Storage–2.53%
CubeSmart		276,996		14,819,286
Life Storage, Inc.		314,039		39,079,013
				53,898,299
Shopping Centers–4.99%
Brixmor Property Group, Inc.		1,427,870		33,483,551
Regency Centers Corp.		356,853		24,487,253
SITE Centers Corp.		1,509,346		24,315,564
Urban Edge Properties		1,271,449		24,081,244
				106,367,612
Single Family Homes–4.39%
American Homes 4 Rent L.P., Class A		115,160		4,829,810
Invitation Homes, Inc.		2,155,967		88,782,721
				93,612,531
Specialty–3.54%
Outfront Media, Inc.(f)		1,090,161		26,992,386
VICI Properties, Inc.(b)		1,573,334		48,631,754
				75,624,140
Timber REITs–2.82%
PotlatchDeltic Corp.		113,497		5,896,169
Weyerhaeuser Co.		1,508,794		54,316,584
				60,212,753
Total Common Stocks & Other Equity Interests (Cost $1,453,385,002)				2,120,553,616
Money Market Funds–0.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(g)(h)		4,089,797		4,089,797
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(g)(h)		4,897,321		4,899,280
Invesco Treasury Portfolio, Institutional Class, 0.01%(g)(h)		4,674,054		4,674,054
Total Money Market Funds (Cost $13,661,127)				13,663,131
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $1,467,046,129)				2,134,216,747
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.55%
Invesco Private Government Fund, 0.02%(g)(h)(i)		22,705,038		22,705,038

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

5 Invesco Real Estate Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%(g)(h)(i)		52,957,237	$	52,978,421
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $75,683,459)				75,683,459
TOTAL INVESTMENTS IN SECURITIES–103.57% (Cost $1,542,729,588)				2,209,900,206
OTHER ASSETS LESS LIABILITIES–(3.57)%				(76,241,175	)
NET ASSETS–100.00%			$	2,133,659,031

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts (“NAREIT”) Equity REITs Index, which is exclusively owned by NAREIT.

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

^(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $292,034, which represented less than 1% of the Fund’s Net Assets.

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

^(e) The Fund has a remaining commitment to purchase additional interests, which are subject to the terms of the limited partnership agreements for the following securities:

Security	Remaining Commitment	Percent   Ownership
Exeter Industrial Value Fund L.P.	$315,000		1.26%

^(f) Non-income producing security.

^(g) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2021.

	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,107,238		$	57,885,778		$	(57,903,219	)		$	-		$	-		$	4,089,797		$	572
Invesco Liquid Assets Portfolio, Institutional Class			5,655,340			41,283,365			(42,039,426	)			(135)			136			4,899,280			296
Invesco Treasury Portfolio, Institutional Class			4,693,987			66,155,175			(66,175,108	)			-			-			4,674,054			243
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			116,347,882			(93,642,844	)			-			-			22,705,038			736*
Invesco Private Prime Fund			-			255,503,740			(202,525,319	)			-			-			52,978,421			10,570*
Total		$	14,456,565		$	537,175,940		$	(462,285,916	)		$	(135)		$	136		$	89,346,590		$	12,417

* 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, 2021.

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

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

6 Invesco Real Estate Fund

Portfolio Composition

By property type, based on total net assets

as of August 31, 2021

Apartments	14.80	%
Industrial	14.64
Infrastructure REITs	14.05
Data Centers	11.01
Health Care	8.56
Lodging Resorts	8.03
Shopping Centers	4.99
Office	4.54
Single Family Homes	4.39
Specialty	3.54
Timber REITs	2.82
Self Storage	2.53
Free Standing	2.43
Regional Malls	2.28
Diversified	0.77
Money Market Funds Plus Other Assets Less Liabilities	0.62

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

7 Invesco Real Estate Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,453,385,002)*	$2,120,553,616
Investments in affiliated money market funds, at value (Cost $89,344,586)	89,346,590
Cash	144
Foreign currencies, at value (Cost $223)	220
Receivable for:
Investments sold	4,900,677
Fund shares sold	1,333,286
Dividends	1,121,819
Interest	5,555
Investment for trustee deferred compensation and retirement plans	408,971
Other assets	91,310
Total assets	2,217,762,188
Liabilities:
Payable for:
Investments purchased	3,812,455
Fund shares reacquired	2,595,976
Collateral upon return of securities loaned	75,683,459
Accrued fees to affiliates	1,422,703
Accrued trustees’ and officers’ fees and benefits	15,190
Accrued other operating expenses	132,839
Trustee deferred compensation and retirement plans	440,535
Total liabilities	84,103,157
Net assets applicable to shares outstanding	$2,133,659,031
Net assets consist of:
Shares of beneficial interest	$1,403,823,087
Distributable earnings	729,835,944
	$2,133,659,031

Net Assets:
Class A	$   915,140,406
Class C	$     42,832,284
Class R	$   126,243,256
Class Y	$   330,734,095
Investor Class	$     32,493,176
Class R5	$   311,993,820
Class R6	$   374,221,994
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A	39,432,144
Class C	1,859,587
Class R	5,431,551
Class Y	14,257,761
Investor Class	1,404,417
Class R5	13,445,993
Class R6	16,133,457
Class A:
Net asset value per share	$            23.21
Maximum offering price per share (Net asset value of $23.21 ÷ 94.50%)	$            24.56
Class C:
Net asset value and offering price per share	$            23.03
Class R:
Net asset value and offering price per share	$            23.24
Class Y:
Net asset value and offering price per share	$            23.20
Investor Class:
Net asset value and offering price per share	$            23.14
Class R5:
Net asset value and offering price per share	$            23.20
Class R6:
Net asset value and offering price per share	$            23.20

* At August 31, 2021, securities with an aggregate value of $74,467,033 were on loan to brokers.

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

8 Invesco Real Estate Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Dividends	$	25,364,359
Dividends from affiliated money market funds (includes securities lending income of $12,083)		13,194
Total investment income		25,377,553
Expenses:
Advisory fees		7,384,732
Administrative services fees		133,037
Custodian fees		3,929
Distribution fees:
Class A		1,086,657
Class C		208,839
Class R		291,984
Investor Class		33,253
Transfer agent fees – A, C, R, Y and Investor		1,659,864
Transfer agent fees – R5		127,724
Transfer agent fees – R6		33,932
Trustees’ and officers’ fees and benefits		20,162
Registration and filing fees		69,847
Reports to shareholders		87,843
Professional services fees		31,106
Other		20,637
Total expenses		11,193,546
Less: Fees waived and/or expense offset arrangement(s)		(6,633	)
Net expenses		11,186,913
Net investment income		14,190,640
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		149,544,771
Affiliated investment securities		136
		149,544,907
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		278,129,078
Affiliated investment securities		(135	)
Foreign currencies		(8	)
		278,128,935
Net realized and unrealized gain		427,673,842
Net increase in net assets resulting from operations	$	441,864,482

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

9 Invesco Real Estate Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31, 2021			February 28, 2021
Operations:
Net investment income	$	14,190,640		$	19,884,506
Net realized gain (loss)		149,544,907			(71,780,657	)
Change in net unrealized appreciation		278,128,935			80,023,720
Net increase in net assets resulting from operations		441,864,482			28,127,569
Distributions to shareholders from distributable earnings:
Class A		(4,740,020	)		(42,712,621	)
Class C		(80,734	)		(1,703,280	)
Class R		(493,310	)		(4,128,668	)
Class Y		(1,978,395	)		(14,655,908	)
Investor Class		(173,325	)		(2,129,016	)
Class R5		(2,093,738	)		(17,671,184	)
Class R6		(2,815,616	)		(16,566,750	)
Total distributions from distributable earnings		(12,375,138	)		(99,567,427	)
Share transactions–net:
Class A		(77,331,028	)		206,855,280
Class C		(4,843,179	)		10,947,348
Class R		(2,181,414	)		42,752,924
Class Y		9,982,735			63,329,437
Investor Class		(1,617,410	)		(5,310,138	)
Class R5		5,699,785			3,700,100
Class R6		(22,312,567	)		116,960,060
Net increase (decrease) in net assets resulting from share transactions		(92,603,078	)		439,235,011
Net increase in net assets		336,886,266			367,795,153
Net assets:
Beginning of period		1,796,772,765			1,428,977,612
End of period	$	2,133,659,031		$	1,796,772,765

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

10 Invesco Real Estate Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/21		$18.67		$0.13		$ 4.53			$ 4.66			$(0.12	)		$      –			$(0.12	)		$23.21		25.02	%		$915,140		1.25	%(d)		1.25	%(d)		1.25	%(d)		31	%
Year ended 02/28/21		20.72		0.17		(0.89	)		(0.72	)		(0.28	)		(1.05	)		(1.33	)		18.67		(2.59	)		804,058		1.28			1.28			0.98			156
Year ended 02/29/20		20.94		0.30		1.44			1.74			(0.35	)		(1.61	)		(1.96	)		20.72		8.11			627,197		1.23			1.23			1.33			59
Year ended 02/28/19		19.32		0.32		2.70			3.02			(0.28	)		(1.12	)		(1.40	)		20.94		15.98			661,325		1.27			1.27			1.54			47
Year ended 02/28/18		21.64		0.30		(1.35	)		(1.05	)		(0.25	)		(1.02	)		(1.27	)		19.32		(5.38	)		659,464		1.27			1.27			1.38			44
Year ended 02/28/17		21.76		0.31		2.97			3.28			(0.41	)		(2.99	)		(3.40	)		21.64		15.74			922,255		1.24			1.24			1.31			52
Class C
Six months ended 08/31/21		18.53		0.05		4.49			4.54			(0.04	)		–			(0.04	)		23.03		24.53			42,832		2.00	(d)		2.00	(d)		0.50	(d)		31
Year ended 02/28/21		20.56		0.04		(0.88	)		(0.84	)		(0.14	)		(1.05	)		(1.19	)		18.53		(3.33	)		38,752		2.03			2.03			0.23			156
Year ended 02/29/20		20.80		0.13		1.42			1.55			(0.18	)		(1.61	)		(1.79	)		20.56		7.25			27,928		1.98			1.98			0.58			59
Year ended 02/28/19		19.20		0.16		2.68			2.84			(0.12	)		(1.12	)		(1.24	)		20.80		15.10			38,515		2.02			2.02			0.79			47
Year ended 02/28/18		21.50		0.14		(1.34	)		(1.20	)		(0.08	)		(1.02	)		(1.10	)		19.20		(6.04	)		76,811		2.02			2.02			0.63			44
Year ended 02/28/17		21.64		0.13		2.95			3.08			(0.23	)		(2.99	)		(3.22	)		21.50		14.84			117,090		1.99			1.99			0.56			52
Class R
Six months ended 08/31/21		18.70		0.11		4.52			4.63			(0.09	)		–			(0.09	)		23.24		24.83			126,243		1.50	(d)		1.50	(d)		1.00	(d)		31
Year ended 02/28/21		20.74		0.13		(0.89	)		(0.76	)		(0.23	)		(1.05	)		(1.28	)		18.70		(2.81	)		103,667		1.53			1.53			0.73			156
Year ended 02/29/20		20.97		0.24		1.43			1.67			(0.29	)		(1.61	)		(1.90	)		20.74		7.78			60,630		1.48			1.48			1.08			59
Year ended 02/28/19		19.35		0.27		2.70			2.97			(0.23	)		(1.12	)		(1.35	)		20.97		15.67			68,733		1.52			1.52			1.29			47
Year ended 02/28/18		21.66		0.24		(1.34	)		(1.10	)		(0.19	)		(1.02	)		(1.21	)		19.35		(5.56	)		74,367		1.52			1.52			1.13			44
Year ended 02/28/17		21.78		0.25		2.97			3.22			(0.35	)		(2.99	)		(3.34	)		21.66		15.43			102,102		1.49			1.49			1.06			52
Class Y
Six months ended 08/31/21		18.66		0.16		4.52			4.68			(0.14	)		–			(0.14	)		23.20		25.18			330,734		1.00	(d)		1.00	(d)		1.50	(d)		31
Year ended 02/28/21		20.71		0.22		(0.90	)		(0.68	)		(0.32	)		(1.05	)		(1.37	)		18.66		(2.33	)		256,699		1.03			1.03			1.23			156
Year ended 02/29/20		20.94		0.36		1.42			1.78			(0.40	)		(1.61	)		(2.01	)		20.71		8.33			204,951		0.98			0.98			1.58			59
Year ended 02/28/19		19.32		0.37		2.70			3.07			(0.33	)		(1.12	)		(1.45	)		20.94		16.28			188,940		1.02			1.02			1.79			47
Year ended 02/28/18		21.63		0.35		(1.34	)		(0.99	)		(0.30	)		(1.02	)		(1.32	)		19.32		(5.09	)		191,203		1.02			1.02			1.63			44
Year ended 02/28/17		21.76		0.37		2.96			3.33			(0.47	)		(2.99	)		(3.46	)		21.63		15.98			201,330		0.99			0.99			1.56			52
Investor Class
Six months ended 08/31/21		18.61		0.14		4.51			4.65			(0.12	)		–			(0.12	)		23.14		25.07	(e)		32,493		1.22	(d)(e)		1.22	(d)(e)		1.28	(d)(e)		31
Year ended 02/28/21		20.65		0.18		(0.89	)		(0.71	)		(0.28	)		(1.05	)		(1.33	)		18.61		(2.53	)(e)		27,546		1.23	(e)		1.23	(e)		1.03	(e)		156
Year ended 02/29/20		20.89		0.30		1.42			1.72			(0.35	)		(1.61	)		(1.96	)		20.65		8.06	(e)		37,537		1.22	(e)		1.22	(e)		1.34	(e)		59
Year ended 02/28/19		19.27		0.32		2.70			3.02			(0.28	)		(1.12	)		(1.40	)		20.89		16.05	(e)		32,447		1.23	(e)		1.23	(e)		1.58	(e)		47
Year ended 02/28/18		21.58		0.30		(1.34	)		(1.04	)		(0.25	)		(1.02	)		(1.27	)		19.27		(5.33	)(e)		32,868		1.23	(e)		1.23	(e)		1.42	(e)		44
Year ended 02/28/17		21.71		0.31		2.96			3.27			(0.41	)		(2.99	)		(3.40	)		21.58		15.73	(e)		41,961		1.23	(e)		1.23	(e)		1.32	(e)		52
Class R5
Six months ended 08/31/21		18.66		0.18		4.52			4.70			(0.16	)		–			(0.16	)		23.20		25.28			311,994		0.85	(d)		0.85	(d)		1.65	(d)		31
Year ended 02/28/21		20.71		0.25		(0.91	)		(0.66	)		(0.34	)		(1.05	)		(1.39	)		18.66		(2.22	)		247,114		0.87			0.87			1.39			156
Year ended 02/29/20		20.94		0.38		1.43			1.81			(0.43	)		(1.61	)		(2.04	)		20.71		8.47			268,267		0.87			0.87			1.69			59
Year ended 02/28/19		19.32		0.40		2.69			3.09			(0.35	)		(1.12	)		(1.47	)		20.94		16.41			258,447		0.88			0.88			1.93			47
Year ended 02/28/18		21.63		0.38		(1.34	)		(0.96	)		(0.33	)		(1.02	)		(1.35	)		19.32		(4.96	)		258,599		0.89			0.89			1.76			44
Year ended 02/28/17		21.76		0.39		2.96			3.35			(0.49	)		(2.99	)		(3.48	)		21.63		16.12			345,558		0.89			0.89			1.66			52
Class R6
Six months ended 08/31/21		18.66		0.18		4.52			4.70			(0.16	)		–			(0.16	)		23.20		25.32			374,222		0.78	(d)		0.78	(d)		1.72	(d)		31
Year ended 02/28/21		20.71		0.26		(0.90	)		(0.64	)		(0.36	)		(1.05	)		(1.41	)		18.66		(2.13	)		318,936		0.79			0.79			1.47			156
Year ended 02/29/20		20.93		0.40		1.44			1.84			(0.45	)		(1.61	)		(2.06	)		20.71		8.60			202,467		0.79			0.79			1.77			59
Year ended 02/28/19		19.31		0.41		2.70			3.11			(0.37	)		(1.12	)		(1.49	)		20.93		16.52			160,145		0.80			0.80			2.01			47
Year ended 02/28/18		21.63		0.40		(1.35	)		(0.95	)		(0.35	)		(1.02	)		(1.37	)		19.31		(4.93	)		100,866		0.80			0.80			1.85			44
Year ended 02/28/17		21.75		0.41		2.97			3.38			(0.51	)		(2.99	)		(3.50	)		21.63		16.28			111,069		0.80			0.80			1.75			52

^(a) Calculated using average shares outstanding.

^(b)  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 February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $630,639,314 and sold of $40,029,958 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Oppenheimer Real Estate Fund into the Fund.

^(d)  Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.22%, 0.20%, 0.24%, 0.21%, 0.21% and 0.24% for the six months ended August 31, 2021 and the years ended February 28, 2021, February 29, 2020, February 28, 2019, February 28, 2018 and February 28, 2017, respectively.

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

11 Invesco Real Estate Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return through growth of capital and current income.

The 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 (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are 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.

12 Invesco Real Estate Fund

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared 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 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.

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,

13 Invesco Real Estate Fund

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

L. Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.750	%
Next $250 million		0.740	%
Next $500 million		0.730	%
Next $1.5 billion		0.720	%
Next $2.5 billion		0.710	%
Next $2.5 billion		0.700	%
Next $2.5 billion		0.690	%
Over $10 billion		0.680	%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.73%.

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 June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.34%, 2.09%, 1.59%, 1.09%, 1.34%, 0.97% and 0.92%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

14 Invesco Real Estate Fund

For the six months ended August 31, 2021, the Adviser waived advisory fees of $2,832.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The Fund pursuant to the Class C Plan and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and at the annual rate of 0.50% of the average daily net assets of Class R shares, respectively. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $37,795 in front-end sales commissions from the sale of Class A shares and $1,459 and $596 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	2,120,261,582	$	–	$	292,034	$	2,120,553,616
Money Market Funds		13,663,131		75,683,459		–		89,346,590
Total Investments	$	2,133,924,713	$	75,683,459	$	292,034	$	2,209,900,206

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,801.

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.

15 Invesco Real Estate Fund

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of February 28, 2021, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term		Long-Term		Total
Not subject to expiration			$57,754,864		$–		$57,754,864

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $602,668,161 and $696,572,050, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$642,982,100
Aggregate unrealized (depreciation) of investments	(6,426,414	)
Net unrealized appreciation of investments	$636,555,686

Cost of investments for tax purposes is $1,573,344,520.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended August 31, 2021(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		2,246,906		$	47,879,612			7,132,556		$	126,165,784
Class C		136,001			2,858,365			345,281			6,138,107
Class R		589,359			12,677,411			786,892			13,901,916
Class Y		3,141,777			66,062,658			5,073,488			89,768,751
Investor Class		90,077			1,890,366			182,728			3,236,680
Class R5		2,581,363			56,376,780			3,854,748			68,248,825
Class R6		2,375,837			50,297,224			5,151,156			90,476,088
Issued as reinvestment of dividends:
Class A		218,058			4,475,358			2,438,552			40,639,632
Class C		3,766			75,777			95,609			1,581,329
Class R		23,987			492,857			246,385			4,127,368
Class Y		62,543			1,286,777			616,551			10,289,152
Investor Class		8,165			167,187			124,462			2,055,082
Class R5		101,645			2,092,974			1,063,534			17,633,674
Class R6		134,616			2,767,496			975,532			16,324,034
Automatic conversion of Class C shares to Class A shares:
Class A		157,101			3,352,128			818,497			14,428,058
Class C		(158,172	)		(3,352,128	)		(823,871	)		(14,428,058	)

16 Invesco Real Estate Fund

	Summary of Share Activity
	Six months ended August 31, 2021(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount
Issued in connection with acquisitions:(b)
Class A		-		$	-			17,572,308		$	293,751,283
Class C		-			-			2,249,756			37,367,211
Class R		-			-			3,800,712			63,660,703
Class Y		-			-			5,359,726			89,531,346
Class R5		-			-			480			8,007
Class R6		-			-			13,725,949			229,101,643
Reacquired:
Class A		(6,264,212	)		(133,038,126	)		(15,160,713	)		(268,129,477	)
Class C		(213,379	)		(4,425,193	)		(1,133,668	)		(19,711,241	)
Class R		(726,569	)		(15,351,682	)		(2,211,851	)		(38,937,063	)
Class Y		(2,705,469	)		(57,366,700	)		(7,185,142	)		(126,259,812	)
Investor Class		(173,998	)		(3,674,963	)		(644,393	)		(10,601,900	)
Class R5		(2,478,143	)		(52,769,969	)		(4,631,084	)		(82,190,406	)
Class R6		(3,472,992	)		(75,377,287	)		(12,534,667	)		(218,941,705	)
Net increase (decrease) in share activity		(4,321,733	)	$	(92,603,078	)		27,289,513		$	439,235,011

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 20% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b) After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Real Estate Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 42,708,931 shares of the Fund for 34,206,907 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $713,420,193, including $37,161,369 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,201,814,189 and $1,915,234,382 immediately after the acquisition.

