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:      2/28/2023                        

ITEM 1. REPORTS TO STOCKHOLDERS.

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

(b) Not applicable.

Annual Report to Shareholders February 28, 2023

Invesco Corporate Bond Fund

Nasdaq:

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

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
28	Financial Statements
31	Financial Highlights
32	Notes to Financial Statements
42	Report of Independent Registered Public Accounting Firm
43	Fund Expenses
44	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended February 28, 2023, Class A shares of Invesco Corporate Bond Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Credit Index, the Fund’s broad market/style-specific benchmark.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 2/28/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-10.14	%
Class C Shares	-10.84
Class R Shares	-10.38
Class Y Shares	-9.89
Class R5 Shares	-9.96
Class R6 Shares	-9.77
Bloomberg U.S. Credit Index▼ (Broad Market/Style-Specific Index)	-10.15
Lipper BBB Rated Funds Index∎ (Peer Group Index)	-12.19
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

The beginning of the fiscal year was headlined by a historic rise in inflation along with global geopolitical and economic tensions. Inflation, as measured by the Consumer Price Index, reached 8.5%,¹ its highest level in over 40 years. In response, the US Federal Reserve (the Fed) shifted to tighter monetary policy, hiking its Fed funds rate by 0.25%,² its first increase since 2018. Geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges in COVID-19 cases in China exacerbated supply chain issues and aggravated inflation. During the first quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%.³

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation increased further to 9.1% and fixed income markets experienced significant negative performance as bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).⁴ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter of 2022 above their long-term historical average. The Fed continued its rapid tightening of

monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its Fed funds rate during the fiscal year: a 0.50% hike in May, three 0.75% hikes in June, July and November, the largest hikes since 1994, a 0.50% hike in December, and a 0.25% hike in January to a target Fed funds rate of 4.50% to 4.75%, the highest since 2006.² At their January 2023 meeting, the Fed indicated that there were signs of inflation coming down, but not enough to counter the need for more interest rate increases. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 1.44% to 4.81% during the fiscal year, while 10-year Treasury rates increased from 1.83% to 3.92%.³ At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession. However, attractive yields and encouraging macroeconomic data show signs of a possible rebound for fixed income markets, in our opinion.

The Fund, at NAV, generated negative returns for the fiscal year but outperformed its broad market/style-specific benchmark, the Bloomberg U.S. Credit Index.

Positioning and security selection in corporate bonds were the primary contributors to Fund performance relative to the broad market/style-specific benchmark during the fiscal year. In particular, overweight allocations to the energy and insurance sub-sectors contributed most to relative Fund performance while an underweight allocation to the consumer non-cyclical sub-sector and an overweight allocation to the finance companies sub-sector detracted most from relative Fund performance. Security selection within the banking and energy sub-sectors contributed most to Fund performance while security selection within the brokerage/asset

managers/exchanges and REITs sub-sectors detracted most from Fund performance. Additionally, an underweight in Treasuries and other government-related assets was additive to Fund performance due to a flattening of the yield curve and elevated inflation.

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

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

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. We believe the risk may be greater in the current market environment because of interest rate volatility to combat inflation. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

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

2 Invesco Corporate Bond Fund

1 Source: US Bureau of Labor Statistics

2 Source: Federal Reserve of Economic Data

3 Source: US Department of the Treasury

4 Source: Bloomberg LP

Portfolio manager(s):

Matthew Brill

Chuck Burge

Michael Hyman

Niklas Nordenfelt

Todd Schomberg

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

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

3 Invesco Corporate Bond Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 2/28/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does

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

4 Invesco Corporate Bond Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (9/23/71)	6.46	%
10 Years	2.15
5 Years	0.57
1 Year	-13.99
Class C Shares
Inception (8/30/93)	4.52	%
10 Years	1.99
5 Years	0.66
1 Year	-11.70
Class R Shares
Inception (6/6/11)	3.06	%
10 Years	2.34
5 Years	1.17
1 Year	-10.38
Class Y Shares
Inception (8/12/05)	4.33	%
10 Years	2.85
5 Years	1.68
1 Year	-9.89
Class R5 Shares
Inception (6/1/10)	4.22	%
10 Years	2.94
5 Years	1.74
1 Year	-9.96
Class R6 Shares
Inception (9/24/12)	3.11	%
10 Years	3.03
5 Years	1.81
1 Year	-9.77

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.