The pro forma results of operations for the year ended February 28, 2021 assuming the reorganization had been completed on March 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	23,400,431
Net realized/unrealized gains		(127,280,092	)
Change in net assets resulting from operations	$	(103,879,661	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

17 Invesco Real Estate Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)1	Period2	(08/31/21)	Period2	Ratio
Class A	$1,000.00	$1,250.20	$7.09	$1,018.90	$6.36	1.25%
Class C	1,000.00	1,245.30	11.32	1,015.12	10.16	2.00
Class R	1,000.00	1,248.30	8.50	1,017.64	7.63	1.50
Class Y	1,000.00	1,251.80	5.68	1,020.16	5.09	1.00
Investor Class	1,000.00	1,250.70	6.92	1,019.06	6.21	1.22
Class R5	1,000.00	1,253.30	4.83	1,020.92	4.33	0.85
Class R6	1,000.00	1,253.20	4.43	1,021.27	3.97	0.78

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

18 Invesco Real Estate Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Real Estate Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the FTSE NAREIT All Equity REITs Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s overweight exposure to certain real estate sub-sectors with a structural growth focus, such as the infrastructure, industrial and single-family rental sub-sectors, as well as stock selection in the U.S. negatively impacted the Fund’s relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual

19 Invesco Real Estate Fund

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

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, 2020.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it

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

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. 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 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.

20 Invesco Real Estate Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

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

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

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

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

SEC file number(s): 811-05686 and 033-39519                         Invesco Distributors, Inc.                                                                                       REA-SAR-1

Semiannual Report to Shareholders August 31, 2021

Invesco Short Duration Inflation Protected Fund

Nasdaq:

A: LMTAX ∎ A2: SHTIX ∎ Y: LMTYX ∎ R5: ALMIX ∎ R6: SDPSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
15	Fund Expenses
16	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.45%
Class A2 Shares	3.50
Class Y Shares	3.58
Class R5 Shares	3.67
Class R6 Shares	3.59
ICE BofA 1-5 Year US Inflation-Linked Treasury Index▼ (Broad Market/Style-Specific Index)	3.97
Lipper Inflation Protected Bond Funds Index∎ (Peer Group Index)	5.10
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The ICE BofA 1-5 Year US Inflation-Linked Treasury Index is composed of US Treasury Inflation-Protected Securities with maturities between one and five years.
The Lipper Inflation Protected Bond Funds Index is an unmanaged index considered representative of inflation protected bond funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                     Invesco Short Duration Inflation Protected Fund

Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges
Class A Shares
Inception (10/31/02)	1.69	%
10 Years	1.30
5 Years	2.28
1 Year	2.48
Class A2 Shares
Inception (12/15/87)	3.80	%
10 Years	1.53
5 Years	2.70
1 Year	4.20
Class Y Shares
Inception (10/3/08)	1.64	%
10 Years	1.73
5 Years	3.07
1 Year	5.42
Class R5 Shares
Inception (7/13/87)	4.04	%
10 Years	1.74
5 Years	3.07
1 Year	5.42
Class R6 Shares
10 Years	1.73	%
5 Years	3.11
1 Year	5.46

Class R6 shares incepted on December 31, 2015. Performance shown prior to that date is that of Class A2 shares at net asset value and includes the 12b-1 fees applicable to Class A2 shares.

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

    Class A share performance reflects the maximum 2.50% sales charge. Class A2 share performance reflects the maximum 1.00% sales charge. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3                     Invesco Short Duration Inflation Protected Fund

Liquidity Risk Management Program

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

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

without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4                     Invesco Short Duration Inflation Protected Fund

Schedule of Investments

August 31, 2021

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–99.87%
U.S. Treasury Inflation – Indexed Notes–99.87%(a)
U.S. Treasury Inflation - Indexed Notes		0.13	%		01/15/2023	$	38,385	$	39,826,513
U.S. Treasury Inflation - Indexed Notes		0.62	%		04/15/2023		40,927		42,996,795
U.S. Treasury Inflation - Indexed Notes		0.37	%		07/15/2023		38,061		40,236,689
U.S. Treasury Inflation - Indexed Notes		0.62	%		01/15/2024		38,155		40,882,723
U.S. Treasury Inflation - Indexed Notes		0.50	%		04/15/2024		27,585		29,596,598
U.S. Treasury Inflation - Indexed Notes		0.13	%		07/15/2024		37,345		40,081,417
U.S. Treasury Inflation - Indexed Notes		0.13	%		10/15/2024		29,636		31,857,998
U.S. Treasury Inflation - Indexed Notes		0.25 - 2.37	%		01/15/2025		69,729		77,841,031
U.S. Treasury Inflation - Indexed Notes		0.13	%		04/15/2025		29,791		32,160,963
U.S. Treasury Inflation - Indexed Notes		0.37	%		07/15/2025		37,462		41,161,248
U.S. Treasury Inflation - Indexed Notes		0.13	%		10/15/2025		28,516		31,120,806
U.S. Treasury Inflation - Indexed Notes		0.62 - 2.00	%		01/15/2026		60,699		69,001,842
U.S. Treasury Inflation - Indexed Notes		0.13	%		04/15/2026		33,427		36,534,821
U.S. Treasury Inflation - Indexed Notes		0.13	%		07/15/2026		33,201		36,586,594
Total U.S. Treasury Securities (Cost $567,014,879)									589,886,038
						Shares
Money Market Funds–0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c)							187,137		187,137
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(b)(c)							133,601		133,655
Invesco Treasury Portfolio, Institutional Class, 0.01%(b)(c)							213,870		213,870
Total Money Market Funds (Cost $534,662)									534,662
TOTAL INVESTMENTS IN SECURITIES–99.96% (Cost $567,549,541)									590,420,700
OTHER ASSETS LESS LIABILITIES–0.04%									215,540
NET ASSETS–100.00%								$	590,636,240

Notes to Schedule of Investments:

^(a)  Principal amount of security and interest payments are adjusted for inflation. See Note 1H.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2021.

											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value
	February 28, 2021			at Cost			from Sales				Appreciation			Gain			August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	198,866		$	15,066,812		$	(15,078,541	)		$	-		$	-		$	187,137		$	32
Invesco Liquid Assets Portfolio, Institutional Class			142,011			10,583,559			(10,591,915	)			-			-			133,655			10
Invesco Treasury Portfolio, Institutional Class			227,275			17,219,214			(17,232,619	)			-			-			213,870			14
Total		$	568,152		$	42,869,585		$	(42,903,075	)		$	-		$	-		$	534,662		$	56

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

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

5                     Invesco Short Duration Inflation Protected Fund

Portfolio Composition

By U.S. Treasury Securities

as of August 31, 2021

	Coupon			% of Total
Maturity Date	Rate			Net Assets
1/15/2023		0.13	%		6.74	%
4/15/2023		0.62			7.28
7/15/2023		0.37			6.81
1/15/2024		0.62			6.92
4/15/2024		0.50			5.01
7/15/2024		0.13			6.79
10/15/2024		0.13			5.39
1/15/2025		2.37			6.33
1/15/2025		0.25			6.85
4/15/2025		0.13			5.45
7/15/2025		0.37			6.97
10/15/2025		0.13			5.27
1/15/2026		0.62			7.35
1/15/2026		2.00			4.33
4/15/2026		0.13			6.19
7/15/2026		0.13			6.19
Other Assets Less Liabilities					0.13

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

6                     Invesco Short Duration Inflation Protected Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $567,014,879)	$	589,886,038
Investments in affiliated money market funds, at value (Cost $534,662)		534,662
Receivable for:
Fund shares sold		465,945
Dividends		4
Interest		493,675
Investment for trustee deferred compensation and retirement plans		105,152
Other assets		64,340
Total assets		591,549,816
Liabilities:
Payable for:
Fund shares reacquired		604,919
Accrued fees to affiliates		57,159
Accrued trustees’ and officers’ fees and benefits		1,277
Accrued other operating expenses		135,369
Trustee deferred compensation and retirement plans		114,852
Total liabilities		913,576
Net assets applicable to shares outstanding	$	590,636,240
Net assets consist of:
Shares of beneficial interest	$	569,160,369
Distributable earnings		21,475,871
	$	590,636,240

Net Assets:
Class A	$	104,359,330
Class A2	$	14,912,441
Class Y	$	50,281,149
Class R5	$	15,029,028
Class R6	$	406,054,292
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		9,355,389
Class A2		1,335,343
Class Y		4,500,932
Class R5		1,345,807
Class R6		36,358,753
Class A:
Net asset value per share	$	11.15
Maximum offering price per share (Net asset value of $11.15 ÷ 97.50%)	$	11.44
Class A2:
Net asset value per share	$	11.17
Maximum offering price per share (Net asset value of $11.17 ÷ 99.00%)	$	11.28
Class Y:
Net asset value and offering price per share	$	11.17
Class R5:
Net asset value and offering price per share	$	11.17
Class R6:
Net asset value and offering price per share	$	11.17

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

7                     Invesco Short Duration Inflation Protected Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Treasury Inflation-Protected Securities inflation adjustments	$	20,683,019
Dividends from affiliated money market funds		56
Total investment income		20,683,075
Expenses:
Advisory fees		558,642
Administrative services fees		38,216
Custodian fees		1,260
Distribution fees:
Class A		112,991
Class A2		11,754
Transfer agent fees – A, A2, and Y		81,357
Transfer agent fees – R5		2,330
Transfer agent fees – R6		4,311
Trustees’ and officers’ fees and benefits		13,125
Registration and filing fees		49,097
Licensing fees		36,639
Reports to shareholders		17,110
Professional services fees		19,561
Other		8,642
Total expenses		955,035
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(53,915	)
Net expenses		901,120
Net investment income		19,781,955
Realized and unrealized gain (loss) from:
Net realized gain from unaffiliated investment securities		2,109,548
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(2,127,587	)
Net realized and unrealized gain (loss)		(18,039	)
Net increase in net assets resulting from operations	$	19,763,916

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

8                     Invesco Short Duration Inflation Protected Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31,			February 28,
	2021			2021
Operations:
Net investment income	$	19,781,955		$	5,663,105
Net realized gain		2,109,548			2,945,455
Change in net unrealized appreciation (depreciation)		(2,127,587	)		15,217,413
Net increase in net assets resulting from operations		19,763,916			23,825,973
Distributions to shareholders from distributable earnings:
Class A		(341,676	)		(409,031	)
Class A2		(68,339	)		(148,205	)
Class Y		(223,095	)		(272,300	)
Class R5		(27,383	)		(34,247	)
Class R6		(2,134,779	)		(4,537,247	)
Total distributions from distributable earnings		(2,795,272	)		(5,401,030	)
Return of capital:
Class A		–			(67,487	)
Class A2		–			(24,453	)
Class Y		–			(44,927	)
Class R5		–			(5,650	)
Class R6		–			(748,615	)
Total return of capital		–			(891,132	)
Total distributions		(2,795,272	)		(6,292,162	)
Share transactions–net:
Class A		25,600,138			28,775,283
Class A2		(1,174,588	)		(1,609,294	)
Class Y		15,470,110			14,674,746
Class R5		10,161,584			2,140,187
Class R6		2,717,018			(89,951,791	)
Net increase (decrease) in net assets resulting from share transactions		52,774,262			(45,970,869	)
Net increase (decrease) in net assets		69,742,906			(28,437,058	)
Net assets:
Beginning of period		520,893,334			549,330,392
End of period	$	590,636,240		$	520,893,334

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

9                     Invesco Short Duration Inflation Protected Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/21		$	10.82		$	0.37		$	0.00	(d)		$	0.37			$	(0.04	)		$	–			$	(0.04	)		$	11.15		3.45	%		$	104,359		0.55	%(e)		0.62	%(e)		6.75	%(e)		18	%
Year ended 02/28/21			10.43			0.09			0.40				0.49				(0.09	)			(0.01	)			(0.10	)			10.82		4.76				76,073		0.55			0.67			0.87			49
Year ended 02/29/20			10.16			0.22			0.24				0.46				(0.16	)			(0.03	)			(0.19	)			10.43		4.61				45,383		0.55			0.66			2.17			45
Year ended 02/28/19			10.29			0.20			(0.08	)			0.12				(0.25	)			–				(0.25	)			10.16		1.23				46,384		0.55			0.67			1.97			37
Year ended 02/28/18			10.58			0.20			(0.29	)			(0.09	)			(0.20	)			–				(0.20	)			10.29		(0.86	)			45,609		0.55			0.65			2.02			48
Year ended 02/28/17			10.50			0.13			0.08				0.21				(0.12	)			(0.01	)			(0.13	)			10.58		2.04				39,978		0.55			0.70			1.18			41
Class A2
Six months ended 08/31/21			10.84			0.38			0.00	(d)			0.38				(0.05	)			–				(0.05	)			11.17		3.50				14,912		0.45	(e)		0.52	(e)		6.85	(e)		18
Year ended 02/28/21			10.45			0.10			0.40				0.50				(0.09	)			(0.02	)			(0.11	)			10.84		4.86				15,618		0.45			0.57			0.97			49
Year ended 02/29/20			10.17			0.23			0.25				0.48				(0.17	)			(0.03	)			(0.20	)			10.45		4.81				16,641		0.45			0.56			2.27			45
Year ended 02/28/19			10.30			0.21			(0.08	)			0.13				(0.26	)			–				(0.26	)			10.17		1.33				17,255		0.45			0.57			2.07			37
Year ended 02/28/18			10.59			0.22			(0.30	)			(0.08	)			(0.21	)			–				(0.21	)			10.30		(0.76	)			19,826		0.45			0.55			2.12			48
Year ended 02/28/17			10.51			0.13			0.09				0.22				(0.13	)			(0.01	)			(0.14	)			10.59		2.14				22,234		0.45			0.60			1.28			41
Class Y
Six months ended 08/31/21			10.84			0.39			0.00	(d)			0.39				(0.06	)			–				(0.06	)			11.17		3.58				50,281		0.30	(e)		0.37	(e)		7.00	(e)		18
Year ended 02/28/21			10.45			0.12			0.40				0.52				(0.11	)			(0.02	)			(0.13	)			10.84		5.02				33,512		0.30			0.42			1.12			49
Year ended 02/29/20			10.18			0.25			0.24				0.49				(0.19	)			(0.03	)			(0.22	)			10.45		4.86				17,906		0.30			0.41			2.42			45
Year ended 02/28/19			10.31			0.23			(0.08	)			0.15				(0.28	)			–				(0.28	)			10.18		1.48				9,843		0.30			0.42			2.22			37
Year ended 02/28/18			10.59			0.24			(0.29	)			(0.05	)			(0.23	)			–				(0.23	)			10.31		(0.51	)			12,778		0.30			0.40			2.27			48
Year ended 02/28/17			10.51			0.15			0.09				0.24				(0.14	)			(0.02	)			(0.16	)			10.59		2.30				9,656		0.30			0.45			1.43			41
Class R5
Six months ended 08/31/21			10.83			0.39			0.01	(d)			0.40				(0.06	)			–				(0.06	)			11.17		3.67				15,029		0.30	(e)		0.33	(e)		7.00	(e)		18
Year ended 02/28/21			10.44			0.12			0.40				0.52				(0.11	)			(0.02	)			(0.13	)			10.83		5.02				4,640		0.30			0.34			1.12			49
Year ended 02/29/20			10.18			0.25			0.23				0.48				(0.19	)			(0.03	)			(0.22	)			10.44		4.81				2,340		0.29			0.29			2.43			45
Year ended 02/28/19			10.31			0.23			(0.08	)			0.15				(0.28	)			–				(0.28	)			10.18		1.50				2,976		0.28			0.28			2.24			37
Year ended 02/28/18			10.59			0.24			(0.29	)			(0.05	)			(0.23	)			–				(0.23	)			10.31		(0.50	)			723		0.29			0.29			2.28			48
Year ended 02/28/17			10.52			0.15			0.08				0.23				(0.14	)			(0.02	)			(0.16	)			10.59		2.21				783		0.30			0.32			1.43			41
Class R6
Six months ended 08/31/21			10.84			0.39			0.00	(d)			0.39				(0.06	)			–				(0.06	)			11.17		3.59				406,054		0.26	(e)		0.26	(e)		7.04	(e)		18
Year ended 02/28/21			10.45			0.12			0.40				0.52				(0.11	)			(0.02	)			(0.13	)			10.84		5.05				391,051		0.27			0.27			1.15			49
Year ended 02/29/20			10.18			0.25			0.24				0.49				(0.19	)			(0.03	)			(0.22	)			10.45		4.92				467,061		0.26			0.26			2.46			45
Year ended 02/28/19			10.31			0.23			(0.08	)			0.15				(0.28	)			–				(0.28	)			10.18		1.52				624,598		0.27			0.27			2.25			37
Year ended 02/28/18			10.59			0.24			(0.29	)			(0.05	)			(0.23	)			–				(0.23	)			10.31		(0.48	)			709,402		0.26			0.26			2.31			48
Year ended 02/28/17			10.51			0.15			0.09				0.24				(0.14	)			(0.02	)			(0.16	)			10.59		2.32				718,865		0.29			0.29			1.44			41

^(a)  Calculated using average shares outstanding.

^(b)  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)  Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(e)  Annualized.

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

10                     Invesco Short Duration Inflation Protected Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide protection from the negative effects of unanticipated inflation.

The Fund currently consists of five different classes of shares: Class A, Class A2, Class Y, Class R5 and Class R6. Class A and Class A2 shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class Y, Class R5 and Class R6 shares are sold at net asset value.

As of the close of business on October 30, 2002, Class A2 shares are closed to new investors.

The 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are 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.

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. 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.

D. 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.

E. 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.

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

11                     Invesco Short Duration Inflation Protected Fund

statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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. Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Statement of Operations, even though investors do not receive their principal until maturity.

I. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $500 million		0.200%
Over $500 million		0.175%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.20%.

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 June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class A2, Class Y, Class R5 and Class R6 shares to 0.55%, 0.45%, 0.30%, 0.30% and 0.30%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $86 and reimbursed class level expenses of $31,666, $5,498, $15,456, $993 and $0 of Class A, Class A2, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class A2, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class A2 shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the average daily net assets of Class A shares and 0.15% of the Fund’s average daily net assets of Class A2 shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A and Class A2 shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $12,133 and $69 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively, and $4,153 and $0 from Class A and Class A2 shares, respectively, for CDSC was imposed upon redemptions by shareholders.

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

12                     Invesco Short Duration Inflation Protected Fund

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	–	$	589,886,038		$–	$	589,886,038
Money Market Funds		534,662		–		–		534,662
Total Investments	$	534,662	$	589,886,038		$–	$	590,420,700

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $216.

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of February 28, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	685,892	$	19,198,170	$	19,884,062

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

13                     Invesco Short Duration Inflation Protected Fund

NOTE 8–Investment Transactions

The aggregate amount of long-term U.S. government obligations (other than short-term securities and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $151,838,820 and $102,918,626, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	22,695,777
Aggregate unrealized (depreciation) of investments		(281,178	)
Net unrealized appreciation of investments	$	22,414,599

Cost of investments for tax purposes is $568,006,101.

NOTE 9–Share Information

				Summary of Share Activity
	Six months ended						Year ended
	August 31, 2021(a)						February 28, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		3,237,413		$	35,628,479			4,750,132		$	50,511,609
Class A2		6,122			67,141			25,206			266,420
Class Y		1,758,016			19,317,180			3,921,203			41,706,136
Class R5		938,992			10,399,522			266,930			2,798,633
Class R6		2,732,108			29,945,850			4,359,471			46,067,170
Issued as reinvestment of dividends:
Class A		27,608			301,749			38,963			403,271
Class A2		5,478			59,897			14,592			150,779
Class Y		16,846			184,247			24,209			253,461
Class R5		1,643			17,970			2,318			24,402
Class R6		195,033			2,132,853			511,986			5,284,702
Reacquired:
Class A		(937,568	)		(10,330,090	)		(2,110,472	)		(22,139,597	)
Class A2		(117,500	)		(1,301,626	)		(191,692	)		(2,026,493	)
Class Y		(365,536	)		(4,031,317	)		(2,567,460	)		(27,284,851	)
Class R5		(23,043	)		(255,908	)		(65,146	)		(682,848	)
Class R6		(2,654,668	)		(29,361,685	)		(13,496,433	)		(141,303,663	)
Net increase (decrease) in share activity		4,820,944		$	52,774,262			(4,516,193	)	$	(45,970,869	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 76% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

14                     Invesco Short Duration Inflation Protected Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)1	Period2	(08/31/21)	Period2	Ratio
Class A	$1,000.00	$1,034.50	$2.82	$1,022.43	$2.80	0.55%
Class A2	1,000.00	1,035.00	2.31	1,022.94	2.29	0.45
Class Y	1,000.00	1,035.80	1.54	1,023.69	1.53	0.30
Class R5	1,000.00	1,036.70	1.54	1,023.69	1.53	0.30
Class R6	1,000.00	1,035.90	1.33	1,023.89	1.33	0.26

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

15                     Invesco Short Duration Inflation Protected Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Duration Inflation Protected Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and

noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

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

The Board noted that the Fund had changed its name and investment strategy and tracks a new broad based securities market benchmark index as of December 31, 2015. The Broadridge materials prior to the 2016 calendar year were with respect to the Fund’s prior investment strategy. The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Ice BofA 1-5 Year US Inflation-Linked Treasury Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Funds primarily seeks to track the investment results of the Index, and that the Fund’s performance will typically lag the Index due to the fees associated with the Fund. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds and specifically that the Fund’s peer group includes funds that are actively managed or may track a different index than the

16                     Invesco Short Duration Inflation Protected Fund

Fund. The Board noted that because the Fund isprimarily passively managed using an indexing approach, it may lag its actively managed peers. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market

funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

17                     Invesco Short Duration Inflation Protected Fund

(This page intentionally left blank)

(This page intentionally left blank)

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

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

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

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

SEC file number(s): 811-05686 and 003-39519                 Invesco Distributors, Inc.                 SDIP-SAR-1

Semiannual Report to Shareholders	August 31, 2021
Invesco Short Term Bond Fund
Nasdaq:
A: STBAX ∎ C: STBCX ∎ R: STBRX ∎ Y: STBYX ∎ R5: ISTBX ∎ R6: ISTFX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
22	Financial Statements
25	Financial Highlights
26	Notes to Financial Statements
33	Fund Expenses
34	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	0.30	%
Class C Shares	0.14
Class R Shares	0.13
Class Y Shares	0.38
Class R5 Shares	0.42
Class R6 Shares	0.44
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	1.49
Bloomberg 1-3 Year Government/Credit Index▼ (Style-Specific Index)	0.17
Lipper Short Investment Grade Debt Funds Index∎ (Peer Group Index)	0.52
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market. The Bloomberg 1-3 Year Government/Credit Index is an unmanaged index considered representative of short-term US corporate and US government bonds with maturities of one to three years. The Lipper Short Investment Grade Debt Funds Index is an unmanaged index considered representative of short investment-grade debt funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Short Term Bond Fund

Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)	1.95	%
10 Years	1.84
5 Years	1.68
1 Year	-0.99
Class C Shares
Inception (8/30/02)	2.06	%
10 Years	1.80
5 Years	1.83
1 Year	1.17
Class R Shares
Inception (4/30/04)	1.80	%
10 Years	1.75
5 Years	1.86
1 Year	1.18
Class Y Shares
Inception (10/3/08)	2.42	%
10 Years	2.25
5 Years	2.35
1 Year	1.69
Class R5 Shares
Inception (4/30/04)	2.34	%
10 Years	2.30
5 Years	2.43
1 Year	1.78
Class R6 Shares
10 Years	2.29	%
5 Years	2.47
1 Year	1.82

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class C shares and includes the 12b-1 fees applicable to Class C shares.

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

    Class A share performance reflects the maximum 2.50% sales charge. Class C, Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

the past, returns would have been lower. See current prospectus for more information.

3 Invesco Short Term Bond Fund

Liquidity Risk Management Program

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

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

without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

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

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

4 Invesco Short Term Bond Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–69.53%
Advertising–0.21%
Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024	$	2,219,000	$       2,407,176
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		3,791,000	4,113,275
			6,520,451
Aerospace & Defense–1.87%
Boeing Co. (The),
1.17%, 02/04/2023		5,077,000	5,081,153
1.95%, 02/01/2024		14,400,000	14,768,627
1.43%, 02/04/2024		6,760,000	6,775,519
2.75%, 02/01/2026		10,499,000	10,978,664
2.20%, 02/04/2026		6,965,000	6,993,597
Huntington Ingalls Industries, Inc., 0.67%, 08/16/2023(b)		5,001,000	5,004,589
L3Harris Technologies, Inc., 3.85%, 06/15/2023		3,686,000	3,898,476
Textron, Inc., 4.30%, 03/01/2024		4,114,000	4,450,565
			57,951,190
Agricultural & Farm Machinery–0.16%
CNH Industrial Capital LLC, 1.45%, 07/15/2026		4,999,000	5,000,588
Agricultural Products–0.25%
Archer-Daniels-Midland Co., 2.75%, 03/27/2025		706,000	751,866
Bunge Ltd. Finance Corp.,
4.35%, 03/15/2024		3,883,000	4,211,653
1.63%, 08/17/2025(c)		2,607,000	2,649,349
			7,612,868
Airlines–1.40%
British Airways Pass-Through Trust (United Kingdom), Series 2019-1, Class A, 3.35%, 06/15/2029(b)		962,821	968,292
Delta Air Lines Pass-Through Trust, Series 2019-1, Class A, 3.40%, 04/25/2024		1,852,000	1,908,644
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)		26,177,000	28,086,658
United Airlines Pass Through Trust,
Series 2016-2, Class B, 3.65%, 10/07/2025		2,438,206	2,435,647
Series 2020-1, Class A, 5.88%, 10/15/2027		7,727,722	8,636,993
United Airlines, Inc., 4.38%, 04/15/2026(b)		1,404,000	1,459,289
			43,495,523
Apparel Retail–0.39%
Ross Stores, Inc.,
3.38%, 09/15/2024		2,568,000	2,733,728
4.60%, 04/15/2025		8,456,000	9,494,977
			12,228,705

	Principal Amount		Value
Apparel, Accessories & Luxury Goods–0.11%
Hanesbrands, Inc., 4.63%, 05/15/2024(b)	$	3,232,000	$       3,434,000
Asset Management & Custody Banks–0.23%
Ameriprise Financial, Inc.,
3.00%, 03/22/2022		3,000,000	3,047,142
3.00%, 04/02/2025		1,497,000	1,598,900
Apollo Management Holdings L.P., 4.95%, 01/14/2050(b)(d)		2,475,000	2,574,264
			7,220,306
Automobile Manufacturers–4.75%
BMW Finance N.V. (Germany), 2.40%, 08/14/2024(b)		5,547,000	5,811,885
Daimler Finance North America LLC (Germany), 2.70%, 06/14/2024(b)		5,270,000	5,541,844
Ford Motor Credit Co. LLC,
1.00% (3 mo. USD LIBOR + 0.88%), 10/12/2021(e)		6,243,000	6,243,224
3.81%, 10/12/2021		6,654,000	6,665,445
5.60%, 01/07/2022		4,592,000	4,657,895
3.09%, 01/09/2023		3,285,000	3,350,700
2.70%, 08/10/2026		10,647,000	10,763,585
General Motors Financial Co., Inc.,
4.20%, 11/06/2021		9,339,000	9,404,607
0.81% (SOFR + 0.76%), 03/08/2024(e)		4,614,000	4,655,836
1.05%, 03/08/2024		5,999,000	6,038,289
Harley-Davidson Financial Services, Inc., 3.35%, 06/08/2025(b)		4,786,000	5,090,545
Hyundai Capital America,
3.95%, 02/01/2022(b)		16,000,000	16,226,605
3.10%, 04/05/2022(b)(c)		6,011,000	6,102,844
2.85%, 11/01/2022(b)		6,667,000	6,842,157
5.75%, 04/06/2023(b)		7,402,000	7,984,631
5.88%, 04/07/2025(b)		6,208,000	7,157,121
Kia Corp. (South Korea),
1.00%, 04/16/2024(b)		8,761,000	8,789,219
1.75%, 10/16/2026(b)		1,064,000	1,075,933
Nissan Motor Co. Ltd. (Japan), 3.04%, 09/15/2023(b)		7,361,000	7,672,273
Toyota Motor Corp. (Japan), 2.36%, 07/02/2024(c)		3,697,000	3,881,073
Toyota Motor Credit Corp., 0.80%, 10/16/2025		13,170,000	13,103,074
			147,058,785
Automotive Retail–0.16%
AutoZone, Inc., 3.63%, 04/15/2025(c)		4,557,000	4,964,701
Biotechnology–0.99%
AbbVie, Inc.,
2.30%, 11/21/2022		4,437,000	4,539,123
3.85%, 06/15/2024		7,600,000	8,209,423
2.60%, 11/21/2024		13,231,000	13,945,330

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

5 Invesco Short Term Bond Fund

	Principal Amount		Value
Biotechnology–(continued)
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/2023	$	3,791,000	$       3,960,063
			30,653,939
Broadcasting–0.05%
Fox Corp.,
4.03%, 01/25/2024		1,180,000	1,272,024
3.05%, 04/07/2025		360,000	385,039
			1,657,063
Building Products–0.06%
North Queensland Export Terminal Pty. Ltd. (Australia), 4.45%, 12/15/2022(b)		1,916,000	1,840,206
Cable & Satellite–0.37%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.50%, 02/01/2024		3,696,000	4,014,062
Comcast Corp., 3.30%, 04/01/2027		5,320,000	5,857,780
Sirius XM Radio, Inc., 3.13%, 09/01/2026(b)		1,595,000	1,627,219
			11,499,061
Computer & Electronics Retail–0.44%
Dell International LLC/EMC Corp., 4.00%, 07/15/2024		8,518,000	9,249,417
Leidos, Inc.,
2.95%, 05/15/2023(c)		3,077,000	3,188,803
3.63%, 05/15/2025		1,227,000	1,329,540
			13,767,760
Construction Machinery & Heavy Trucks–0.26%
nVent Finance S.a.r.l. (United Kingdom), 3.95%, 04/15/2023		4,000,000	4,177,318
Wabtec Corp., 4.40%, 03/15/2024		3,698,000	3,988,216
			8,165,534
Consumer Finance–0.45%
Ally Financial, Inc., 1.45%, 10/02/2023		3,982,000	4,043,794
Capital One Financial Corp., 3.20%, 01/30/2023		3,882,000	4,028,261
Discover Bank, 2.45%, 09/12/2024		2,450,000	2,560,301
Synchrony Financial, 4.25%, 08/15/2024		3,179,000	3,451,724
			14,084,080
Data Processing & Outsourced Services–0.66%
Fiserv, Inc., 3.80%, 10/01/2023		3,699,000	3,944,753
Global Payments, Inc., 4.00%, 06/01/2023		4,619,000	4,886,021
PayPal Holdings, Inc., 2.20%, 09/26/2022		5,231,000	5,341,115
Square, Inc., 2.75%, 06/01/2026(b)		6,014,000	6,195,743
			20,367,632

	Principal Amount		Value
Distillers & Vintners–0.14%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022(b)	$	4,343,000	$	4,486,809
Diversified Banks–9.98%
Banco Bilbao Vizcaya Argentaria S.A. (Spain),
0.88%, 09/18/2023		5,350,000		5,376,301
1.13%, 09/18/2025		6,895,000		6,861,355
Banco del Estado de Chile (Chile), 2.70%, 01/09/2025(b)		6,415,000		6,703,803
Banco Santander S.A. (Spain), 0.70%, 06/30/2024(d)		10,200,000		10,233,156
Bank of America Corp.,
3.00%, 12/20/2023(d)		2,569,000		2,653,188
3.86%, 07/23/2024(d)		4,528,000		4,801,684
1.20%, 10/24/2026(d)		15,000,000		14,941,457
Bank of Ireland Group PLC (Ireland), 4.50%, 11/25/2023(b)		2,997,000		3,232,726
Bank of Montreal (Canada), Series E, 3.30%, 02/05/2024		3,105,000		3,312,168
Bank of Nova Scotia (The) (Canada), 0.60% (SOFR + 0.55%), 03/02/2026(e)		20,000,000		20,108,850
Banque Federative du Credit Mutuel S.A. (France), 0.65%, 02/27/2024(b)(c)		4,545,000		4,548,825
Barclays PLC (United Kingdom),
1.55% (3 mo. USD LIBOR + 1.43%), 02/15/2023(e)		5,954,000		5,987,889
1.01%, 12/10/2024(d)		4,270,000		4,291,442
BBVA Bancomer S.A. (Mexico), 1.88%, 09/18/2025(b)		3,375,000		3,419,719
BBVA USA, 2.50%, 08/27/2024		3,183,000		3,351,650
Citigroup, Inc.,
0.78%, 10/30/2024(d)		18,000,000		18,064,746
0.98%, 05/01/2025(c)(d)		7,499,000		7,534,885
1.39% (3 mo. USD LIBOR + 1.25%), 07/01/2026(c)(e)		15,308,000		15,779,065
Series V, 4.70%(d)(f)		3,790,000		3,961,971
Citizens Bank N.A., 2.65%, 05/26/2022		3,881,000		3,942,184
Credit Agricole S.A. (France), 3.38%, 01/10/2022(b)		3,327,000		3,364,128
Danske Bank A/S (Denmark),
3.00%, 09/20/2022(b)(d)		3,281,000		3,284,968
1.18% (3 mo. USD LIBOR + 1.06%), 09/12/2023(b)(e)		5,898,000		5,964,395
3.24%, 12/20/2025(b)(d)		1,779,000		1,892,096
Federation des Caisses Desjardins du Quebec (Canada), 2.05%, 02/10/2025(b)		4,334,000		4,489,910
Global Bank Corp. (Panama), 4.50%, 10/20/2021(b)		6,500,000		6,531,619
HSBC Holdings PLC (United Kingdom),
3.95%, 05/18/2024(d)		2,956,000		3,126,320
0.73%, 08/17/2024(d)		8,555,000		8,573,690
0.98%, 05/24/2025(d)		2,704,000		2,706,125
Industrial & Commercial Bank of China Ltd. (China), 2.96%, 11/08/2022		905,000		929,530
ING Groep N.V. (Netherlands), 1.06% (SOFR + 1.01%), 04/01/2027(e)		8,913,000		9,029,744

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

6 Invesco Short Term Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
JPMorgan Chase & Co.,
2.78%, 04/25/2023(d)	$	3,885,000	$	3,947,227
Series HH, 4.60%(d)(f)		5,455,000		5,683,837
Series V, 3.46% (3 mo. USD LIBOR + 3.32%)(e)(f)		1,390,000		1,392,965
Lloyds Banking Group PLC (United Kingdom), 2.91%, 11/07/2023(d)		3,515,000		3,612,486
Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024(b)		6,500,000		7,077,953
Mizuho Financial Group, Inc. (Japan), 1.24%, 07/10/2024(d)		4,000,000		4,051,258
National Bank of Canada (Canada), 0.55%, 11/15/2024(d)		3,595,000		3,592,081
NatWest Markets PLC (United Kingdom),
0.58% (SOFR + 0.53%), 08/12/2024(b)(e)		1,429,000		1,434,633
0.80%, 08/12/2024(b)		3,000,000		2,999,419
Nordea Bank Abp (Finland), 1.00%, 06/09/2023(b)		3,704,000		3,750,899
PNC Bank N.A., 0.55% (3 mo. USD LIBOR + 0.43%), 12/09/2022(e)		8,000,000		8,003,885
Royal Bank of Canada (Canada),
0.50%, 10/26/2023		8,824,000		8,848,028
0.58% (SOFR + 0.53%), 01/20/2026(c)(e)		8,000,000		8,057,603
Skandinaviska Enskilda Banken AB (Sweden), 0.76% (3 mo. USD LIBOR + 0.65%), 12/12/2022(b)(e)		5,559,000		5,601,109
Societe Generale S.A. (France), 1.49%, 12/14/2026(b)(d)		5,361,000		5,334,623
Standard Chartered PLC (United Kingdom),
1.28% (3 mo. USD LIBOR + 1.15%), 01/20/2023(b)(e)		1,379,000		1,384,494
1.32%, 10/14/2023(b)(d)		2,523,000		2,542,696
0.99%, 01/12/2025(b)(d)		4,449,000		4,445,211
1.21%, 03/23/2025(b)(d)		2,983,000		2,998,095
Sumitomo Mitsui Trust Bank Ltd. (Japan),
0.80%, 09/12/2023(b)		4,436,000		4,473,908
0.85%, 03/25/2024(b)(c)		5,712,000		5,740,838
1.05%, 09/12/2025(b)		3,844,000		3,830,450
1.55%, 03/25/2026(b)		2,801,000		2,842,860
UBS AG (Switzerland), 1.75%, 04/21/2022(b)		6,583,000		6,641,655
Wells Fargo & Co., 0.81%, 05/19/2025(c)(d)		1,749,000		1,756,980
				309,044,782
Diversified Capital Markets–1.58%
Credit Suisse AG (Switzerland),
2.80%, 04/08/2022		2,795,000		2,839,617
1.00%, 05/05/2023		6,818,000		6,890,450
0.44% (SOFR + 0.39%), 02/02/2024(e)		9,086,000		9,091,505
2.95%, 04/09/2025		2,512,000		2,683,850
Credit Suisse Group AG (Switzerland),
3.57%, 01/09/2023(b)		6,700,000		6,773,364
2.59%, 09/11/2025(b)(d)		3,699,000		3,850,926
1.31%, 02/02/2027(b)(d)		9,600,000		9,454,359

	Principal Amount		Value
Diversified Capital Markets–(continued)
Macquarie Group Ltd. (Australia), 3.19%, 11/28/2023(b)(c)(d)	$	4,342,000	$	4,484,417
UBS AG (Switzerland), 0.70%, 08/09/2024(b)(c)		2,855,000		2,858,153
				48,926,641
Electric Utilities–2.63%
Alabama Power Co., Series 17-A, 2.45%, 03/30/2022		3,515,000		3,553,191
Alliant Energy Finance LLC, 3.75%, 06/15/2023(b)		3,696,000		3,897,599
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024(b)		3,835,000		4,112,023
Eversource Energy, Series Q, 0.80%, 08/15/2025		2,148,000		2,124,009
Exelon Corp., 3.50%, 06/01/2022		7,373,000		7,525,634
Exelon Generation Co. LLC, 3.25%, 06/01/2025		4,676,000		5,028,288
FirstEnergy Corp., Series B, 4.75%, 03/15/2023		3,606,000		3,759,075
NextEra Energy Capital Holdings, Inc.,
0.59% (SOFR + 0.54%), 03/01/2023(e)		3,704,000		3,717,746
0.65%, 03/01/2023		11,428,000		11,475,936
3.15%, 04/01/2024(c)		4,624,000		4,901,813
2.75%, 05/01/2025		1,904,000		2,021,082
NextEra Energy Operating Partners L.P., 4.25%, 09/15/2024(b)		375,000		395,794
NRG Energy, Inc., 3.75%, 06/15/2024(b)		3,926,000		4,189,084
Pacific Gas and Electric Co., 1.75%, 06/16/2022		13,800,000		13,796,556
Southern Co. (The), Series 21-A, 3.75%, 09/15/2051(d)		3,069,000		3,146,032
Southern Power Co., 0.90%, 01/15/2026		2,926,000		2,885,516
Southwestern Electric Power Co., 3.55%, 02/15/2022		2,000,000		2,013,176
Vistra Operations Co. LLC, 3.55%, 07/15/2024(b)		2,772,000		2,933,183
				81,475,737
Electronic Equipment & Instruments–0.07%
Vontier Corp., 1.80%, 04/01/2026(b)		2,220,000		2,225,239
Environmental & Facilities Services–0.13%
Republic Services, Inc., 0.88%, 11/15/2025		4,000,000		3,964,715
Fertilizers & Agricultural Chemicals–0.23%
CF Industries, Inc., 3.45%, 06/01/2023		3,244,000		3,412,364
Nutrien Ltd. (Canada), 3.50%, 06/01/2023		3,511,000		3,667,499
				7,079,863
Financial Exchanges & Data–0.75%
Intercontinental Exchange, Inc.,
0.70%, 06/15/2023		4,532,000		4,556,822
0.77% (3 mo. USD LIBOR + 0.65%), 06/15/2023(e)		10,000,000		10,008,475
Moody’s Corp., 2.63%, 01/15/2023(c)		6,101,000		6,276,227