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

    Class A share performance reflects the maximum 4.25% sales charge, and Class C

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

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

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

5 Invesco Corporate Bond Fund

Supplemental Information

Invesco Corporate Bond 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.

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎ The Bloomberg U.S. 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.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

6 Invesco Corporate Bond Fund

Fund Information

Portfolio Composition
By security type	% of total net assets
U.S. Dollar Denominated Bonds & Notes		89.61	%
Preferred Stocks		2.19
U.S. Treasury Securities		1.62
Asset-Backed Securities		1.14
Security Types Each Less Than 1% of Portfolio		0.70
Money Market Funds Plus Other Assets Less Liabilities		4.74
Top Five Debt Issuers*
	% of total net assets
1.  Amgen, Inc.		2.37	%
2.  Kinder Morgan, Inc.		1.93
3.  Philip Morris International, Inc.		1.77
4.  Bank of America Corp.		1.51
5.  U.S. Treasury		1.42

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

* Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2023.

7 Invesco Corporate Bond Fund

Schedule of Investments^(a)

February 28, 2023

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–89.61%
Advertising–0.21%
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)	$	265,000	$          236,766
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		3,831,000	3,656,733
Lamar Media Corp.,
4.00%, 02/15/2030(c)		1,319,000	1,135,527
3.63%, 01/15/2031		523,000	431,237
			5,460,263
Aerospace & Defense–1.90%
Boeing Co. (The),
2.75%, 02/01/2026(c)		1,347,000	1,249,030
2.20%, 02/04/2026		2,079,000	1,888,977
5.15%, 05/01/2030		5,000,000	4,841,469
3.63%, 02/01/2031		3,957,000	3,472,311
5.93%, 05/01/2060		5,937,000	5,555,077
Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025		4,639,000	4,457,513
Lockheed Martin Corp.,
5.10%, 11/15/2027		2,921,000	2,961,321
4.15%, 06/15/2053		1,490,000	1,282,991
5.70%, 11/15/2054		2,121,000	2,298,705
4.30%, 06/15/2062		1,796,000	1,557,392
5.90%, 11/15/2063		2,121,000	2,345,018
Northrop Grumman Corp., 4.95%, 03/15/2053		2,481,000	2,341,254
Raytheon Technologies Corp.,
5.00%, 02/27/2026		1,102,000	1,100,626
5.15%, 02/27/2033(c)		5,317,000	5,293,202
5.38%, 02/27/2053		3,983,000	4,003,650
TransDigm UK Holdings PLC, 6.88%, 05/15/2026		301,000	295,085
TransDigm, Inc.,
6.25%, 03/15/2026(b)		547,000	540,395
6.38%, 06/15/2026		141,000	136,885
6.75%, 08/15/2028(b)		2,680,000	2,669,950
			48,290,851
Agricultural & Farm Machinery–0.73%
Cargill, Inc.,
5.13%, 10/11/2032(b)		2,043,000	2,051,718
4.38%, 04/22/2052(b)		1,796,000	1,595,548
John Deere Capital Corp., 4.90%, 03/03/2028		14,934,000	14,910,145
			18,557,411
Agricultural Products–0.02%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031(c)		560,000	461,360
Air Freight & Logistics–0.45%
United Parcel Service, Inc.,
4.88%, 03/03/2033		3,730,000	3,706,643
5.05%, 03/03/2053		7,949,000	7,854,367
			11,561,010