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

7 Invesco Short Term Bond Fund

	Principal Amount		Value
Financial Exchanges & Data–(continued)
Nasdaq, Inc., 0.45%, 12/21/2022	$	2,273,000	$	2,273,382
				23,114,906
Food Retail–0.27%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023(b)		2,922,000		3,010,215
Kroger Co. (The),
2.95%, 11/01/2021(c)		2,824,000		2,830,236
2.80%, 08/01/2022		2,357,000		2,406,563
				8,247,014
Gas Utilities–0.84%
East Ohio Gas Co. (The), 1.30%, 06/15/2025(b)		3,609,000		3,640,822
ONE Gas, Inc.,
0.73% (3 mo. USD LIBOR + 0.61%), 03/11/2023(e)		2,500,000		2,500,344
0.85%, 03/11/2023		10,777,000		10,778,008
Southern California Gas Co., 0.47% (3 mo. USD LIBOR + 0.35%), 09/14/2023(e)		9,000,000		9,001,494
				25,920,668
General Merchandise Stores–0.13%
Dollar Tree, Inc., 3.70%, 05/15/2023		3,695,000		3,887,033
Gold–0.02%
Newmont Corp., 3.70%, 03/15/2023		565,000		587,614
Health Care Distributors–0.34%
McKesson Corp., 1.30%, 08/15/2026		10,477,000		10,464,700
Health Care Equipment–0.07%
Becton, Dickinson and Co., 3.36%, 06/06/2024		2,094,000		2,236,681
Health Care Facilities–0.14%
HCA, Inc., 5.38%, 02/01/2025		3,756,000		4,237,275
Health Care REITs–0.29%
Ventas Realty L.P., 2.65%, 01/15/2025		3,928,000		4,120,302
Welltower, Inc., 3.63%, 03/15/2024		4,623,000		4,938,208
				9,058,510
Health Care Services–0.28%
Cigna Corp., 3.75%, 07/15/2023		2,581,000		2,734,444
CVS Health Corp., 2.63%, 08/15/2024		3,619,000		3,817,093
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(b)(c)		2,121,000		2,142,153
				8,693,690
Homebuilding–0.57%
D.R. Horton, Inc., 4.75%, 02/15/2023		4,820,000		5,058,504

	Principal Amount		Value
Homebuilding–(continued)
Lennar Corp.,
4.13%, 01/15/2022	$	2,125,000	$	2,136,794
4.75%, 11/15/2022		4,200,000		4,362,750
4.88%, 12/15/2023		5,000,000		5,409,400
Toll Brothers Finance Corp., 4.88%, 11/15/2025		502,000		566,005
				17,533,453
Hotels, Resorts & Cruise Lines–0.65%
Expedia Group, Inc.,
3.60%, 12/15/2023		4,537,000		4,816,222
4.63%, 08/01/2027		13,553,000		15,337,031
				20,153,253
Housewares & Specialties–0.03%
Newell Brands, Inc., 4.35%, 04/01/2023		743,000		784,660
Independent Power Producers & Energy Traders–0.25%
AES Corp. (The), 1.38%, 01/15/2026		7,870,000		7,830,609
Industrial Conglomerates–0.06%
Roper Technologies, Inc., 1.00%, 09/15/2025		1,832,000		1,828,589
Industrial Machinery–0.12%
Weir Group PLC (The) (United Kingdom), 2.20%, 05/13/2026(b)		3,757,000		3,801,126
Insurance Brokers–0.09%
Marsh & McLennan Cos., Inc., 3.88%, 03/15/2024		2,665,000		2,876,526
Integrated Oil & Gas–1.55%
Exxon Mobil Corp., 2.99%, 03/19/2025		5,582,000		5,974,267
Gray Oak Pipeline LLC,
2.00%, 09/15/2023(b)		9,333,000		9,520,271
2.60%, 10/15/2025(b)		6,070,000		6,254,822
SA Global Sukuk Ltd. (Saudi Arabia), 0.95%, 06/17/2024(b)		3,107,000		3,096,716
Saudi Arabian Oil Co. (Saudi Arabia),
2.75%, 04/16/2022(b)		14,633,000		14,849,217
2.88%, 04/16/2024(b)		7,791,000		8,169,245
				47,864,538
Integrated Telecommunication Services–1.33%
AT&T, Inc.,
0.69% (SOFR + 0.64%), 03/25/2024(e)		4,711,000		4,721,737
1.30% (3 mo. USD LIBOR + 1.18%), 06/12/2024(e)		2,732,000		2,804,530
British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		3,771,000		4,082,447
Verizon Communications, Inc.,
0.55% (SOFR + 0.50%), 03/22/2024(e)		3,472,000		3,496,994
0.75%, 03/22/2024		6,000,000		6,024,322
0.85%, 11/20/2025		8,426,000		8,367,333
1.45%, 03/20/2026(c)		11,601,000		11,759,111
				41,256,474

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

8 Invesco Short Term Bond Fund

	Principal Amount		Value
Interactive Media & Services–0.55%
Tencent Holdings Ltd. (China),
2.99%, 01/19/2023(b)	$	4,039,000	$	4,161,285
3.28%, 04/11/2024(b)(c)		10,000,000		10,612,597
1.81%, 01/26/2026(b)		2,242,000		2,270,600
				17,044,482
Internet & Direct Marketing Retail–0.18%
Meituan (China), 2.13%, 10/28/2025(b)		5,622,000		5,493,012
Internet Services & Infrastructure–0.09%
VeriSign, Inc.,
5.25%, 04/01/2025		1,858,000		2,102,074
4.75%, 07/15/2027		583,000		616,511
				2,718,585
Investment Banking & Brokerage–3.50%
Cantor Fitzgerald L.P., 6.50%, 06/17/2022(b)		4,519,000		4,722,930
Goldman Sachs Group, Inc. (The),
0.48%, 01/27/2023		6,250,000		6,251,772
0.48% (SOFR + 0.43%), 03/08/2023(e)		12,507,000		12,513,367
2.91%, 06/05/2023(d)		4,620,000		4,706,345
0.63% (SOFR + 0.58%), 03/08/2024(e)		8,497,000		8,523,593
0.84% (SOFR + 0.79%), 12/09/2026(e)		11,447,000		11,467,892
1.09%, 12/09/2026(d)		5,384,000		5,344,584
0.86% (SOFR + 0.81%), 03/09/2027(e)		15,315,000		15,326,393
0.87% (SOFR + 0.82%), 09/10/2027(e)		1,000,000		999,640
Morgan Stanley,
2.75%, 05/19/2022		5,175,000		5,269,755
0.56%, 11/10/2023(d)		4,000,000		4,007,711
0.53%, 01/25/2024(d)		10,000,000		10,007,876
0.73%, 04/05/2024(d)		8,036,000		8,063,637
0.99%, 12/10/2026(c)(d)		7,408,000		7,321,103
Series I, 0.86%, 10/21/2025(d)		2,942,000		2,942,529
National Securities Clearing Corp., 1.50%, 04/23/2025(b)		845,000		863,101
				108,332,228
Leisure Products–0.13%
Hasbro, Inc., 2.60%, 11/19/2022		3,860,000		3,959,630
Life & Health Insurance–4.16%
Athene Global Funding,
1.20%, 10/13/2023(b)		8,205,000		8,314,127
0.95%, 01/08/2024(b)(c)		5,000,000		5,031,962
1.45%, 01/08/2026(b)(c)		3,086,000		3,111,678
2.95%, 11/12/2026(b)(c)		5,573,000		5,982,670
Brighthouse Financial Global Funding,
0.81% (SOFR + 0.76%), 04/12/2024(b)(e)		4,000,000		4,031,185
1.00%, 04/12/2024(b)		2,857,000		2,880,625
1.55%, 05/24/2026(b)		4,616,000		4,667,571
Equitable Financial Life Global Funding,
0.44% (SOFR + 0.39%), 04/06/2023(b)(e)		10,000,000		10,024,185
0.50%, 11/17/2023(b)(c)		6,667,000		6,673,725
0.80%, 08/12/2024(b)		8,571,000		8,590,967

	Principal Amount		Value
Life & Health Insurance–(continued)
GA Global Funding Trust,
1.00%, 04/08/2024(b)	$	8,609,000	$	8,673,474
1.63%, 01/15/2026(b)(c)		1,387,000		1,412,877
New York Life Global Funding,
0.40% (3 mo. USD LIBOR + 0.28%), 01/10/2023(b)(e)		35,000,000		35,098,733
0.27% (SOFR + 0.22%), 02/02/2023(b)(e)		10,000,000		10,013,995
Principal Life Global Funding II, 0.50%(SOFR + 0.45%), 04/12/2024(b)(e)		2,941,000		2,949,385
Protective Life Global Funding, 0.63%, 10/13/2023(b)(c)		2,539,000		2,551,263
Reliance Standard Life Global Funding II, 2.50%, 10/30/2024(b)		8,350,000		8,714,669
				128,723,091
Life Sciences Tools & Services–0.41%
Illumina, Inc., 0.55%, 03/23/2023		12,766,000		12,784,828
Managed Health Care–0.37%
Humana, Inc., 2.90%, 12/15/2022		3,835,000		3,950,578
UnitedHealth Group, Inc., 2.38%, 08/15/2024		7,000,000		7,377,007
				11,327,585
Metal & Glass Containers–0.15%
Ball Corp., 4.88%, 03/15/2026(c)		846,000		950,693
Silgan Holdings, Inc., 1.40%, 04/01/2026(b)		3,903,000		3,847,909
				4,798,602
Movies & Entertainment–0.80%
Netflix, Inc.,
5.50%, 02/15/2022		3,852,000		3,933,431
5.75%, 03/01/2024		6,120,000		6,807,276
4.38%, 11/15/2026(c)		10,000,000		11,326,550
Tencent Music Entertainment Group (China), 1.38%, 09/03/2025		2,695,000		2,670,318
				24,737,575
Multi-line Insurance–0.05%
American International Group, Inc., 2.50%, 06/30/2025		1,586,000		1,668,351
Multi-Utilities–2.31%
Ameren Corp., 2.50%, 09/15/2024		2,585,000		2,708,987
Black Hills Corp., 1.04%, 08/23/2024		15,999,000		16,025,215
CenterPoint Energy, Inc.,
0.70% (SOFR + 0.65%), 05/13/2024(e)		4,918,000		4,925,698
2.50%, 09/01/2024		9,432,000		9,878,129
Dominion Energy, Inc.,
Series D, 0.65% (3 mo. USD LIBOR + 0.53%), 09/15/2023(e)		8,846,000		8,851,755
3.07%, 08/15/2024(c)(g)		4,622,000		4,904,344
DTE Energy Co.,
Series H, 0.55%, 11/01/2022		10,856,000		10,886,120
Series C, 2.53%, 10/01/2024		4,809,000		5,041,185
Series F, 1.05%, 06/01/2025		4,413,000		4,405,263

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

9 Invesco Short Term Bond Fund

	Principal Amount		Value
Multi-Utilities–(continued)
PSEG Power LLC, 3.85%, 06/01/2023	$	3,695,000	$	3,901,962
				71,528,658
Office REITs–0.28%
Office Properties Income Trust,
4.25%, 05/15/2024		6,530,000		6,977,565
2.65%, 06/15/2026		1,639,000		1,673,556
				8,651,121
Oil & Gas Equipment & Services–0.13%
Schlumberger Holdings Corp., 3.75%, 05/01/2024(b)		3,885,000		4,169,277
Oil & Gas Exploration & Production–1.12%
Canadian Natural Resources Ltd. (Canada), 2.95%, 01/15/2023		3,836,000		3,958,623
Cimarex Energy Co., 4.38%, 06/01/2024		3,694,000		3,994,535
Devon Energy Corp., 5.25%, 10/15/2027(b)		9,117,000		9,702,156
Diamondback Energy, Inc., 0.90%, 03/24/2023		6,858,000		6,858,108
EQT Corp.,
3.00%, 10/01/2022(c)		350,000		357,815
3.13%, 05/15/2026(b)		2,000,000		2,057,500
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates), 2.16%, 03/31/2034(b)		3,169,000		3,161,585
Pioneer Natural Resources Co., 0.55%, 05/15/2023		4,679,000		4,676,785
				34,767,107
Oil & Gas Refining & Marketing–0.12%
Phillips 66,
3.70%, 04/06/2023		776,000		815,209
1.30%, 02/15/2026		3,024,000		3,024,029
				3,839,238
Oil & Gas Storage & Transportation–4.37%
Enbridge, Inc. (Canada), 2.90%, 07/15/2022		4,622,000		4,715,559
Energy Transfer L.P.,
4.25%, 03/15/2023		2,921,000		3,054,578
5.88%, 01/15/2024		3,787,000		4,175,271
2.90%, 05/15/2025		4,079,000		4,283,141
5.50%, 06/01/2027		29,551,000		34,907,396
Enterprise Products Operating LLC, Series D, 4.88%, 08/16/2077(d)		5,002,000		4,905,478
EQM Midstream Partners L.P., 4.75%, 07/15/2023		1,245,000		1,304,449
Kinder Morgan, Inc., 3.15%, 01/15/2023		3,142,000		3,253,096
MPLX L.P.,
1.22% (3 mo. USD LIBOR + 1.10%), 09/09/2022(e)		7,522,000		7,521,818
3.50%, 12/01/2022		5,543,000		5,734,025
1.75%, 03/01/2026		10,912,000		11,054,930
ONEOK Partners L.P., 4.90%, 03/15/2025		4,160,000		4,642,033
ONEOK, Inc.,
4.25%, 02/01/2022		9,000,000		9,056,690
5.85%, 01/15/2026		3,715,000		4,365,381

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Plains All American Pipeline L.P./PAA Finance Corp., 3.85%, 10/15/2023	$	3,884,000	$	4,095,595
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/2028		15,720,000		20,569,863
Western Midstream Operating L.P., 2.23% (3 mo. USD LIBOR + 2.10%), 01/13/2023(e)		3,208,000		3,200,633
Williams Cos., Inc. (The), 3.35%, 08/15/2022		4,437,000		4,529,871
				135,369,807
Other Diversified Financial Services–1.29%
AIG Global Funding, 2.70%, 12/15/2021(b)		7,047,000		7,095,694
Blackstone Secured Lending Fund, 2.75%, 09/16/2026		9,221,000		9,501,162
Equitable Holdings, Inc., 3.90%, 04/20/2023		3,004,000		3,163,975
LSEGA Financing PLC (United Kingdom), 0.65%, 04/06/2024(b)		9,181,000		9,186,225
Pershing Square Holdings Ltd. (Guernsey), 5.50%, 07/15/2022(b)		7,000,000		7,243,362
USAA Capital Corp., 1.50%, 05/01/2023(b)		3,698,000		3,773,077
				39,963,495
Packaged Foods & Meats–0.26%
Conagra Brands, Inc., 4.30%, 05/01/2024		3,792,000		4,132,616
Lamb Weston Holdings, Inc., 4.63%, 11/01/2024(b)		3,700,000		3,801,750
				7,934,366
Paper Packaging–1.27%
Avery Dennison Corp., 0.85%, 08/15/2024		8,409,000		8,419,824
Berry Global, Inc.,
0.95%, 02/15/2024(b)(c)		10,222,000		10,267,002
1.57%, 01/15/2026(b)		1,614,000		1,630,253
4.88%, 07/15/2026(b)		5,000,000		5,279,000
1.65%, 01/15/2027(b)		9,251,000		9,226,531
Packaging Corp. of America, 3.65%, 09/15/2024		3,240,000		3,494,196
Sealed Air Corp., 5.50%, 09/15/2025(b)		938,000		1,053,524
				39,370,330
Paper Products–0.79%
Georgia Pacific LLC,
1.75%, 09/30/2025(b)		4,459,000		4,592,426
0.95%, 05/15/2026(b)(c)		20,000,000		19,863,828
				24,456,254
Pharmaceuticals–0.95%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023(b)		5,174,000		5,520,497
Elanco Animal Health, Inc., 5.27%, 08/28/2023(c)		3,697,000		3,965,217
Mylan, Inc., 3.13%, 01/15/2023(b)		3,836,000		3,967,379
Royalty Pharma PLC, 1.20%, 09/02/2025		2,697,000		2,691,304

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

10 Invesco Short Term Bond Fund

	Principal Amount		Value
Pharmaceuticals–(continued)
Takeda Pharmaceutical Co. Ltd. (Japan), 4.40%, 11/26/2023	$	3,787,000	$	4,091,931
Viatris, Inc.,
1.13%, 06/22/2022(b)		5,715,000		5,747,240
1.65%, 06/22/2025(b)		3,401,000		3,456,885
				29,440,453
Regional Banks–1.54%
Fifth Third Bancorp, 1.63%, 05/05/2023		4,194,000		4,277,228
First Niagara Financial Group, Inc., 7.25%, 12/15/2021		750,000		764,647
Huntington Bancshares, Inc., 2.63%, 08/06/2024		3,236,000		3,407,093
KeyBank N.A., 2.50%, 11/22/2021		4,023,000		4,043,946
M&T Bank Corp., 3.55%, 07/26/2023		1,530,000		1,619,474
PNC Financial Services Group, Inc. (The), 3.50%, 01/23/2024		3,545,000		3,791,410
Santander Holdings USA, Inc., 3.50%, 06/07/2024		3,153,000		3,364,702
Synovus Financial Corp., 3.13%, 11/01/2022		2,040,000		2,089,993
Truist Bank,
1.25%, 03/09/2023		9,640,000		9,782,608
3.20%, 04/01/2024		3,144,000		3,355,929
3.69%, 08/02/2024(c)(d)		3,420,000		3,636,502
Zions Bancorporation N.A., 3.35%, 03/04/2022		7,611,000		7,709,813
				47,843,345
Restaurants–0.10%
Aramark Services, Inc., 5.00%, 04/01/2025(b)		3,034,000		3,116,118
Retail REITs–0.29%
Kite Realty Group L.P., 4.00%, 10/01/2026		6,674,000		7,232,899
Simon Property Group L.P., 3.50%, 09/01/2025		1,689,000		1,843,520
				9,076,419
Semiconductors–1.32%
Analog Devices, Inc., 2.50%, 12/05/2021		4,825,000		4,844,810
Broadcom, Inc., 3.46%, 09/15/2026		11,771,000		12,790,251
Marvell Technology, Inc., 4.20%, 06/22/2023(b)		3,695,000		3,915,500
Microchip Technology, Inc.,
4.33%, 06/01/2023		3,694,000		3,917,285
0.98%, 09/01/2024(b)		2,590,000		2,588,756
Micron Technology, Inc., 4.64%, 02/06/2024		7,400,000		8,047,500
NXP B.V./NXP Funding LLC (China), 4.63%, 06/01/2023(b)		4,387,000		4,683,851
				40,787,953

	Principal Amount		Value
Soft Drinks–0.46%
Coca-Cola Europacific Partners PLC (United Kingdom),
0.80%, 05/03/2024(b)	$	9,999,000	$	9,990,737
1.50%, 01/15/2027(b)		4,196,000		4,194,945
				14,185,682
Sovereign Debt–0.41%
Oman Government International Bond (Oman), 4.88%, 02/01/2025(b)		1,390,000		1,459,924
Turkey Government International Bond (Turkey)
5.60%, 11/14/2024		5,347,000		5,558,453
4.75%, 01/26/2026		5,690,000		5,687,627
				12,706,004
Specialized Finance–0.08%
Element Fleet Management Corp. (Canada), 1.60%, 04/06/2024(b)		2,291,000		2,326,206
Specialized REITs–0.84%
American Tower Corp.,
3.00%, 06/15/2023		4,767,000		4,977,426
0.60%, 01/15/2024		4,545,000		4,543,200
Equinix, Inc., 2.63%, 11/18/2024		11,850,000		12,456,689
GLP Capital L.P./GLP Financing II, Inc., 3.35%, 09/01/2024		3,698,000		3,911,944
				25,889,259
Specialty Chemicals–0.76%
Avient Corp., 5.25%, 03/15/2023(c)		3,767,000		4,007,146
Celanese US Holdings LLC, 3.50%, 05/08/2024		3,700,000		3,952,314
DuPont de Nemours, Inc., 4.21%, 11/15/2023		3,049,000		3,285,563
PPG Industries, Inc., 2.40%, 08/15/2024(c)		3,976,000		4,167,465
Sasol Financing USA LLC (South Africa), 4.38%, 09/18/2026		7,859,000		8,126,796
				23,539,284
Steel–0.36%
ArcelorMittal S.A. (Luxembourg), 3.60%, 07/16/2024		3,881,000		4,134,676
POSCO (South Korea), 2.38%, 01/17/2023(b)		5,021,000		5,130,307
Steel Dynamics, Inc., 2.40%, 06/15/2025		1,738,000		1,812,955
				11,077,938
Systems Software–0.32%
Oracle Corp., 2.50%, 04/01/2025		3,455,000		3,625,432
VMware, Inc., 2.95%, 08/21/2022		6,285,000		6,430,194
				10,055,626
Technology Hardware, Storage & Peripherals–0.14%
Hewlett Packard Enterprise Co., 4.40%, 10/15/2022		4,254,000		4,413,468
Tobacco–0.63%
Altria Group, Inc., 2.35%, 05/06/2025		1,549,000		1,616,261

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

11 Invesco Short Term Bond Fund

	Principal Amount		Value
Tobacco–(continued)
BAT Capital Corp. (United Kingdom),
3.22%, 08/15/2024(c)	$	4,899,000	$	5,199,974
2.79%, 09/06/2024		4,148,000		4,360,041
BAT International Finance PLC (United Kingdom), 1.67%, 03/25/2026		4,112,000		4,137,799
Imperial Brands Finance PLC (United Kingdom), 3.13%, 07/26/2024(b)		3,882,000		4,094,619
				19,408,694
Trading Companies & Distributors–0.36%
Air Lease Corp.,
2.30%, 02/01/2025		4,000,000		4,135,068
1.88%, 08/15/2026		7,000,000		7,026,082
				11,161,150
Trucking–2.04%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
3.45%, 07/01/2024(b)		5,542,000		5,923,860
4.00%, 07/15/2025(b)		4,719,000		5,193,394
1.20%, 11/15/2025(b)		4,335,000		4,314,453
Ryder System, Inc.,
2.50%, 09/01/2024(c)		5,974,000		6,264,394
4.63%, 06/01/2025		5,716,000		6,429,673
3.35%, 09/01/2025		7,704,000		8,330,485
Triton Container International Ltd. (Bermuda),
0.80%, 08/01/2023(b)		10,000,000		9,998,337
1.15%, 06/07/2024(b)		8,984,000		8,993,428
2.05%, 04/15/2026(b)		7,801,000		7,874,847
				63,322,871
Wireless Telecommunication Services–1.25%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025(b)		11,514,375		12,316,927
T-Mobile USA, Inc., 2.25%, 02/15/2026		4,337,000		4,434,583
2.25%, 02/15/2026(b)(c)		4,604,000		4,707,590
2.63%, 04/15/2026		7,499,000		7,714,596
VEON Holdings B.V. (Netherlands), 4.00%, 04/09/2025(b)		3,001,000		3,169,881
Vodafone Group PLC (United Kingdom), 3.75%, 01/16/2024		5,888,000		6,343,377
				38,686,954
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,102,975,295)				2,153,778,543

	Principal Amount		Value
Asset-Backed Securities–18.37%
American Credit Acceptance Receivables Trust,
Series 2017-4, Class D, 3.57%, 01/10/2024(b)	$	858,623	$	861,278
Series 2018-3, Class D, 4.14%, 10/15/2024(b)		207,671		209,627
Series 2019-1, Class C, 3.50%, 04/14/2025(b)		671,925		676,419
Series 2019-2, Class D, 3.41%, 06/12/2025(b)		1,935,000		1,988,559
Series 2019-3, Class C, 2.76%, 09/12/2025(b)		1,634,896		1,648,362
AmeriCredit Automobile Receivables Trust,
Series 2017-2, Class D, 3.42%, 04/18/2023		3,075,000		3,103,077
Series 2017-4, Class D, 3.08%, 12/18/2023		1,480,000		1,507,943
Series 2018-3, Class C, 3.74%, 10/18/2024		3,465,000		3,569,579
Series 2019-2, Class C, 2.74%, 04/18/2025		1,335,000		1,374,584
Series 2019-2, Class D, 2.99%, 06/18/2025		3,700,000		3,842,534
Series 2019-3, Class D, 2.58%, 09/18/2025		1,830,000		1,885,106
Angel Oak Mortgage Trust,
Series 2019-3, Class A1, 2.93%, 05/25/2059(b)(h)		2,801,851		2,815,742
Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(h)		2,128,446		2,142,466
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(h)		6,216,335		6,263,616
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(h)		5,593,485		5,608,676
Angel Oak Mortgage Trust I LLC,
Series 2018-3, Class A1, 3.65%, 09/25/2048(b)(h)		1,581,775		1,592,526
Series 2019-2, Class A1, 3.63%, 03/25/2049(b)(h)		2,103,599		2,127,503
Angel Oak Mortgage Trust LLC, Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(h)		4,138,676		4,162,449
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 1.32% (3 mo. USD LIBOR + 1.18%), 07/25/2034(b)(e)		11,812,000		11,812,734
Banc of America Mortgage Trust, Series 2004-D, Class 2A2, 2.54%, 05/25/2034(h)		20,436		21,127
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-6, Class 1A3, 2.19%, 08/25/2033(h)		40,422		41,398
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035(e)		149,478		152,947
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(e)		297,303		302,230
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.65%, 01/15/2051(i)		26,089,838		687,971

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

12 Invesco Short Term Bond Fund

	Principal Amount		Value
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(h)	$	4,697,423	$	4,712,285
Capital Lease Funding Securitization L.P., Series 1997-CTL1, Class IO, 1.51%, 06/22/2024(b)(i)		65,604		385
CarMax Auto Owner Trust,
Series 2017-4, Class D, 3.30%, 05/15/2024		1,120,000		1,126,504
Series 2018-1, Class D, 3.37%, 07/15/2024		810,000		820,636
Series 2018-3, Class A3, 3.13%, 06/15/2023		2,945,821		2,970,497
Series 2018-4, Class C, 3.85%, 07/15/2024		1,170,000		1,218,990
CCG Receivables Trust,
Series 2018-2, Class C, 3.87%, 12/15/2025(b)		755,000		765,453
Series 2019-1, Class B, 3.22%, 09/14/2026(b)		2,540,000		2,615,125
Series 2019-1, Class C, 3.57%, 09/14/2026(b)		555,000		573,491
Series 2019-2, Class B, 2.55%, 03/15/2027(b)		1,445,000		1,483,798
Series 2019-2, Class C, 2.89%, 03/15/2027(b)		695,000		711,897
CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 1.06%, 11/13/2050(i)		8,701,447		320,247
Chase Home Lending Mortgage Trust,
Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(b)(h)		180,014		182,436
Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(b)(h)		3,094,583		3,161,409
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.05%, 01/25/2036(h)		314,001		303,042
CIFC Funding Ltd., Series 2014-5A, Class A1R2, 1.33% (3 mo. USD LIBOR + 1.20%), 10/17/2031(b)(e)		2,390,000		2,392,119
Citigroup Commercial Mortgage Trust,
Series 2013-GC17, Class XA, IO, 1.17%, 11/10/2046(i)		11,127,922		202,456
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		573,769		596,658
Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050(i)		22,972,357		1,074,339
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A1, 2.72%, 07/25/2049(b)(h)		3,198,253		3,230,832
Citigroup Mortgage Loan Trust, Inc.,
Series 2004-UST1, Class A4, 1.86%, 08/25/2034(h)		79,429		77,902
Series 2006-AR1, Class 1A1, 2.48% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(e)		663,663		694,413
CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		750,000		754,848

	Principal Amount		Value
COLT Mortgage Loan Trust,
Series 2020-1, Class A1, 2.49%, 02/25/2050(b)(h)	$	3,388,859	$	3,398,724
Series 2020-1, Class A2, 2.69%, 02/25/2050(b)(h)		874,778		877,309
Series 2020-1R, Class A1, 1.26%, 09/25/2065(b)(h)		2,029,741		2,036,568
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(h)		2,451,875		2,465,186
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.65%, 12/10/2045(i)		11,440,840		170,620
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		459,670		478,146
Countrywide Home Loans Mortgage Pass Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		280,948		283,036
Series 2005-JA, Class A7, 5.50%, 11/25/2035		351,721		348,948
Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065(b)(g)		4,072,597		4,084,963
Credit Suisse Mortgage Trust,
Series 2020-AFC1, Class A1, 2.24%, 02/25/2050(b)(h)		7,776,292		7,872,311
Series 2021-INV1, Class A4, 2.50%, 07/25/2056(b)(h)		17,365,000		17,845,246
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(h)		2,038,811		2,040,521
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(h)		8,285,110		8,305,028
DB Master Finance LLC, Series 2019-1A, Class A2I, 3.79%, 05/20/2049(b)		8,820,000		8,924,904
Deephaven Residential Mortgage Trust, Series 2019-4A, Class A1, 2.79%, 10/25/2059(b)(h)		1,167,321		1,171,789
Dell Equipment Finance Trust,
Series 2019-1, Class C, 3.14%, 03/22/2024(b)		4,465,000		4,504,392
Series 2019-2, Class D, 2.48%, 04/22/2025(b)		1,530,000		1,545,744
Drive Auto Receivables Trust,
Series 2017-1, Class D, 3.84%, 03/15/2023		232,201		232,678
Series 2018-2, Class D, 4.14%, 08/15/2024		1,496,346		1,521,726
Series 2018-3, Class D, 4.30%, 09/16/2024		1,767,140		1,801,842
Series 2018-5, Class C, 3.99%, 01/15/2025		1,249,566		1,261,414
Series 2019-1, Class C, 3.78%, 04/15/2025		1,892,086		1,904,952
Series 2019-3, Class C, 2.90%, 08/15/2025		2,525,000		2,557,552
Series 2019-3, Class D, 3.18%, 10/15/2026		2,885,000		2,975,051

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

13 Invesco Short Term Bond Fund

	Principal Amount		Value
DT Auto Owner Trust,
Series 2017-3A, Class E, 5.60%, 08/15/2024(b)	$	1,732,474	$	1,744,222
Series 2017-4A, Class E, 5.15%, 11/15/2024(b)		1,949,342		1,959,507
Series 2018-2A, Class D, 4.15%, 03/15/2024(b)		750,068		759,771
Series 2018-3A, Class C, 3.79%, 07/15/2024(b)		158,223		158,446
Series 2019-3A, Class C, 2.74%, 04/15/2025(b)		2,890,000		2,917,238
Ellington Financial Mortgage Trust,
Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(h)		1,276,092		1,287,242
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(h)		2,729,084		2,726,783
Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024(b)		4,215,000		4,339,643
Series 2019-2A, Class C, 3.30%, 03/15/2024(b)		2,862,754		2,887,607
Series 2019-4A, Class D, 2.58%, 09/15/2025(b)		3,225,000		3,311,465
Flagstar Mortgage Trust, Series 2021-8INV, Class A6, 2.50%, 09/25/2051(b)(h)		2,475,000		2,550,507
FREMF Mortgage Trust,
Series 2012-K23, Class C, 3.78%, 10/25/2045(b)(h)		5,250,000		5,383,384
Series 2013-K25, Class C, 3.74%, 11/25/2045(b)(h)		2,362,000		2,431,626
Series 2013-K26, Class C, 3.72%, 12/25/2045(b)(h)		1,642,030		1,694,806
Series 2013-K27, Class C, 3.62%, 01/25/2046(b)(h)		530,000		547,243
Series 2013-K28, Class C, 3.61%, 06/25/2046(b)(h)		530,000		550,233
Series 2013-K29, Class C, 3.60%, 05/25/2046(b)(h)		1,915,000		1,993,992
Series 2013-K30, Class C, 3.67%, 06/25/2045(b)(h)		917,000		956,923
Series 2015-K721, Class B, 3.68%, 11/25/2047(b)(h)		1,150,000		1,181,954
Series 2017-K724, Class B, 5.26%, 12/25/2049(b)(h)		1,395,000		1,470,753
Galton Funding Mortgage Trust, Series 2019-H1, Class A1, 2.66%, 10/25/2059(b)(h)		555,777		564,447
GCAT Trust,
Series 2019-NQM2, Class A1, 2.86%, 09/25/2059(b)(g)		2,274,103		2,286,852
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(b)(h)		4,208,742		4,316,504
Series 2020-NQM2, Class A1, 1.56%, 04/25/2065(b)(g)		2,014,528		2,025,334
GMF Floorplan Owner Revolving Trust,
Series 2018-4, Class B, 3.68%, 09/15/2023(b)		2,725,000		2,728,503
Series 2018-4, Class C, 3.88%, 09/15/2023(b)		3,405,000		3,409,115
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-9A, Class A, 1.20% (3 mo. USD LIBOR + 1.07%), 01/20/2033(b)(e)		6,000,000		6,005,625

	Principal Amount		Value
GoldenTree Loan Management US CLO 2 Ltd., Series 2017-2A, Class A, 1.28% (3 mo. USD LIBOR + 1.15%), 11/28/2030(b)(e)	$	6,022,000	$	6,028,111
Golub Capital Partners CLO 35(B) Ltd., Series 2017-35A, Class AR, 1.32% (3 mo. USD LIBOR + 1.19%), 07/20/2029(b)(e)		9,000,000		9,014,345
GS Mortgage Securities Trust,
Series 2012-GC6, Class A3, 3.48%, 01/10/2045		193,370		193,363
Series 2012-GC6, Class AS, 4.95%, 01/10/2045(b)		2,500,000		2,516,919
Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		112,380		113,767
Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		456,571		472,153
GS Mortgage-Backed Securities Trust, Series 2021-INV, Class A6, 2.50%, 12/25/2051(b)(h)		5,988,000		6,165,868
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.07%, 07/25/2035(h)		67,118		69,737
Hertz Vehicle Financing LLC,
Series 2021-1A, Class A, 1.21%, 12/26/2025(b)		1,584,000		1,595,160
Series 2021-1A, Class B, 1.56%, 12/26/2025(b)		700,000		706,648
Hilton Grand Vacations Trust, Series 2019 AA, Class A, 2.34%, 07/25/2033(b)		2,596,874		2,674,986
Home Partners of America Trust,
Series 2018-1, Class A, 0.99% (1 mo. USD LIBOR + 0.90%), 07/17/2037(b)(e)		1,330,914		1,335,734
Series 2018-1, Class B, 1.19% (1 mo. USD LIBOR + 1.10%), 07/17/2037(b)(e)		2,970,000		2,976,112
Series 2018-1, Class C, 1.34% (1 mo. USD LIBOR + 1.25%), 07/17/2037(b)(e)		1,350,000		1,352,932
HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.70% (1 mo. USD LIBOR + 0.62%), 07/25/2035(e)		3,818		3,825
ICG US CLO Ltd., Series 2016-1A, Class A1RR, 1.38% (3 mo. USD LIBOR + 1.25%), 04/29/2034(b)(e)		3,000,000		3,003,990
Invitation Homes Trust,
Series 2017-SFR2, Class A, 0.94% (1 mo. USD LIBOR + 0.85%), 12/17/2036(b)(e)		822,721		824,588
Series 2017-SFR2, Class B, 1.24% (1 mo. USD LIBOR + 1.15%), 12/17/2036(b)(e)		483,179		484,334
Series 2017-SFR2, Class C, 1.54% (1 mo. USD LIBOR + 1.45%), 12/17/2036(b)(e)		924,779		927,146
IP Lending II Ltd., Series 2021-2A, Class SNR, 3.65%, 07/15/2025(b)		5,000,000		5,000,000

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

14 Invesco Short Term Bond Fund

	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C16, Class AS, 4.52%, 12/15/2046	$	2,335,000	$	2,508,204
Series 2016-JP3, Class A2, 2.43%, 08/15/2049		1,242,791		1,242,450
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.54%, 07/25/2035(h)		239,590		245,380
JPMBB Commercial Mortgage Securities Trust, Series 2015- C27, Class XA, IO, 1.29%, 02/15/2048(i)		26,801,231		893,668
KNDL Mortgage Trust,
Series 2019-KNSQ, Class A, 0.90% (1 mo. USD LIBOR + 0.80%), 05/15/2036(b)(e)		7,750,000		7,766,185
Series 2019-KNSQ, Class C, 1.15% (1 mo. USD LIBOR + 1.05%), 05/15/2036(b)(e)		4,250,000		4,255,458
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(h)		22,658		10,213
Life Mortgage Trust,
Series 2021-BMR, Class A, 0.80% (1 mo. USD LIBOR + 0.70%), 03/15/2038(b)(e)		7,380,000		7,395,902
Series 2021-BMR, Class B, 0.98% (1 mo. USD LIBOR + 0.88%), 03/15/2038(b)(e)		3,580,000		3,588,493
Master Credit Card Trust II, Series 2020-1A, Class A, 1.99%, 09/21/2024(b)		15,000,000		15,401,334
Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A4, 2.50%, 08/25/2051(b)(h)		4,581,000		4,706,441
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.25%, 11/25/2035(h)		550,169		557,179
MMAF Equipment Finance LLC,
Series 2020-A, Class A2, 0.74%, 04/09/2024(b)		4,229,173		4,245,270
Series 2020-A, Class A3, 0.97%, 04/09/2027(b)		5,800,000		5,865,037
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class AS, 3.46%, 05/15/2046		2,235,000		2,315,414
Morgan Stanley Capital I Trust,
Series 2017-CLS, Class A, 0.80% (1 mo. USD LIBOR + 0.70%), 11/15/2034(b)(e)		8,028,000		8,033,551
Series 2017-CLS, Class B, 0.95% (1 mo. USD LIBOR + 0.85%), 11/15/2034(b)(e)		3,944,000		3,946,944
Series 2017-CLS, Class C, 1.10% (1 mo. USD LIBOR + 1.00%), 11/15/2034(b)(e)		2,676,000		2,678,688
Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050(i)		8,640,452		346,044

	Principal Amount		Value
Motel Trust,
Series 2021-MTL6, Class A, 1.00% (1 mo. USD LIBOR + 0.90%), 09/15/2038(b)(e)	$	1,940,000	$	1,946,968
Series 2021-MTL6, Class B, 1.30% (1 mo. USD LIBOR + 1.20%), 09/15/2038(b)(e)		780,000		782,924
MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/2038(b)		2,607,047		2,659,157
MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/2036(b)		2,073,618		2,147,444
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 1.15% (3 mo. USD LIBOR + 1.02%), 04/19/2030(b)(e)		7,455,000		7,469,605
New Residential Mortgage Loan Trust,
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(h)		1,523,526		1,536,615
Series 2020-NQM1, Series A1, 2.46%, 01/26/2060(b)(h)		2,497,329		2,522,507
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(b)(h)		5,616,000		5,776,545
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1A, 1.39% (3 mo. USD LIBOR + 1.26%), 07/15/2030(b)(e)		5,145,000		5,147,700
Series 2017-13A, Class A1AR, 1.00% (3 mo. USD LIBOR + 0.96%), 07/15/2030(b)(e)		5,145,000		5,147,572
Series 2020-8RA, Class A1, 1.35% (3 mo. USD LIBOR + 1.22%), 01/17/2032(b)(e)		9,602,000		9,611,602
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 1.35% (3 mo. USD LIBOR + 1.22%), 01/15/2033(b)(e)		8,832,000		8,841,034
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.39% (3 mo. USD LIBOR + 1.26%), 01/20/2033(b)(e)		7,550,413		7,566,596
Onslow Bay Financial LLC, Series 2019-EXP1, Class 1A3, 4.00%, 01/25/2059(b)(h)		689,931		701,950
PPM CLO 3 Ltd., Series 2019-3A, Class AR, 1.22% (3 mo. USD LIBOR + 1.09%), 04/17/2034(b)(e)		3,874,000		3,882,734
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(b)		1,560,000		1,583,906
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037(b)		5,005,000		5,074,259
RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 2.24%, 07/26/2045(b)(h)		1,760		1,764
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		4,485		4,281
Residential Mortgage Loan Trust,
Series 2019-3, Class A1, 2.63%, 09/25/2059(b)(h)		844,933		853,969
Series 2020-1, Class A1, 2.38%, 02/25/2024(b)(h)		2,056,987		2,079,622