	Principal Amount		Value
Airlines–1.57%
American Airlines Pass-Through Trust,
Series 2016-3, Class A, 3.00%, 10/15/2028	$	2,606,968	$       2,314,091
Series 2017-2, Class AA, 3.35%, 10/15/2029		249,629	223,169
Series 2021-1, Class B, 3.95%, 07/11/2030		2,850,675	2,500,016
Series 2021-1, Class A, 2.88%, 07/11/2034		2,743,418	2,268,946
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)		998,000	972,340
British Airways Pass-Through Trust (United Kingdom),
Series 2019-1, Class AA, 3.30%, 12/15/2032(b)		2,805,316	2,418,833
Series 2021-1, Class A, 2.90%, 03/15/2035(b)		1,856,848	1,533,340
Delta Air Lines Pass-Through Trust,
Series 2019-1, Class A, 3.40%, 04/25/2024		2,074,000	1,996,802
Series 2020-1, Class AA, 2.00%, 06/10/2028		1,305,541	1,143,968
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025(b)		3,639,715	3,537,280
4.75%, 10/20/2028(b)		9,766,311	9,283,854
United Airlines Pass-Through Trust,
Series 2016-1, Class B, 3.65%, 01/07/2026		1,517,449	1,403,970
Series 2020-1, Class A, 5.88%, 10/15/2027		4,152,952	4,130,332
Series 2018-1, Class A, 3.70%, 03/01/2030		272,671	233,753
Series 2018-1, Class AA, 3.50%, 03/01/2030		2,259,045	2,027,276
Series 2019-1, Class A, 4.55%, 08/25/2031		1,535,877	1,380,732
Series 2019-1, Class AA, 4.15%, 08/25/2031		2,764,055	2,498,168
United Airlines, Inc., 4.38%, 04/15/2026(b)		46,000	43,336
			39,910,206
Alternative Carriers–0.01%
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		459,000	227,937
Aluminum–0.02%
Novelis Corp., 3.25%, 11/15/2026(b)		556,000	490,694
Apparel Retail–0.02%
Gap, Inc. (The), 3.63%, 10/01/2029(b)		668,000	490,622
Application Software–0.21%
NCR Corp., 5.75%, 09/01/2027(b)		511,000	495,814
Open Text Corp. (Canada), 6.90%, 12/01/2027(b)		972,000	982,595

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

8 Invesco Corporate Bond Fund

	Principal Amount		Value
Application Software–(continued)
salesforce.com, inc., 2.90%, 07/15/2051	$	2,260,000	$       1,521,736
SS&C Technologies, Inc., 5.50%, 09/30/2027(b)		516,000	486,092
Workday, Inc., 3.70%, 04/01/2029		2,149,000	1,963,806
			5,450,043
Asset Management & Custody Banks–0.96%
Ameriprise Financial, Inc., 4.50%, 05/13/2032(c)		1,685,000	1,641,948
Ares Capital Corp.,
2.88%, 06/15/2028(c)		375,000	308,313
3.20%, 11/15/2031(c)		400,000	305,478
Bank of New York Mellon Corp. (The),
4.54%, 02/01/2029(c)(d)		3,808,000	3,702,205
5.83%, 10/25/2033(d)		3,117,000	3,248,245
4.71%, 02/01/2034(d)		2,464,000	2,371,979
Series I, 3.75%(d)(e)		3,786,000	3,170,775
Blackstone Secured Lending Fund, 2.13%, 02/15/2027		3,880,000	3,269,624
Northern Trust Corp., 6.13%, 11/02/2032(c)		3,632,000	3,834,549
State Street Corp.,
5.82%, 11/04/2028(d)		1,271,000	1,301,884
4.82%, 01/26/2034(c)(d)		1,400,000	1,350,796
			24,505,796
Auto Parts & Equipment–0.27%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(b)		4,624,000	4,107,966
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		178,000	177,155
Nemak S.A.B. de C.V. (Mexico), 3.63%, 06/28/2031(b)		2,594,000	1,956,889
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		829,000	739,700
			6,981,710
Automobile Manufacturers–2.39%
Allison Transmission, Inc.,
4.75%, 10/01/2027(b)		202,000	187,573
3.75%, 01/30/2031(b)		1,046,000	869,529
BMW US Capital LLC (Germany), 3.70%, 04/01/2032(b)(c)		1,546,000	1,400,054
Ford Motor Co.,
4.35%, 12/08/2026(c)		515,000	492,210
3.25%, 02/12/2032		531,000	403,150
6.10%, 08/19/2032(c)		4,835,000	4,507,266
4.75%, 01/15/2043		345,000	252,056
Ford Motor Credit Co. LLC,
4.39%, 01/08/2026		1,045,000	984,170
4.95%, 05/28/2027		200,000	186,555
7.35%, 11/04/2027		3,938,000	3,999,433
5.11%, 05/03/2029(c)		450,000	411,750
7.35%, 03/06/2030		2,681,000	2,718,078
General Motors Financial Co., Inc.,
5.00%, 04/09/2027		3,041,000	2,966,795
4.30%, 04/06/2029(c)		4,102,000	3,744,543
Series B, 6.50%(d)(e)		200,000	187,750