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

15 Invesco Short Term Bond Fund

	Principal Amount		Value
Santander Drive Auto Receivables Trust,
Series 2017-3, Class D, 3.20%, 11/15/2023	$	1,622,669	$	1,633,175
Series 2018-1, Class D, 3.32%, 03/15/2024		834,769		842,482
Series 2018-2, Class D, 3.88%, 02/15/2024		1,824,495		1,850,788
Series 2019-2, Class D, 3.22%, 07/15/2025		2,675,000		2,755,406
Series 2019-3, Class D, 2.68%, 10/15/2025		2,230,000		2,285,137
Santander Retail Auto Lease Trust,
Series 2019-A, Class C, 3.30%, 05/22/2023(b)		4,295,000		4,344,027
Series 2019-B, Class C, 2.77%, 08/21/2023(b)		1,555,000		1,581,413
Series 2019-C, Class C, 2.39%, 11/20/2023(b)		2,845,000		2,897,068
Sequoia Mortgage Trust,
Series 2013-3, Class A1, 2.00%, 03/25/2043(h)		683,958		688,797
Series 2013-6, Class A2, 3.00%, 05/25/2043(h)		1,008,550		1,019,492
Series 2013-7, Class A2, 3.00%, 06/25/2043(h)		586,811		593,569
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class A, 2.34%, 08/20/2036(b)		3,073,663		3,143,532
Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		4,610,000		4,630,878
Star Trust, Series 2021-SFR1, Class A, 0.69% (1 mo. USD LIBOR + 0.60%), 04/17/2038(b)(e)		18,579,790		18,587,084
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(h)		1,298,707		1,313,310
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(h)		3,399,979		3,401,747
Structured Asset Securities Corp. Pass-Through Ctfs., Series 2002-AL1, Class AIO, 3.45%, 02/25/2032		744,863		128,292
Taconic Park CLO Ltd., Series 2016-1A, Class A1R, 1.13% (3 mo. USD LIBOR + 1.00%), 01/20/2029(b)(e)		12,119,000		12,136,278
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		8,078,667		8,192,826
TICP CLO XV Ltd., Series 2020-15A, Class A, 1.41% (3 mo. USD LIBOR + 1.28%), 04/20/2033(b)(e)		7,162,000		7,179,866
Towd Point Mortgage Trust,
Series 2016-3, Class A1, 2.25%, 04/25/2056(b)(h)		230,731		231,618
Series 2017-2, Class A1, 2.75%, 04/25/2057(b)(h)		1,938,261		1,965,386
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.13%, 11/15/2050(i)		14,866,398		631,804
Vendee Mortgage Trust, Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025(j)		801,040		7,890

	Principal Amount		Value
Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(g)	$	4,934,620	$	5,005,753
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(h)		1,201,502		1,212,503
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(h)		5,138,301		5,145,909
Series 2021-2, Class A1, 1.03%, 02/25/2066(b)(h)		2,951,218		2,950,850
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(h)		5,440,323		5,445,866
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		3,476,653		3,496,012
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 2.56%, 10/25/2033(h)		116,749		118,180
Series 2005-AR14, Class 1A4, 2.89%, 12/25/2035(h)		49,070		49,831
Series 2005-AR16, Class 1A1, 2.72%, 12/25/2035(h)		219,306		223,535
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS1, Class A2, 2.63%, 05/15/2048		202,525		202,465
Series 2017-C42, Class XA, IO, 1.03%, 12/15/2050(i)		12,009,832		566,270
Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 06/15/2049(b)		6,615,000		7,061,704
Westlake Automobile Receivables Trust,
Series 2019-2A, Class C, 2.84%, 07/15/2024(b)		2,805,000		2,834,003
Series 2019-3A, Class C, 2.49%, 10/15/2024(b)		3,590,000		3,639,469
WFRBS Commercial Mortgage Trust,
Series 2012-C10, Class XA, IO, 1.64%, 12/15/2045(b)(i)		3,159,331		44,608
Series 2012-C6, Class XA, IO, 2.31%, 04/15/2045(b)(i)		783,192		1,072
Series 2013-C16, Class B, 5.17%, 09/15/2046(h)		4,500,000		4,749,684
World Financial Network Credit Card Master Trust,
Series 2019-A, Class A, 3.14%, 12/15/2025		1,000,000		1,013,440
Series 2019-B, Class A, 2.49%, 04/15/2026		3,665,000		3,731,108
Series 2019-C, Class A, 2.21%, 07/15/2026		3,130,000		3,195,119
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)		9,995,000		10,344,379
Total Asset-Backed Securities (Cost $566,423,945)				569,060,542
U.S. Treasury Securities–4.57%
U.S. Treasury Bills–0.15%
0.05%, 02/17/2022(k)(l)		4,648,000		4,647,018
U.S. Treasury Notes–4.42%
0.13%, 08/31/2023		40,832,000		40,768,998
0.38%, 08/15/2024		36,973,400		36,947,403
0.75%, 08/31/2026		59,248,200		59,183,397
				136,899,798
Total U.S. Treasury Securities (Cost $141,482,284)				141,546,816

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

16 Invesco Short Term Bond Fund

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.94%
Collateralized Mortgage Obligations–0.56%
Fannie Mae Interest STRIPS,
IO, 7.50%, 05/25/2023 to 11/25/2029(j)	$	671,208	$	121,459
6.50%, 02/25/2032 to 07/25/2032(j)		339,971		61,082
6.00%, 12/25/2032 to 09/25/2035(j)		830,453		134,570
5.50%, 11/25/2033 to 06/25/2035(j)		642,126		107,785
PO, 0.00%, 09/25/2032(m)		27,149		25,587
Fannie Mae REMICs,
7.50%, 09/25/2022		72,041		73,830
6.50%, 06/25/2023 to 11/25/2029		100,877		111,329
1.08% (1 mo. USD LIBOR + 1.00%), 04/25/2032(e)		48,063		49,164
0.59% (1 mo. USD LIBOR + 0.50%), 10/18/2032(e)		22,374		22,520
0.48% (1 mo. USD LIBOR + 0.40%), 11/25/2033 to 03/25/2042(e)		115,536		116,453
5.50%, 04/25/2035 to 07/25/2046(j)		3,878,524		3,314,336
24.26% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(e)		81,412		133,434
23.89% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(e)		303,861		487,097
23.89% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(e)		42,924		69,400
5.00%, 04/25/2040 to 09/25/2047(e)(j)		7,346,124		1,477,173
4.00%, 03/25/2041 to 08/25/2047(j)		1,584,583		240,524
0.53% (1 mo. USD LIBOR + 0.45%), 02/25/2047(e)		63,895		64,403
IO, 6.62% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 02/25/2035(e)(j)		858,454		159,520
3.00%, 11/25/2027(j)		1,226,037		69,010
7.81% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031 to 12/18/2031(e)(j)		181,082		35,026
7.82% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(e)(j)		35,528		7,192
7.87% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032 to 07/25/2032(e)(j)		218,401		38,234
7.91% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032(e)(j)		73,499		16,172
8.02% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032 to 04/25/2032(e)(j)		103,715		23,318
6.92% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(e)(j)		69,542		12,544
7.72% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(e)(j)		34,982		7,669
7.92% (8.00% - (1.00 x 1 mo. USD LIBOR)), 07/25/2032 to 09/25/2032(e)(j)		227,998		51,329

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
8.01% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(e)(j)	$	161,037	$	32,811
8.17% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033(e)(j)		192,766		44,891
7.00%, 04/25/2033(j)		960,762		182,414
5.97% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038(e)(j)		434,853		68,930
6.67% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 05/25/2035(e)(j)		319,319		42,389
6.52% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(e)(j)		181,865		27,774
3.50%, 08/25/2035(j)		4,070,878		501,885
6.46% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037(e)(j)		148,102		27,521
6.47% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(e)(j)		463,172		90,564
6.07% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(e)(j)		821,666		170,356
4.50%, 02/25/2043(j)		277,270		44,918
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC02, Class X1, IO, 1.91%, 03/25/2024(i)		59,380,184		488,729
Series KC03, Class X1, IO, 0.63%, 11/25/2024(i)		37,495,175		497,718
Series K734, Class X1, IO, 0.78%, 02/25/2026(i)		27,568,337		679,372
Series K735, Class X1, IO, 1.10%, 05/25/2026(i)		27,099,595		1,096,141
Series K093, Class X1, IO, 1.09%, 05/25/2029(i)		22,339,194		1,461,832
Freddie Mac REMICs,
1.73% (COF 11 + 1.45%), 12/15/2023(e)		323,174		327,412
6.50%, 04/15/2028 to 06/15/2032		844,042		970,798
6.00%, 01/15/2029 to 04/15/2029		404,910		455,545
7.50%, 09/15/2029		59,194		68,584
8.00%, 03/15/2030		34,824		41,409
1.05% (1 mo. USD LIBOR + 0.95%), 08/15/2031 to 01/15/2032(e)		71,148		72,838
1.10% (1 mo. USD LIBOR + 1.00%), 12/15/2031 to 03/15/2032(e)		144,617		147,407
0.60% (1 mo. USD LIBOR + 0.50%), 01/15/2033(e)		3,085		3,130
5.00%, 08/15/2035		1,365,748		1,567,555
4.00%, 06/15/2038 to 03/15/2045(j)		982,272		181,622
IO, 5.90% (6.00% - (1.00 x 1 mo. USD LIBOR)), 03/15/2024 to 04/15/2038(e)(j)		255,910		19,216
3.00%, 06/15/2027 to 12/15/2027(j)		4,204,183		241,118
2.50%, 05/15/2028(j)		843,629		44,795
8.61% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028(e)(j)		42,033		3,260

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

17 Invesco Short Term Bond Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
7.95% (8.05% - (1.00 x 1 mo. USD LIBOR)), 02/15/2029(e)(j)	$	176,357	$	27,501
7.65% (7.75% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029(e)(j)		165,578		23,935
8.00% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029 to 09/15/2029(e)(j)		106,275		17,806
6.60% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(e)(j)		466,559		75,223
6.65% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(e)(j)		111,336		16,932
6.62% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(e)(j)		346,782		50,784
6.05% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035(e)(j)		496,156		61,890
6.90% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(e)(j)		67,973		15,130
5.97% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(e)(j)		898,217		159,805
6.15% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(e)(j)		174,507		29,972
6.00% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(e)(j)		995,444		140,130
Freddie Mac STRIPS,
IO, 3.00%, 12/15/2027(j)		1,818,066		109,936
3.27%, 12/15/2027(i)		480,956		25,261
6.50%, 02/01/2028(j)		18,987		2,530
7.00%, 09/01/2029(j)		141,526		23,829
7.50%, 12/15/2029(j)		60,010		10,824
6.00%, 12/15/2032(j)		54,905		8,370
				17,432,952
Federal Home Loan Mortgage Corp. (FHLMC)–0.09%
6.00%, 01/01/2022 to 07/01/2024		146,541		161,873
6.50%, 01/01/2022 to 04/01/2034		84,564		95,514
9.00%, 08/01/2022 to 05/01/2025		2,461		2,645
8.50%, 05/01/2024 to 08/17/2026		37,487		37,876
7.00%, 10/25/2024 to 03/01/2035		801,757		904,989
7.50%, 01/01/2032 to 02/01/2032		447,980		519,983
5.00%, 07/01/2033 to 06/01/2034		234,465		266,529
5.50%, 09/01/2039		542,004		628,649
ARM, 1.84% (6 mo. USD LIBOR + 1.63%), 07/01/2036(e)		18,477		19,292
2.49% (1 yr. USD LIBOR + 2.14%), 02/01/2037(e)		7,326		7,879
2.45% (1 yr. USD LIBOR + 2.08%), 01/01/2038(e)		7,068		7,425
				2,652,654

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–0.23%
5.00%, 12/01/2021 to 06/01/2022	$	452	$	471
8.00%, 12/01/2022 to 07/01/2032		89,953		92,056
6.50%, 11/01/2023 to 10/01/2035		1,402,432		1,580,340
7.00%, 11/01/2025 to 08/01/2036		1,687,214		1,896,131
7.50%, 02/01/2027 to 08/01/2033		1,070,599		1,227,318
9.00%, 01/01/2030		31,433		31,984
8.50%, 05/01/2030 to 07/01/2032		97,936		108,198
6.00%, 06/01/2030 to 03/01/2037		1,720,324		2,032,782
5.50%, 02/01/2035 to 05/01/2036		226,310		262,625
ARM, 2.33% (1 yr. U.S. Treasury Yield Curve Rate + 2.22%), 11/01/2032(e)		17,571		17,714
2.29% (1 yr. U.S. Treasury Yield Curve Rate + 2.18%), 05/01/2035(e)		34,655		37,037
2.09% (1 yr. USD LIBOR + 1.69%), 03/01/2038(e)		8,957		9,427
				7,296,083
Government National Mortgage Association (GNMA)–0.06%
8.00%, 02/15/2022 to 08/15/2028		9,420		9,463
7.50%, 10/15/2022 to 11/15/2026		21,234		22,696
6.50%, 07/15/2023 to 02/15/2034		480,102		537,815
7.00%, 10/15/2026 to 01/20/2030		81,605		86,972
8.50%, 07/20/2027		31,216		34,758
IO, 6.45% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(e)(j)		869,599		164,046
6.55% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(e)(j)		1,370,036		214,642
4.50%, 09/16/2047(j)		2,346,988		343,109
6.10% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(e)(j)		2,473,070		458,595
				1,872,096
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $28,463,901)				29,253,785

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

18 Invesco Short Term Bond Fund

	Principal Amount		Value
Agency Credit Risk Transfer Notes–0.50%
Fannie Mae Connecticut Avenue Securities,
Series 2016-C02, Class 1M2, 6.08% (1 mo. USD LIBOR + 6.00%), 09/25/2028(e)	$	1,946,075	$	2,039,027
Series 2018-R07, Class 1M2, 2.48% (1 mo. USD LIBOR + 2.40%), 04/25/2031(b)(e)		1,065,941		1,071,419
Series 2019-R02, Class 1M2, 2.38% (1 mo. USD LIBOR + 2.30%), 08/25/2031(b)(e)		457,377		460,861
Series 2019-R03, Class 1M2, 2.23% (1 mo. USD LIBOR + 2.15%), 09/25/2031(b)(e)		439,642		442,726
Freddie Mac,
Series 2013-DN2, Class M2, STACR® , 4.33% (1 mo. USD LIBOR + 4.25%), 11/25/2023(e)		1,620,475		1,658,333
Series 2014-DN1, Class M3, STACR® , 4.58% (1 mo. USD LIBOR + 4.50%), 02/25/2024(e)		968,202		996,918
Series 2014-DN3, Class M3, STACR® , 4.08% (1 mo. USD LIBOR + 4.00%), 08/25/2024(e)		830,555		847,275
Series 2014-HQ2, Class M3, STACR® , 3.83% (1 mo. USD LIBOR + 3.75%), 09/25/2024(e)		1,972,197		2,033,625
Series 2014-DN4, Class M3, STACR® , 4.63% (1 mo. USD LIBOR + 4.55%), 10/25/2024(e)		120,139		122,965
Series 2016-DNA2, Class M3, STACR® , 4.73% (1 mo. USD LIBOR + 4.65%), 10/25/2028(e)		844,450		878,180
Series 2018-HQA1, Class M2, STACR® , 2.38% (1 mo. USD LIBOR + 2.30%), 09/25/2030(e)		1,188,732		1,205,301
Series 2018-DNA2, Class M1, STACR® , 0.88% (1 mo. USD LIBOR + 0.80%), 12/25/2030(b)(e)		556,563		556,628
Series 2018-HRP1, Class M2, STACR® , 1.73% (1 mo. USD LIBOR + 1.65%), 04/25/2043(b)(e)		1,832,452		1,837,996
Series 2018-DNA3, Class M1, STACR® , 0.83% (1 mo. USD LIBOR + 0.75%), 09/25/2048(b)(e)		2,126		2,126
Series 2018-HQA2, Class M1, STACR® , 0.83% (1 mo. USD LIBOR + 0.75%), 10/25/2048(b)(e)		364,551		364,583
Series 2019-HRP1, Class M2, STACR® , 1.48% (1 mo. USD LIBOR + 1.40%), 02/25/2049(b)(e)		827,900		833,577
Series 2020-DNA5, Class M1, STACR® , 1.35% (30 Day Average SOFR + 1.30%), 10/25/2050(b)(e)		71,898		71,900
Total Agency Credit Risk Transfer Notes (Cost $15,548,091)				15,423,440

	Shares		Value
Preferred Stocks–0.13%
Diversified Banks–0.07%
JPMorgan Chase & Co., 3.60%, Series I, Pfd.(e)		1,956,000	$	1,960,459
Regional Banks–0.06%
PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.(d)		75,000		1,950,750
Total Preferred Stocks (Cost $4,017,157)				3,911,209
Money Market Funds–5.96%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(n)(o)		64,807,538		64,807,538
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(n)(o)		45,670,970		45,689,238
Invesco Treasury Portfolio, Institutional Class, 0.01%(n)(o)		74,065,757		74,065,757
Total Money Market Funds (Cost $184,562,295)				184,562,533
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $3,043,472,968)				3,097,536,868
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.65%
Invesco Private Government Fund, 0.02%(n)(o)(p)		24,636,243		24,636,243
Invesco Private Prime Fund, 0.11%(n)(o)(p)		57,461,582		57,484,568
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $82,120,811)				82,120,811
TOTAL INVESTMENTS IN SECURITIES–102.65% (Cost $3,125,593,779)				3,179,657,679
OTHER ASSETS LESS LIABILITIES–(2.65)%				(82,206,495	)
NET ASSETS–100.00%			$	3,097,451,184

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

19 Invesco Short Term Bond Fund

Investment Abbreviations:

ARM	– Adjustable Rate Mortgage
CLO	– Collateralized Loan Obligation
COF	– Cost of Funds
Ctfs.	– Certificates
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
Pfd.	– Preferred
PO	– Principal Only
REIT	– Real Estate Investment Trust
REMICs	– Real Estate Mortgage Investment Conduits
SOFR	– Secured Overnight Financing Rate
STACR®	– Structured Agency Credit Risk
STRIPS	– Separately Traded Registered Interest and Principal Security
USD	– U.S. Dollar

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $1,222,910,718, which represented 39.48% of the Fund’s Net Assets.

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

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

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

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

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

^(h)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2021.

⁽ⁱ⁾  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2021.

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

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

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

^(m)  Zero coupon bond issued at a discount.

⁽ⁿ⁾  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2021.