	Principal Amount		Value
Automobile Manufacturers–(continued)
Hyundai Capital America,
4.30%, 02/01/2024(b)(c)	$	9,369,000	$       9,249,973
2.65%, 02/10/2025(b)		1,893,000	1,790,663
2.00%, 06/15/2028(b)		2,563,000	2,136,248
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		992,000	957,037
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026(b)		5,261,000	4,460,959
PACCAR Financial Corp., 4.60%, 01/10/2028		1,796,000	1,783,663
Toyota Motor Credit Corp.,
4.63%, 01/12/2028(c)		3,045,000	3,007,306
4.45%, 06/29/2029(c)		4,976,000	4,863,909
4.70%, 01/12/2033		1,117,000	1,096,569
Volkswagen Group of America Finance LLC (Germany),
4.35%, 06/08/2027(b)		5,180,000	4,973,022
4.60%, 06/08/2029(b)		3,261,000	3,122,737
			60,752,998
Automotive Retail–0.53%
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028		137,000	122,721
4.63%, 11/15/2029(b)		425,000	369,990
AutoZone, Inc., 4.75%, 08/01/2032		2,211,000	2,111,460
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)		1,063,000	913,787
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)		1,096,000	891,807
Lithia Motors, Inc., 3.88%, 06/01/2029(b)(c)		4,401,000	3,681,634
Sonic Automotive, Inc.,
4.63%, 11/15/2029(b)(c)		2,960,000	2,444,916
4.88%, 11/15/2031(b)(c)		3,629,000	2,891,478
			13,427,793
Biotechnology–2.43%
AbbVie, Inc., 4.88%, 11/14/2048		1,683,000	1,544,554
Amgen, Inc.,
5.25%, 03/02/2025		1,667,000	1,663,581
5.15%, 03/02/2028		11,735,000	11,692,184
5.25%, 03/02/2030		5,690,000	5,664,443
2.00%, 01/15/2032		125,000	96,717
5.25%, 03/02/2033		10,367,000	10,298,891
3.15%, 02/21/2040		1,308,000	962,754
5.60%, 03/02/2043		7,988,000	7,893,105
5.65%, 03/02/2053		12,463,000	12,369,262
5.75%, 03/02/2063		9,837,000	9,708,775
			61,894,266
Brewers–0.22%
Anadolu Efes Biracilik ve Malt Sanayii A.S. (Turkey), 3.38%, 06/29/2028(b)		2,337,000	1,818,074
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
8.00%, 11/15/2039		1,944,000	2,381,905
4.35%, 06/01/2040		1,634,000	1,436,617
			5,636,596

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

9 Invesco Corporate Bond Fund

	Principal Amount		Value
Building Products–0.01%
Owens Corning, 4.30%, 07/15/2047	$	250,000	$          200,092
Cable & Satellite–1.69%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.00%, 02/01/2028(b)		210,000	190,512
6.38%, 09/01/2029(b)(c)		4,452,000	4,155,408
4.75%, 03/01/2030(b)		607,000	511,052
4.50%, 08/15/2030(b)		676,000	556,727
7.38%, 03/01/2031(b)(c)		2,567,000	2,491,864
4.50%, 05/01/2032		1,459,000	1,156,257
4.50%, 06/01/2033(b)		243,000	189,289
4.25%, 01/15/2034(b)		217,000	162,654
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
4.91%, 07/23/2025		3,904,000	3,821,476
5.38%, 04/01/2038		249,000	208,587
3.50%, 06/01/2041		2,150,000	1,408,223
3.50%, 03/01/2042		2,592,000	1,674,393
5.75%, 04/01/2048		1,960,000	1,639,126
3.90%, 06/01/2052		2,188,000	1,384,263
6.83%, 10/23/2055		3,356,000	3,161,059
3.85%, 04/01/2061		2,733,000	1,612,159
Comcast Corp.,
5.50%, 11/15/2032(c)		5,680,000	5,840,634
3.45%, 02/01/2050		1,659,000	1,215,740
2.80%, 01/15/2051		2,982,000	1,905,565
2.89%, 11/01/2051		1,831,000	1,186,737
2.94%, 11/01/2056		1,597,000	1,002,934
2.99%, 11/01/2063		1,279,000	782,677
Cox Communications, Inc.,
2.60%, 06/15/2031(b)		1,324,000	1,070,194
CSC Holdings LLC,
6.50%, 02/01/2029(b)		727,000	617,059
5.75%, 01/15/2030(b)		817,000	468,848
4.50%, 11/15/2031(b)		264,000	187,702
5.00%, 11/15/2031(b)		200,000	106,695
DISH DBS Corp., 5.13%,
06/01/2029		809,000	478,827
Gray Escrow II, Inc., 5.38%,
11/15/2031(b)		801,000	595,666
Sirius XM Radio, Inc.,
3.13%, 09/01/2026(b)		419,000	370,868
4.00%, 07/15/2028(b)		412,000	352,631
3.88%, 09/01/2031(b)		460,000	358,105
Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030(b)		296,000	241,506
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)		1,000,000	907,060
VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(b)		1,149,000	946,111
			42,958,608
Casinos & Gaming–0.06%
Everi Holdings, Inc., 5.00%, 07/15/2029(b)		521,000	458,695

	Principal Amount		Value
Casinos & Gaming–(continued)
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)	$	513,000	$          481,071
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(b)		554,000	496,179
			1,435,945
Commodity Chemicals–0.05%
Mativ Holdings, Inc., 6.88%, 10/01/2026(b)		1,493,000	1,377,188
Computer & Electronics Retail–0.33%
Dell International LLC/EMC Corp.,
4.00%, 07/15/2024(c)		2,133,000	2,090,831
4.90%, 10/01/2026		1,449,000	1,417,702
8.35%, 07/15/2046		51,000	57,953
3.45%, 12/15/2051(b)		1,174,000	718,412
Leidos, Inc.,
2.30%, 02/15/2031		2,036,000	1,588,568
5.75%, 03/15/2033		2,665,000	2,633,405
			8,506,871
Construction & Engineering–0.03%
AECOM, 5.13%, 03/15/2027		133,000	127,328
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)		536,000	510,961
			638,289
Construction Machinery & Heavy Trucks–0.01%
Wabtec Corp., 4.95%, 09/15/2028		209,000	201,867
Construction Materials–0.07%
CRH America Finance, Inc. (Ireland), 3.95%, 04/04/2028(b)		2,012,000	1,895,604
Consumer Finance–0.82%
Ally Financial, Inc.,
5.13%, 09/30/2024		434,000	430,474
4.63%, 03/30/2025		1,303,000	1,275,953
2.20%, 11/02/2028		247,000	201,433
American Express Co.,
2.55%, 03/04/2027		1,408,000	1,275,311
4.42%, 08/03/2033(d)		4,665,000	4,367,388
Capital One Financial Corp., 5.27%, 05/10/2033(c)(d)		550,000	521,283
FirstCash, Inc., 5.63%, 01/01/2030(b)		525,000	465,137
OneMain Finance Corp.,
6.88%, 03/15/2025		300,000	293,165
7.13%, 03/15/2026		925,000	900,108
3.88%, 09/15/2028		283,000	225,271
5.38%, 11/15/2029(c)		519,000	437,787
Synchrony Financial,
4.50%, 07/23/2025		3,115,000	3,001,442
7.25%, 02/02/2033		7,847,000	7,561,800
			20,956,552
Copper–0.16%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027(c)		2,322,000	2,259,912

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

10 Invesco Corporate Bond Fund

	Principal Amount		Value
Copper–(continued)
PT Freeport Indonesia (Indonesia), 5.32%, 04/14/2032(b)	$	1,919,000	$       1,774,520
			4,034,432
Data Processing & Outsourced Services–0.24%
Clarivate Science Holdings Corp.,
3.88%, 07/01/2028(b)		2,692,000	2,325,479
4.88%, 07/01/2029(b)		531,000	459,286
Fidelity National Information Services, Inc., 2.25%, 03/01/2031		230,000	181,088
PayPal Holdings, Inc.,
2.85%, 10/01/2029(c)		748,000	649,850
5.05%, 06/01/2052(c)		2,769,000	2,524,272
			6,139,975
Department Stores–0.04%
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029(b)		280,000	254,651
5.88%, 03/15/2030(b)		245,000	216,286
6.13%, 03/15/2032(b)		75,000	64,593
4.50%, 12/15/2034		574,000	417,502
4.30%, 02/15/2043		165,000	101,609
			1,054,641
Distributors–0.04%
Genuine Parts Co.,
1.88%, 11/01/2030		1,007,000	778,104
2.75%, 02/01/2032		165,000	133,500
			911,604
Diversified Banks–12.07%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)		7,620,000	7,149,313
African Export-Import Bank (The) (Supranational),
2.63%, 05/17/2026(b)		1,433,000	1,285,533
3.80%, 05/17/2031(b)		1,858,000	1,538,978
Australia and New Zealand Banking Group Ltd. (Australia),
6.74%, 12/08/2032(b)		4,445,000	4,599,188
6.75%(b)(d)(e)		3,444,000	3,422,768
Banco do Brasil S.A. (Brazil), 3.25%, 09/30/2026(b)		1,992,000	1,814,712
Bank of America Corp.,
5.62% (SOFR + 1.05%), 02/04/2028(f)		2,933,000	2,916,368
4.38%, 04/27/2028(d)		4,724,000	4,518,798
2.57%, 10/20/2032(d)		1,439,000	1,146,371
2.97%, 02/04/2033(d)		1,455,000	1,191,434
4.57%, 04/27/2033(d)		4,273,000	3,974,099
5.02%, 07/22/2033(c)(d)		4,635,000	4,461,515
2.48%, 09/21/2036(d)		2,282,000	1,710,904
3.85%, 03/08/2037(d)		860,000	726,242
7.75%, 05/14/2038		2,009,000	2,375,065
Series AA, 6.10%(c)(d)(e)		5,223,000	5,183,827
Series DD, 6.30%(c)(d)(e)		1,589,000	1,606,876
Series TT, 6.13%(c)(d)(e)		8,529,000	8,335,392
Bank of China Ltd. (China), 5.00%, 11/13/2024(b)		2,850,000	2,814,874