	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	52,258,944		$	211,320,890		$	(198,772,296	)		$	-			$	-		$	64,807,538		$	5,041
Invesco Liquid Assets Portfolio, Institutional Class			38,508,674			150,142,844			(142,962,279	)			(4,776	)			4,775			45,689,238			1,481
Invesco Treasury Portfolio, Institutional Class			59,724,507			241,509,588			(227,168,338	)			-				-			74,065,757			2,214
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,957,312			190,015,939			(167,337,008	)			-				-			24,636,243			1,195	*
Invesco Private Prime Fund			2,935,968			341,403,650			(286,855,051	)			-				-			57,484,568			17,956	*
Total		$	155,385,405		$	1,134,392,911		$	(1,023,094,972	)		$	(4,776	)		$	4,775		$	266,683,344		$	27,887
*   Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

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

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

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

20 Invesco Short Term Bond Fund

Open Futures Contracts

										Unrealized
	Number of		Expiration	Notional						Appreciation
Long Futures Contracts	Contracts		Month	Value			Value			(Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		6,011	December-2021	$	1,324,392,366		$	791,388		$	791,388
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 5 Year Notes		4,609	December-2021		(570,219,719	)		(1,332,287	)		(1,332,287	)
U.S. Treasury 10 Year Notes		686	December-2021		(91,548,844	)		(321,563	)		(321,563	)
U.S. Treasury Long Bond		53	December-2021		(8,637,344	)		(28,156	)		(28,156	)
Subtotal–Short Futures Contracts								(1,682,006	)		(1,682,006	)
Total Futures Contracts							$	(890,618	)	$	(890,618	)

Portfolio Composition

By security type, based on Net Assets

as of August 31, 2021

U.S. Dollar Denominated Bonds & Notes	69.53	%
Asset-Backed Securities	18.37
U.S. Treasury Securities	4.57
Security Types Each Less Than 1% of Portfolio	1.57
Money Market Funds Plus Other Assets Less Liabilities	5.96

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

21 Invesco Short Term Bond Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 2,858,910,673)*	$	2,912,974,335
Investments in affiliated money market funds, at value (Cost $ 266,683,106)		266,683,344
Other investments:
Variation margin receivable – futures contracts		66,771
Receivable for:
Investments sold		90,444,042
Fund shares sold		3,945,344
Dividends		2,019
Interest		14,622,871
Principal paydowns		171
Investment for trustee deferred compensation and retirement plans		237,586
Other assets		158,164
Total assets		3,289,134,647
Liabilities:
Payable for:
Investments purchased		25,479,554
Dividends		687,021
Fund shares reacquired		6,988,504
Amount due custodian		74,931,390
Collateral upon return of securities loaned		82,120,811
Accrued fees to affiliates		990,762
Accrued trustees’ and officers’ fees and benefits		46,923
Accrued other operating expenses		175,737
Trustee deferred compensation and retirement plans		262,761
Total liabilities		191,683,463
Net assets applicable to shares outstanding	$	3,097,451,184
Net assets consist of:
Shares of beneficial interest	$	3,108,693,263
Distributable earnings (loss)		(11,242,079	)
	$	3,097,451,184

Net Assets:
Class A	$	1,495,639,672
Class C	$	224,464,261
Class R	$	48,827,833
Class Y	$	648,106,847
Class R5	$	538,904
Class R6	$	679,873,667
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		173,199,578
Class C		25,986,938
Class R		5,640,706
Class Y		75,009,875
Class R5		62,516
Class R6		78,642,223
Class A:
Net asset value per share	$	8.64
Maximum offering price per share (Net asset value of $8.64 ÷ 97.50%)	$	8.86
Class C:
Net asset value and offering price per share	$	8.64
Class R:
Net asset value and offering price per share	$	8.66
Class Y:
Net asset value and offering price per share	$	8.64
Class R5:
Net asset value and offering price per share	$	8.62
Class R6:
Net asset value and offering price per share	$	8.65
*  At August 31, 2021, securities with an aggregate value of $80,165,928 were on loan to brokers.

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

22 Invesco Short Term Bond Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Interest	$	32,197,867
Dividends		57,422
Dividends from affiliated money market funds (includes securities lending income of $ 31,613)		40,349
Total investment income		32,295,638
Expenses:
Advisory fees		4,860,390
Administrative services fees		222,463
Custodian fees		18,770
Distribution fees:
Class A		1,152,555
Class C		758,097
Class R		124,556
Transfer agent fees – A, C, R and Y		1,481,775
Transfer agent fees – R5		114
Transfer agent fees – R6		22,454
Trustees’ and officers’ fees and benefits		38,013
Registration and filing fees		106,364
Reports to shareholders		82,168
Professional services fees		70,691
Other		30,216
Total expenses		8,968,626
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(206,404	)
Net expenses		8,762,222
Net investment income		23,533,416
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		4,110,789
Affiliated investment securities		4,775
Futures contracts		382,916
		4,498,480
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(12,241,482	)
Affiliated investment securities		(4,776	)
Futures contracts		(6,579,567	)
		(18,825,825	)
Net realized and unrealized gain (loss)		(14,327,345	)
Net increase in net assets resulting from operations	$	9,206,071

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

23 Invesco Short Term Bond Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31, 2021			February 28, 2021
Operations:
Net investment income	$	23,533,416		$	51,596,050
Net realized gain		4,498,480			1,333,671
Change in net unrealized appreciation (depreciation)		(18,825,825	)		48,599,828
Net increase in net assets resulting from operations		9,206,071			101,529,549
Distributions to shareholders from distributable earnings:
Class A		(11,608,074	)		(25,359,066	)
Class C		(1,393,626	)		(3,762,523	)
Class R		(291,655	)		(620,089	)
Class Y		(5,353,843	)		(10,686,786	)
Class R5		(4,700	)		(12,423	)
Class R6		(6,056,604	)		(15,233,317	)
Total distributions from distributable earnings		(24,708,502	)		(55,674,204	)
Share transactions–net:
Class A		(24,684,295	)		847,839,447
Class C		(11,514,166	)		74,797,503
Class R		(1,394,887	)		43,002,288
Class Y		21,815,300			469,541,828
Class R5		17,210			25,151
Class R6		37,881,276			(2,255,738	)
Net increase in net assets resulting from share transactions		22,120,438			1,432,950,479
Net increase in net assets		6,618,007			1,478,805,824
Net assets:
Beginning of period		3,090,833,177			1,612,027,353
End of period	$	3,097,451,184		$	3,090,833,177

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

24 Invesco Short Term Bond Fund

Financial Highlights

(Unaudited)

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

																										Ratio of			Ratio of
																										expenses			expenses
					Net gains																					to average			to average net
					(losses)																					net assets			assets without			Ratio of net
	Net asset				on securities					Dividends																with fee waivers			fee waivers			investment
	value,		Net		(both			Total from		from net									Net asset					Net assets,		and/or			and/or			income
	beginning		investment		realized and			investment		investment			Return of			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		income(a)		unrealized)			operations		income			capital			distributions			of period		return(b)			(000’s omitted)		absorbed			absorbed			net assets			turnover(c)
Class A
Six months ended 08/31/21	$	8.68	$	0.06	$	(0.03	)	$	0.03	$	(0.07	)	$	–		$	(0.07	)	$	8.64		0.30	%	$	1,495,640		0.62	%(d)		0.62	%(d)		1.44	%(d)		59	%
Year ended 02/28/21		8.66		0.16		0.04			0.20		(0.18	)		–			(0.18	)		8.68		2.33			1,527,875		0.63			0.63			1.85			245
Year ended 02/29/20		8.47		0.23		0.20			0.43		(0.23	)		(0.01	)		(0.24	)		8.66		5.08			655,357		0.65			0.65			2.62			155
Year ended 02/28/19		8.51		0.21		(0.03	)		0.18		(0.22	)		–			(0.22	)		8.47		2.19			591,443		0.64			0.65			2.52			176
Year ended 02/28/18		8.61		0.17		(0.10	)		0.07		(0.17	)		–			(0.17	)		8.51		0.79			395,766		0.65			0.66			1.98			198
Year ended 02/28/17		8.47		0.14		0.15			0.29		(0.15	)		–			(0.15	)		8.61		3.39			435,592		0.65			0.66			1.59			294
Class C
Six months ended 08/31/21		8.68		0.05		(0.04	)		0.01		(0.05	)		–			(0.05	)		8.64		0.14			224,464		0.97	(d)		1.12	(d)		1.09	(d)		59
Year ended 02/28/21		8.66		0.13		0.03			0.16		(0.14	)		–			(0.14	)		8.68		1.93			237,167		0.98			0.98			1.50			245
Year ended 02/29/20		8.47		0.19		0.21			0.40		(0.20	)		(0.01	)		(0.21	)		8.66		4.71			158,968		1.00			1.15			2.27			155
Year ended 02/28/19		8.51		0.18		(0.03	)		0.15		(0.19	)		–			(0.19	)		8.47		1.83			140,247		0.99			1.15			2.17			176
Year ended 02/28/18		8.61		0.14		(0.10	)		0.04		(0.14	)		–			(0.14	)		8.51		0.44			391,791		1.00			1.16			1.63			198
Year ended 02/28/17		8.47		0.11		0.15			0.26		(0.12	)		–			(0.12	)		8.61		3.03			451,018		1.00			1.16			1.24			294
Class R
Six months ended 08/31/21		8.70		0.05		(0.04	)		0.01		(0.05	)		–			(0.05	)		8.66		0.13			48,828		0.97	(d)		0.97	(d)		1.09	(d)		59
Year ended 02/28/21		8.68		0.13		0.04			0.17		(0.15	)		–			(0.15	)		8.70		1.98			50,473		0.98			0.98			1.50			245
Year ended 02/29/20		8.49		0.20		0.20			0.40		(0.20	)		(0.01	)		(0.21	)		8.68		4.70			6,210		1.00			1.00			2.27			155
Year ended 02/28/19		8.53		0.18		(0.03	)		0.15		(0.19	)		–			(0.19	)		8.49		1.84			5,035		0.99			1.00			2.17			176
Year ended 02/28/18		8.62		0.14		(0.09	)		0.05		(0.14	)		–			(0.14	)		8.53		0.55			4,693		1.00			1.01			1.63			198
Year ended 02/28/17		8.49		0.11		0.14			0.25		(0.12	)		–			(0.12	)		8.62		2.90			6,466		1.00			1.01			1.24			294
Class Y
Six months ended 08/31/21		8.68		0.07		(0.04	)		0.03		(0.07	)		–			(0.07	)		8.64		0.38			648,107		0.47	(d)		0.47	(d)		1.59	(d)		59
Year ended 02/28/21		8.66		0.17		0.04			0.21		(0.19	)		–			(0.19	)		8.68		2.50			629,462		0.45			0.48			2.03			245
Year ended 02/29/20		8.48		0.24		0.19			0.43		(0.24	)		(0.01	)		(0.25	)		8.66		5.11			146,159		0.50			0.50			2.77			155
Year ended 02/28/19		8.52		0.23		(0.03	)		0.20		(0.24	)		–			(0.24	)		8.48		2.35			134,272		0.49			0.50			2.67			176
Year ended 02/28/18		8.61		0.18		(0.09	)		0.09		(0.18	)		–			(0.18	)		8.52		1.06			128,874		0.50			0.51			2.13			198
Year ended 02/28/17		8.48		0.15		0.14			0.29		(0.16	)		–			(0.16	)		8.61		3.42			129,794		0.50			0.51			1.74			294
Class R5
Six months ended 08/31/21		8.66		0.07		(0.03	)		0.04		(0.08	)		–			(0.08	)		8.62		0.42			539		0.40	(d)		0.40	(d)		1.66	(d)		59
Year ended 02/28/21		8.65		0.18		0.03			0.21		(0.20	)		–			(0.20	)		8.66		2.48			524		0.38			0.38			2.10			245
Year ended 02/29/20		8.47		0.25		0.18			0.43		(0.24	)		(0.01	)		(0.25	)		8.65		5.20			496		0.40			0.40			2.87			155
Year ended 02/28/19		8.51		0.23		(0.03	)		0.20		(0.24	)		–			(0.24	)		8.47		2.45			1,765		0.39			0.40			2.77			176
Year ended 02/28/18		8.60		0.19		(0.09	)		0.10		(0.19	)		–			(0.19	)		8.51		1.17			1,699		0.38			0.39			2.25			198
Year ended 02/28/17		8.47		0.16		0.14			0.30		(0.17	)		–			(0.17	)		8.60		3.54			1,220		0.39			0.40			1.85			294
Class R6
Six months ended 08/31/21		8.69		0.07		(0.03	)		0.04		(0.08	)		–			(0.08	)		8.65		0.44			679,874		0.36	(d)		0.36	(d)		1.70	(d)		59
Year ended 02/28/21		8.67		0.18		0.04			0.22		(0.20	)		–			(0.20	)		8.69		2.62			645,331		0.35			0.35			2.13			245
Year ended 02/29/20		8.49		0.25		0.19			0.44		(0.25	)		(0.01	)		(0.26	)		8.67		5.23			644,838		0.37			0.37			2.90			155
Year ended 02/28/19		8.53		0.24		(0.03	)		0.21		(0.25	)		–			(0.25	)		8.49		2.46			564,219		0.38			0.39			2.78			176
Year ended 02/28/18		8.62		0.19		(0.09	)		0.10		(0.19	)		–			(0.19	)		8.53		1.17			575,750		0.38			0.39			2.25			198
Year ended 02/28/17		8.48		0.16		0.15			0.31		(0.17	)		–			(0.17	)		8.62		3.66			499,674		0.39			0.40			1.85			294

^(a)  Calculated using average shares outstanding.

^(b)  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, February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $1,288,591,313 in connection with the acquisition of Invesco Oppenheimer Limited-Term Government Fund into the Fund.

^(d)  Annualized.

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

25 Invesco Short Term Bond Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

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

26 Invesco Short Term Bond Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. 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 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.

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. 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

27 Invesco Short Term Bond Fund

between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

L. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 500 million	0.350%
Next $500 million	0.325%
Next $1.5 billion	0.300%
Next $2.5 billion	0.290%
Over $5 billion	0.280%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.31%.

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 June 30, 2022 to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 1.75% (after 12b-1 fee waivers), 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. Prior to June 1, 2021, the Adviser has contractually agreed, through May 31, 2021 to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.75%, 1.59% (after 12b-1 fee waivers), 1.09%, 0.45%, 0.44% and 0.39%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary items or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $13,416 and reimbursed class level expenses of $0, $0, $0, $14,707, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.15% of the Fund’s average daily net assets of Class A shares, 0.65% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales

28 Invesco Short Term Bond Fund

charges, that may be paid by any class of shares of the Fund. IDI has contractually agreed, through at least June 30, 2022, to waive 12b-1 fees for Class C shares to the extent necessary to limit 12b-1 fees to 0.50% of average daily net assets. 12b-1 fees before fee waivers under this agreement are shown as Distribution fees in the Statement of Operations. For the six months ended August 31, 2021, 12b-1 fees incurred for Class C shares were $583,152 after fee waivers of $174,945.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $66,902 in front-end sales commissions from the sale of Class A shares and $106,640 and $137 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3 – Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	2,153,778,543	$	–	$	2,153,778,543
Asset-Backed Securities		–			569,060,542		–		569,060,542
U.S. Treasury Securities		–			141,546,816		–		141,546,816
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			29,253,785		–		29,253,785
Agency Credit Risk Transfer Notes		–			15,423,440		–		15,423,440
Preferred Stocks		1,950,750			1,960,459		–		3,911,209
Money Market Funds		184,562,533			82,120,811		–		266,683,344
Total Investments in Securities		186,513,283			2,993,144,396		–		3,179,657,679
Other Investments – Assets*
Futures Contracts		791,388			–		–		791,388
Other Investments – Liabilities*
Futures Contracts		(1,682,006	)		–		–		(1,682,006	)
Total Other Investments		(890,618	)		–		–		(890,618	)
Total Investments	$	185,622,665		$	2,993,144,396		$ –	$	3,178,767,061

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2021:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	791,388
Derivatives not subject to master netting agreements		(791,388	)
Total Derivative Assets subject to master netting agreements	$	–

29 Invesco Short Term Bond Fund

	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(1,682,006	)
Derivatives not subject to master netting agreements		1,682,006
Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the six months ended August 31, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Interest Rate Risk
Realized Gain:
Futures contracts	$	382,916
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(6,579,567	)
Total	$	(6,196,651	)

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

	Futures Contracts
Average notional value	$	2,142,115,468

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,336.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of February 28, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	24,625,523	$	37,460,892	$	62,086,415

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

30 Invesco Short Term Bond Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $712,725,261 and $754,554,514, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	57,380,929
Aggregate unrealized (depreciation) of investments		(9,839,275	)
Net unrealized appreciation of investments	$	47,541,654

    Cost of investments for tax purposes is $3,131,225,407.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended August 31, 2021(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		24,949,212		$	215,881,363			58,881,176		$	505,448,194
Class C		4,783,374			41,401,644			13,661,101			117,320,096
Class R		677,137			5,874,832			1,792,362			15,480,563
Class Y		18,158,112			157,219,767			44,840,702			385,439,426
Class R5		4,904			42,362			14,730			124,587
Class R6		9,402,491			81,475,612			11,206,731			96,386,151
Issued as reinvestment of dividends:
Class A		1,123,085			9,717,067			2,488,914			21,390,097
Class C		131,919			1,142,093			362,060			3,104,680
Class R		33,075			286,940			70,805			611,740
Class Y		373,280			3,231,427			749,468			6,456,337
Class R5		527			4,548			1,406			12,017
Class R6		683,874			5,923,628			1,745,870			14,966,771
Automatic conversion of Class C shares to Class A shares:
Class A		852,524			7,373,760			5,113,852			44,216,450
Class C		(852,230	)		(7,373,760	)		(5,113,278	)		(44,216,450	)
Issued in connection with acquisitions:(b)
Class A		-			-			81,158,649			682,135,260
Class C		-			-			11,583,605			97,310,533
Class R		-			-			4,433,094			37,326,256
Class Y		-			-			45,739,122			384,550,934
Class R5		-			-			1,183			9,928
Class R6		-			-			15,510,515			130,528,698
Reacquired:
Class A		(29,777,738	)		(257,656,485	)		(47,246,252	)		(405,350,554	)
Class C		(5,394,084	)		(46,684,143	)		(11,536,618	)		(98,721,356	)
Class R		(871,181	)		(7,556,659	)		(1,210,156	)		(10,416,271	)
Class Y		(16,011,776	)		(138,635,894	)		(35,707,062	)		(306,904,869	)
Class R5		(3,436	)		(29,700	)		(14,102	)		(121,381	)
Class R6		(5,719,806	)		(49,517,964	)		(28,533,148	)		(244,137,358	)
Net increase in share activity		2,543,263		$	22,120,438			169,994,729		$	1,432,950,479

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

31 Invesco Short Term Bond Fund

^(b) After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Limited-Term Bond Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 158,426,168 shares of the Fund for 298,121,720 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $1,331,861,609, including $(3,211,961) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,589,317,925 and $2,921,179,534 immediately after the acquisition.

The pro forma results of operations for the year ended February 28, 2021 assuming the reorganization had been completed on March 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	59,556,930
Net realized/unrealized gains		1,730,190
Change in net assets resulting from operations	$	61,287,120

NOTE 11–Subsequent Event

Effective November 1, 2021, Class C shares of the Fund are subject to a CDSC. If a shareholder acquires Class C shares of any other fund as a result of an exchange involving Class C shares of the Fund that were not subject to a CDSC prior to November 1, 2021, then the shares acquired as a result of the exchange will not be subject to a CDSC.

32 Invesco Short Term Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)1	Period2	(08/31/21)	Period2	Ratio
Class A	$1,000.00	$1,003.00	$3.13	$1,022.08	$3.16	0.62%
Class C	1,000.00	1,001.40	4.89	1,020.32	4.94	0.97
Class R	1,000.00	1,001.30	4.89	1,020.32	4.94	0.97
Class Y	1,000.00	1,003.80	2.37	1,022.84	2.40	0.47
Class R5	1,000.00	1,004.20	2.02	1,023.19	2.04	0.40
Class R6	1,000.00	1,004.40	1.82	1,023.39	1.84	0.36

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

33 Invesco Short Term Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Term Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Government & Credit 1-3 Year Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period, the third quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that duration positioning and security selection in certain sectors detracted from Fund performance. The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual

34 Invesco Short Term Bond Fund

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 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 noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided . The Board -noted that Invesco

Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

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

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

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

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

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

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

SEC file numbers: 811-05686 and 033-39519                 Invesco Distributors, Inc.                  STB-SAR-1

Semiannual Report to Shareholders August 31, 2021

Invesco U.S. Government Money Portfolio

Nasdaq:

Invesco Cash Reserve: GMQXX ∎ C: GMCXX ∎ R: GMLXX ∎ Y: OMBXX ∎ R6: GMRXX

2	Fund Information
3	Schedule of Investments
6	Financial Statements
9	Financial Highlights
10	Notes to Financial Statements
14	Fund Expenses
15	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Information

    You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

    The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the Fund.

    Team managed by Invesco Advisers, Inc.