	Principal Amount		Value
Diversified Banks–(continued)
Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082(c)(d)	$	5,544,000	$       5,861,297
Barclays PLC (United Kingdom),
7.44%, 11/02/2033(d)		6,004,000	6,487,010
8.00%(d)(e)		4,510,000	4,431,977
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(b)		1,666,000	1,640,593
BPCE S.A. (France),
5.98%, 01/18/2027(b)(d)		4,156,000	4,153,354
2.28%, 01/20/2032(b)(d)		1,464,000	1,122,304
Citigroup, Inc.,
3.50%, 05/15/2023		2,047,000	2,039,998
3.98%, 03/20/2030(d)		2,058,000	1,878,509
2.56%, 05/01/2032(d)		1,769,000	1,421,633
2.52%, 11/03/2032(d)		964,000	761,315
3.79%, 03/17/2033(d)		3,428,000	2,982,689
4.91%, 05/24/2033(d)		2,864,000	2,715,962
2.90%, 11/03/2042(d)		1,455,000	1,008,149
7.38%(d)(e)		8,411,000	8,528,754
Series A, 8.87% (3 mo. USD LIBOR + 4.07%)(e)(f)		1,192,000	1,201,536
Series V, 4.70%(c)(d)(e)		2,340,000	2,141,100
Commonwealth Bank of Australia (Australia), 2.69%, 03/11/2031(b)		224,000	176,618
Cooperatieve Rabobank U.A. (Netherlands),
3.65%, 04/06/2028(b)(d)		2,625,000	2,449,579
4.66%, 08/22/2028(b)(c)(d)		3,885,000	3,753,715
3.76%, 04/06/2033(b)(c)(d)		2,417,000	2,104,275
Federation des caisses Desjardins du Quebec (Canada),
5.28%, 01/23/2026(b)(d)		1,124,000	1,115,784
4.55%, 08/23/2027(b)		6,178,000	6,014,995
HSBC Holdings PLC (United Kingdom),
5.21%, 08/11/2028(d)		3,440,000	3,366,033
2.36%, 08/18/2031(d)		201,000	158,883
2.87%, 11/22/2032(d)		386,000	306,059
5.40%, 08/11/2033(d)		5,361,000	5,142,494
8.11%, 11/03/2033(d)		6,069,000	6,704,305
6.00%(d)(e)		3,533,000	3,276,857
8.00%(d)(e)		5,374,000	5,368,626
ING Groep N.V. (Netherlands), 3.88%(d)(e)		212,000	163,791
JPMorgan Chase & Co.,
3.63%, 12/01/2027		1,459,000	1,362,590
4.32%, 04/26/2028(d)		4,645,000	4,455,405
4.85%, 07/25/2028(c)(d)		3,600,000	3,516,607
3.70%, 05/06/2030(d)		2,058,000	1,858,025
2.58%, 04/22/2032(d)		1,707,000	1,384,098
4.59%, 04/26/2033(d)		3,050,000	2,844,542
4.91%, 07/25/2033(c)(d)		4,551,000	4,359,706
5.72%, 09/14/2033(d)		7,294,000	7,252,403
4.26%, 02/22/2048(d)		1,386,000	1,188,203
Series W, 5.86% (3 mo. USD LIBOR + 1.00%),
05/15/2047(f)		4,256,000	3,606,960
KeyBank N.A., 4.90%, 08/08/2032		4,593,000	4,326,226

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

11 Invesco Corporate Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
Lloyds Banking Group PLC (United Kingdom), 4.98%, 08/11/2033(d)	$	200,000	$          186,506
Manufacturers & Traders Trust Co., 4.70%, 01/27/2028		4,369,000	4,242,488
Mitsubishi UFJ Financial Group, Inc. (Japan),
5.02%, 07/20/2028(c)(d)		3,092,000	3,028,083
2.05%, 07/17/2030		1,418,000	1,130,882
1.80%, 07/20/2033(d)		4,071,000	3,934,618
Mizuho Financial Group, Inc. (Japan),
2.20%, 07/10/2031(d)		2,143,000	1,699,437
2.56%, 09/13/2031		193,000	150,385
5.67%, 09/13/2033(c)(d)		5,085,000	5,094,933
Multibank, Inc. (Panama), 7.75%, 02/03/2028(b)		3,172,000	3,230,365
National Australia Bank Ltd. (Australia),
2.33%, 08/21/2030(b)		256,000	199,592
6.43%, 01/12/2033(b)		4,017,000	4,063,827
Natwest Group PLC (United Kingdom),
5.85%, 03/02/2027(d)		1,063,000	1,063,973
6.02%, 03/02/2034(d)		1,331,000	1,334,204
Nordea Bank Abp (Finland),
5.38%, 09/22/2027(b)		2,426,000	2,421,287
6.63%(b)(c)(d)(e)		3,226,000	3,139,811
Royal Bank of Canada (Canada),
5.00%, 02/01/2033(c)		5,502,000	5,377,936
Societe Generale S.A. (France), 9.38%(b)(d)(e)		2,534,000	2,678,945
Standard Chartered PLC (United Kingdom),
2.68%, 06/29/2032(b)(d)		2,996,000	2,383,021
3.27%, 02/18/2036(b)(d)		2,720,000	2,193,841
4.30%(b)(d)(e)		5,262,000	4,286,425
7.75%(b)(d)(e)		4,646,000	4,634,071
7.75%(b)(d)(e)		5,568,000	5,588,874
Sumitomo Mitsui Financial Group, Inc. (Japan),
3.04%, 07/16/2029		1,509,000	1,308,119
2.14%, 09/23/2030		2,970,000	2,338,998
5.77%, 01/13/2033		8,868,000	8,946,730
Swedbank AB (Sweden), 5.34%, 09/20/2027(b)		2,857,000	2,823,237
Synovus Bank, 5.63%, 02/15/2028		1,347,000	1,325,088
Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(d)		4,602,000	4,814,842
U.S. Bancorp,
4.97%, 07/22/2033(d)		2,746,000	2,621,354
5.85%, 10/21/2033(c)(d)		4,953,000	5,109,840
4.84%, 02/01/2034(d)		6,998,000	6,702,458
2.49%, 11/03/2036(c)(d)		5,668,000	4,369,399

	Principal Amount		Value
Diversified Banks–(continued)
Wells Fargo & Co.,
3.53%, 03/24/2028(d)	$	1,748,000	$       1,619,397
4.81%, 07/25/2028(d)		2,076,000	2,022,291
4.15%, 01/24/2029(c)		2,778,000	2,603,749
4.90%, 07/25/2033(d)		2,036,000	1,945,744
3.07%, 04/30/2041(d)		929,000	674,214
5.38%, 11/02/2043(c)		5,935,000	5,618,998
4.75%, 12/07/2046		1,593,000	1,368,576
4.61%, 04/25/2053(d)		3,758,000	3,260,636
Westpac Banking Corp. (Australia),
5.41%, 08/10/2033(d)		241,000	230,988
2.67%, 11/15/2035(d)		101,000	77,642
			307,251,020
Diversified Capital Markets–2.43%
Credit Suisse AG (Switzerland),
7.95%, 01/09/2025		7,214,000	7,288,771
5.00%, 07/09/2027		5,407,000	4,959,487
7.50%, 02/15/2028		7,115,000	7,189,546
Credit Suisse Group AG (Switzerland),
6.44%, 08/11/2028(b)(d)		5,009,000	4,633,543
4.19%, 04/01/2031(b)(d)		2,540,000	2,016,235
6.54%, 08/12/2033(b)(d)		4,349,000	3,908,616
9.02%, 11/15/2033(b)(d)		1,830,000	1,923,383
4.50%(b)(c)(d)(e)		3,968,000	2,315,923
5.10%(b)(d)(e)		4,230,000	2,629,580
5.25%(b)(d)(e)		4,357,000	3,012,425
7.25%(b)(d)(e)		330,000	243,824
7.50%(b)(d)(e)		5,779,000	5,063,849
9.75%(b)(c)(d)(e)		3,746,000	3,399,121
Macquarie Bank Ltd. (Australia), 6.13%(b)(d)(e)		5,010,000	4,601,781
OWL Rock Core Income Corp., 4.70%, 02/08/2027(c)		2,046,000	1,869,810
UBS Group AG (Switzerland),
5.71%, 01/12/2027(b)(d)		1,277,000	1,274,914
4.75%, 05/12/2028(b)(d)		3,537,000	3,407,354
4.38%(b)(d)(e)		2,699,000	2,126,777
			61,864,939
Diversified Chemicals–0.48%
Braskem Netherlands Finance B.V. (Brazil), 7.25%, 02/13/2033(b)		2,670,000	2,608,403
Celanese US Holdings LLC,
5.90%, 07/05/2024		4,687,000	4,683,460
6.05%, 03/15/2025		5,013,000	4,996,333
			12,288,196
Diversified Metals & Mining–0.77%
BHP Billiton Finance (USA) Ltd. (Australia),
4.88%, 02/27/2026		6,055,000	6,017,685
4.75%, 02/28/2028		3,764,000	3,719,847
4.90%, 02/28/2033		4,372,000	4,356,818
Corp. Nacional del Cobre de Chile (Chile),
5.13%, 02/02/2033(b)		1,861,000	1,811,775
3.15%, 01/15/2051(b)		1,214,000	836,412
FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031(b)(c)		2,088,000	1,764,122

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

12 Invesco Corporate Bond Fund

	Principal Amount		Value
Diversified Metals & Mining–(continued)
Hudbay Minerals, Inc. (Canada),
4.50%, 04/01/2026(b)	$	28,000	$            25,168
6.13%, 04/01/2029(b)		511,000	451,663
Teck Resources Ltd. (Canada), 6.13%, 10/01/2035		503,000	507,134
			19,490,624
Diversified REITs–0.83%
CubeSmart L.P., 2.50%, 02/15/2032		734,000	574,127
Trust Fibra Uno (Mexico),
5.25%, 12/15/2024(b)		4,124,000	4,045,788
5.25%, 01/30/2026(b)		2,991,000	2,856,300
4.87%, 01/15/2030(b)		995,000	848,735
6.39%, 01/15/2050(b)		8,001,000	6,255,432
VICI Properties L.P.,
4.75%, 02/15/2028		3,429,000	3,237,765
4.95%, 02/15/2030		3,429,000	3,204,427
5.13%, 05/15/2032		250,000	232,188
			21,254,762
Diversified Support Services–0.04%
Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b)		1,028,000	1,029,413
Drug Retail–0.09%
CVS Pass-Through Trust,
6.04%, 12/10/2028		914,030	921,276
5.77%, 01/10/2033(b)		1,469,617	1,432,873
			2,354,149
Education Services–0.14%
Grand Canyon University, 3.25%, 10/01/2023		3,480,000	3,436,500
Electric Utilities–3.77%
AEP Texas, Inc., 5.25%, 05/15/2052		2,013,000	1,915,534
Alfa Desarrollo S.p.A. (Chile), 4.55%, 09/27/2051(b)		3,105,637	2,279,538
American Electric Power Co., Inc.,
5.75%, 11/01/2027		2,904,000	2,972,001
3.88%, 02/15/2062(d)		6,372,000	5,345,679
Commonwealth Edison Co., Series 127, 3.20%, 11/15/2049		1,703,000	1,212,425
Connecticut Light and Power Co. (The), 5.25%, 01/15/2053		2,082,000	2,084,769
Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/2052		1,308,000	1,401,103
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)		3,016,000	2,966,658
Duke Energy Carolinas LLC,
4.95%, 01/15/2033(c)		4,241,000	4,179,726
5.35%, 01/15/2053		3,825,000	3,776,047
Duke Energy Corp.,
5.00%, 12/08/2027(c)		1,534,000	1,523,353
4.30%, 03/15/2028		2,316,000	2,213,440
5.00%, 08/15/2052		3,966,000	3,532,195
3.25%, 01/15/2082(d)		1,595,000	1,267,387

	Principal Amount		Value
Electric Utilities–