2 Invesco U.S. Government Money Portfolio

Schedule of Investments

August 31, 2021

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-38.14%
U.S. Treasury Bills-28.04%(a)
U.S. Treasury Bills		0.02%-0.06	%		09/02/2021	$	30,000	$	29,999,978
U.S. Treasury Bills		0.03	%		09/07/2021		25,000		24,999,896
U.S. Treasury Bills		0.03	%		09/09/2021		25,000		24,999,861
U.S. Treasury Bills		0.03	%		09/16/2021		30,000		29,999,687
U.S. Treasury Bills		0.01%-0.04	%		09/21/2021		65,000		64,998,819
U.S. Treasury Bills		0.04	%		10/21/2021		15,000		14,999,167
U.S. Treasury Bills		0.05	%		11/02/2021		5,000		4,999,569
U.S. Treasury Bills		0.14	%		11/04/2021		16,000		15,996,160
U.S. Treasury Bills		0.05	%		11/09/2021		15,000		14,998,606
U.S. Treasury Bills		0.04	%		11/12/2021		15,000		14,998,950
U.S. Treasury Bills		0.03	%		11/18/2021		5,000		4,999,675
U.S. Treasury Bills		0.05	%		12/02/2021		25,000		24,997,156
U.S. Treasury Bills		0.09	%		01/27/2022		10,000		9,996,300
U.S. Treasury Bills		0.06	%		02/03/2022		30,000		29,992,896
U.S. Treasury Bills		0.06	%		02/24/2022		15,000		14,995,600
U.S. Treasury Bills		0.07	%		04/21/2022		29,000		28,987,852
U.S. Treasury Bills		0.07	%		06/16/2022		10,000		9,994,400
U.S. Treasury Bills		0.08	%		07/14/2022		7,000		6,995,392
U.S. Treasury Bills		0.08	%		08/11/2022		20,000		19,984,711
									391,934,675
U.S. Treasury Notes-10.10%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b)		0.35	%		10/31/2021		16,000		16,001,031
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b)		0.16	%		04/30/2022		10,000		10,001,068
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)		0.10	%		10/31/2022		25,000		24,999,823
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)		0.09	%		01/31/2023		10,000		10,000,230
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)		0.08	%		04/30/2023		38,000		38,001,749
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)		0.07	%		07/31/2023		21,000		21,000,407
U.S. Treasury Notes		2.00	%		10/31/2021		15,000		15,046,440
U.S. Treasury Notes		2.00	%		07/31/2022		6,000		6,104,531
									141,155,279
Total U.S. Treasury Securities (Cost $533,089,954)									533,089,954
U.S. Government Sponsored Agency Securities-17.07%
Federal Farm Credit Bank (FFCB)-8.12%
Federal Farm Credit Bank (SOFR + 0.28%)(b)		0.33	%		10/01/2021		15,000		15,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		0.09	%		07/11/2022		10,000		9,999,564
Federal Farm Credit Bank (SOFR + 0.19%)(b)		0.24	%		07/14/2022		7,000		7,000,000
Federal Farm Credit Bank (SOFR + 0.07%)(b)		0.12	%		08/11/2022		20,000		19,999,995
Federal Farm Credit Bank (SOFR + 0.03%)(b)		0.08	%		10/12/2022		7,000		6,999,763
Federal Farm Credit Bank (SOFR + 0.01%)(b)		0.06	%		11/16/2022		7,000		6,999,829
Federal Farm Credit Bank (SOFR + 0.07%)(b)		0.12	%		11/18/2022		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.06%)(b)		0.11	%		12/28/2022		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.06%)(b)		0.11	%		01/20/2023		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.06%)(b)		0.11	%		02/09/2023		7,000		7,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		0.10	%		02/17/2023		9,000		9,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		0.09	%		03/10/2023		6,000		6,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		0.09	%		05/19/2023		3,000		3,000,000

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

3 Invesco U.S. Government Money Portfolio

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.03%)(b)		0.08	%		06/14/2023	$	3,500	$	3,500,000
Federal Farm Credit Bank (SOFR + 0.03%)(b)		0.08	%		07/07/2023		4,000		4,000,000
									113,499,151
Federal Home Loan Bank (FHLB)-6.09%
Federal Home Loan Bank (SOFR + 0.02%)(b)		0.07	%		09/02/2021		30,000		30,000,000
Federal Home Loan Bank(a)		0.03	%		10/29/2021		3,064		3,063,852
Federal Home Loan Bank (SOFR + 0.15%)(b)		0.20	%		11/15/2021		10,000		10,000,000
Federal Home Loan Bank (SOFR + 0.06%)(b)		0.11	%		02/11/2022		7,000		7,000,000
Federal Home Loan Bank (SOFR + 0.06%)(b)		0.11	%		05/12/2022		15,000		15,000,000
Federal Home Loan Bank (SOFR + 0.07%)(b)		0.12	%		11/10/2022		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.06%)(b)		0.11	%		12/08/2022		15,000		15,000,000
									85,063,852
Federal Home Loan Mortgage Corp. (FHLMC)-1.07%
Federal Home Loan Mortgage Corp. (SOFR + 0.18%)(b)		0.23	%		12/13/2021		15,000		15,000,000
Federal National Mortgage Association (FNMA)-1.79%
Federal National Mortgage Association (SOFR + 0.30%)(b)		0.35	%		01/07/2022		10,000		10,000,000
Federal National Mortgage Association (SOFR + 0.22%)(b)		0.27	%		03/16/2022		10,000		10,000,000
Federal National Mortgage Association (SOFR + 0.20%)(b)		0.25	%		06/15/2022		5,000		5,000,000
									25,000,000
Total U.S. Government Sponsored Agency Securities (Cost $238,563,003)									238,563,003
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-55.21% (Cost $771,652,957)									771,652,957
						Repurchase Amount
Repurchase Agreements-46.57%(c)
Credit Agricole Corporate & Investment Bank, agreement dated 08/31/2021, maturing value of $200,000,278 (collateralized by U.S. Treasury obligations valued at $204,000,356; 2.88%; 05/15/2043 - 05/15/2049)		0.05	%		09/01/2021		200,000,278		200,000,000
RBC Dominion Securities Inc., agreement dated 08/31/2021, maturing value of $226,000,314 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $230,520,379; 0.00% - 5.00%; 09/30/2021 - 08/20/2051)		0.05	%		09/01/2021		226,000,314		226,000,000
TD Securities (USA) LLC, term agreement dated 08/25/2021, maturing value of $225,002,406 (collateralized by domestic agency mortgage-backed securities valued at $229,502,455; 2.00% - 4.50%; 07/01/2031 - 07/01/2051)(d)		0.06	%		09/01/2021		225,002,406		225,000,000
Total Repurchase Agreements (Cost $651,000,000)									651,000,000
TOTAL INVESTMENTS IN SECURITIES(e)-101.78% (Cost $1,422,652,957)									1,422,652,957
OTHER ASSETS LESS LIABILITIES-(1.78)%									(24,837,260	)
NET ASSETS-100.00%								$	1,397,815,697

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

Notes to Schedule of Investments:

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

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

^(c)  Principal amount equals value at period end. See Note 1I.

^(d)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(e)  Also represents cost for federal income tax purposes.

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

4 Invesco U.S. Government Money Portfolio

Portfolio Composition by Maturity*

In days, as of 08/31/2021

1-7	50.9	%
8-30	8.6
31-60	2.4
61-90	6.9
91-180	8.0
181+	23.2

* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

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

5 Invesco U.S. Government Money Portfolio

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, excluding repurchase agreements, at value and cost	$	771,652,957
Repurchase agreements, at value and cost		651,000,000
Cash		1,032,163
Receivable for:
Fund shares sold		734,621
Interest		180,866
Fund expenses absorbed		607,637
Investment for trustee deferred compensation and retirement plans		150,159
Other assets		30
Total assets		1,425,358,433
Liabilities:
Payable for:
Investments purchased		24,997,156
Fund shares reacquired		1,535,910
Accrued fees to affiliates		728,390
Accrued trustees’ and officers’ fees and benefits		4,851
Accrued operating expenses		18,308
Trustee deferred compensation and retirement plans		258,121
Total liabilities		27,542,736
Net assets applicable to shares outstanding	$	1,397,815,697

Net assets consist of:
Shares of beneficial interest	$	1,397,981,411
Distributable earnings (loss)		(165,714	)
	$	1,397,815,697
Net Assets:
Invesco Cash Reserve	$	47,759,443
Class C	$	7,695,618
Class R	$	4,845,762
Class Y	$	1,337,504,874
Class R6	$	10,000
Shares outstanding, no par value, unlimited number of shares authorized:
Invesco Cash Reserve		47,758,558
Class C		7,695,449
Class R		4,845,669
Class Y		1,337,481,260
Class R6		10,000
Net asset value, offering and redemption price per share for each class	$	1.00

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

6 Invesco U.S. Government Money Portfolio

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)

Investment income:
Interest	$	490,834
Expenses:
Advisory fees		3,057,279
Administrative services fees		326,210
Custodian fees		3,699
Distribution fees:
Invesco Cash Reserve		40,472
Class C		47,433
Class R		13,076
Transfer agent fees - Invesco Cash Reserve, C, R and Y		1,860,513
Transfer agent fees - R6		5
Trustees’ and officers’ fees and benefits		31,866
Registration and filing fees		50,663
Reports to shareholders		55,240
Professional services fees		28,704
Other		3,863
Total expenses		5,519,023
Less: Fees waived and expenses reimbursed		(5,069,012	)
Net expenses		450,011
Net investment income		40,823
Net realized gain from unaffiliated investment securities		10,107
Net increase in net assets resulting from operations	$	50,930

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

7 Invesco U.S. Government Money Portfolio

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)

	August 31, 2021			February 28, 2021
Operations:
Net investment income	$	40,823		$	618,237
Net realized gain		10,107			5,310
Net increase in net assets resulting from operations		50,930			623,547
Distributions to shareholders from distributable earnings:
Invesco Cash Reserve		(1,862	)		(8,309	)
Class C		(327	)		(1,070	)
Class R		(179	)		(573	)
Class Y		(38,453	)		(608,278	)
Class R6		(2	)		(7	)
Total distributions from distributable earnings		(40,823	)		(618,237	)
Share transactions-net:
Invesco Cash Reserve		(12,944,995	)		47,829,569
Class C		(3,323,502	)		8,705,815
Class R		(1,011,460	)		4,757,966
Class Y		(133,004,067	)		(88,128,122	)
Net increase (decrease) in net assets resulting from share transactions		(150,284,024	)		(26,834,772	)
Net increase (decrease) in net assets		(150,273,917	)		(26,829,462	)
Net assets:
Beginning of period		1,548,089,614			1,574,919,076
End of period	$	1,397,815,697		$	1,548,089,614

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

8 Invesco U.S. Government Money Portfolio

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or  expenses absorbed(c)			Ratio of net investment income to average net assets
Invesco Cash Reserve
Six months ended 08/31/21		$1.00		$0.00		$0.00			$0.00		$(0.00	)		$      -			$(0.00	)		$1.00		0.00	%		$47,759		0.06	%(d)		0.88	%(d)		0.01	%(d)
Year ended 02/28/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.03			60,704		0.18			0.89			0.04
Seven months ended 02/29/20		1.00		0.01		(0.00	)		0.01		(0.01	)		-			(0.01	)		1.00		0.66			12,874		0.72	(d)		0.94	(d)		1.14	(d)
Period ended 07/31/19(e)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.30			3,285		0.67	(d)		0.86	(d)		1.67	(d)
Class C
Six months ended 08/31/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.00			7,696		0.06	(d)		1.73	(d)		0.01	(d)
Year ended 02/28/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.01			11,019		0.19			1.74			0.03
Seven months ended 02/29/20		1.00		0.00		(0.00	)		0.00		(0.00	)		-			(0.00	)		1.00		0.17			2,313		1.55	(d)		1.79	(d)		0.31	(d)
Period ended 07/31/19(e)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.16			497		1.43	(d)		1.64	(d)		0.91	(d)
Class R
Six months ended 08/31/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.00			4,846		0.06	(d)		1.23	(d)		0.01	(d)
Year ended 02/28/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.02			5,857		0.19			1.24			0.03
Seven months ended 02/29/20		1.00		0.00		(0.00	)		0.00		(0.00	)		-			(0.00	)		1.00		0.46			1,099		1.05	(d)		1.28	(d)		0.81	(d)
Period ended 07/31/19(e)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.23			182		1.08	(d)		1.08	(d)		1.27	(d)
Class Y
Six months ended 08/31/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.00			1,337,505		0.06	(d)		0.73	(d)		0.01	(d)
Year ended 02/28/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.04			1,470,499		0.18			0.74			0.04
Seven months ended 02/29/20		1.00		0.01		(0.00	)		0.01		(0.01	)		-			(0.01	)		1.00		0.74			1,558,623		0.58	(d)		0.80	(d)		1.28	(d)
Year ended 07/31/19		1.00		0.02		0.00			0.02		(0.02	)		(0.00	)		(0.02	)		1.00		1.77			1,669,766		0.58			0.62			1.76
Year ended 07/31/18		1.00		0.01		(0.00	)		0.01		(0.01	)		-			(0.01	)		1.00		0.84			40,384		0.60			0.61			0.83
Year ended 07/31/17		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.10			42,261		0.51			0.64			0.07
Year ended 07/31/16		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.01			92,494		0.45			0.64			0.01
Class R6
Six months ended 08/31/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.00			10		0.06	(d)		0.58	(d)		0.01	(d)
Year ended 02/28/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)		1.00		0.05			10		0.16			0.57			0.06
Seven months ended 02/29/20		1.00		0.01		(0.00	)		0.01		(0.01	)		-			(0.01	)		1.00		0.80			10		0.48	(d)		0.54	(d)		1.38	(d)
Period ended 07/31/19(e)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.34			10		0.48	(d)		0.48	(d)		1.88	(d)

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the seven months ended February 29, 2020 and the years ended July 31, 2019, 2018 and 2017, respectively.

^(d)  Annualized.

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

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

9 Invesco U.S. Government Money Portfolio

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

    The Fund’s investment objective is to seek income consistent with stability of principal.

    The Fund currently consists of five different classes of shares: Invesco Cash Reserve, Class C, Class R, Class Y and Class R6. Class Y shares are available only to certain investors. Class C shares are sold with a contingent deferred sales charges (“CDSC”). Invesco Cash Reserve, Class R, Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Invesco Cash Reserve shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

    The Fund is 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 Fund is a “government money market fund” as defined in Rule 2a-7 under the 1940 Act and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to the liquidity fee and redemption gate requirement at this time, as permitted by Rule 2a-7.

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

A. Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

    Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

    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.

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 the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

    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 gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

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

10 Invesco U.S. Government Money Portfolio

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. Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J. Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government.

K. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

    The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
First $ 500 million		0.450%
Next $500 million		0.425%
Next $500 million		0.400%
Next $1.5 billion		0.375%
Over $3 billion		0.350%

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

    For the six months ended August 31, 2021, the effective advisory fees incurred by the Fund was 0.41%.

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

    The Adviser has contractually agreed, through June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Invesco Cash Reserve, Class C, Class R, Class Y, and Class R6 shares to 0.73%, 1.58%, 1.08%, 0.58%, and 0.48%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

    Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase the Fund’s yield. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.

    For the six months ended August 31, 2021, the Adviser contractually reimbursed class level expenses of $40,287, $7,082, $3,905, $1,057,981 and $5, of Invesco Cash Reserve, Class C, Class R, Class Y and Class R6 shares, respectively, and Invesco voluntarily waived advisory fees of $3,057,279, reimbursed Fund level expenses of $50,235 and reimbursed class level expenses $67,757, $52,229, $15,721 and $716,531 of Invesco Cash Reserve, Class C, Class R and Class Y shares, respectively, in order to increase the yield.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fund accountant and provides certain administrative services to the Fund.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with IDI to serve as the distributor for the Invesco Cash Reserve, Class C, and Class R shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Invesco Cash Reserve, Class C and Class R shares (collectively the

11 Invesco U.S. Government Money Portfolio

“Plan”). The Fund pursuant to the Plan, pays IDI compensation at the annual rate of 0.15% of the average daily net assets of Invesco Cash Reserve shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. For the six months ended August 31, 2021, expenses incurred under the plans are shown in the Statement of Operations as Distribution fees. Expenses incurred after voluntary yield waivers are $0, $0 and $0 for Invesco Cash Reserve, Class C and Class R shares, respectively.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI imposed CDSC on redemptions by shareholders for Class C shares of $258.

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

NOTE 3–Additional Valuation Information

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

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

    As of August 31, 2021, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–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 5–Cash Balances

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

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

    The Fund did not have any capital loss carryforward as of February 28, 2021.

NOTE 7–Share Information

	Summary of Share Activity
	Six months ended August 31, 2021				Year ended February 28, 2021
	Shares		Amount		Shares		Amount
Sold:
Invesco Cash Reserve		14,352,541	$	14,352,541		104,717,832	$	104,717,832
Class C		1,450,678		1,450,678		29,269,887		29,269,887
Class R		2,495,656		2,495,656		10,100,878		10,100,878
Class Y		132,461,960		132,461,960		474,869,673		474,869,673

12 Invesco U.S. Government Money Portfolio

	Summary of Share Activity
	Six months ended August 31, 2021						Year ended February 28, 2021
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Invesco Cash Reserve		1,862		$	1,862			8,309		$	8,309
Class C		327			327			1,070			1,070
Class R		179			179			573			573
Class Y		38,453			38,453			608,278			608,278
Automatic Conversion of Class C shares to Invesco Cash Reserve shares:
Invesco Cash Reserve		48,307			48,307			2,474,092			2,474,092
Class C		(48,307	)		(48,307	)		(2,474,092	)		(2,474,092	)
Reacquired:
Invesco Cash Reserve		(27,347,705	)		(27,347,705	)		(59,370,664	)		(59,370,664	)
Class C		(4,726,200	)		(4,726,200	)		(18,091,050	)		(18,091,050	)
Class R		(3,507,295	)		(3,507,295	)		(5,343,485	)		(5,343,485	)
Class Y		(265,504,480	)		(265,504,480	)		(563,606,073	)		(563,606,073	)
Net increase (decrease) in share activity		(150,284,024	)	$	(150,284,024	)		(26,834,772	)	$	(26,834,772	)

13 Invesco U.S. Government Money Portfolio

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2021 through August 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
Class	(03/01/21)	(08/31/21)1	Period2	(08/31/21)	Period2	Ratio
Invesco Cash Reserve	$1,000.00	$1,000.04	$0.30	$1,024.90	$0.31	0.06%
C	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
R	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
Y	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
R6	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06

¹ The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

14 Invesco U.S. Government Money Portfolio

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco U.S. Government Money Portfolio’s (formerly, Invesco Oppenheimer Government Money Market Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of

Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe. The Board noted that performance of Class Y shares of the Fund was in the fourth quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of the Fund was below the performance universe median for the one year period, reasonably comparable to the performance universe median for the three year period and the same as the performance universe median for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

15 Invesco U.S. Government Money Portfolio

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class Y shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s contractual management fees and total expense ratio were in the fourth and fifth quintile, respectively, of its expense group and discussed with management reasons for such relative contractual management fees and total expenses, including that some of the Fund’s expense group peers have a unitary fee structure. The Board also noted that the Fund’s total expense ratio is as of the fiscal year end of February 28, 2020 and does not reflect additional voluntary waivers to maintain a positive yield subsequent to such date.

    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 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 noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

16 Invesco U.S. Government Money Portfolio

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

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 in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    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): 811-05686 and 033-39519 Invesco Distributors, Inc. O-GMKT-SAR-1

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of October 21, 2021, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 21, 2021, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Investment Securities Funds (Invesco Investment Securities Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	November 4, 2021

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	November 4, 2021

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	November 4, 2021

EX-99.CERT

I, Sheri Morris, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Securities Funds (Invesco Investment Securities Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2021	/s/ Sheri Morris
	Sheri Morris, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Securities Funds (Invesco Investment Securities Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2021	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer

EX-99.906 CERT

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Company”) on Form N-CSR for the period ended August 31, 2021, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 4, 2021	/s/ Sheri Morris
	Sheri Morris, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Company”) on Form N-CSR for the period ended August 31, 2021, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 4, 2021	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer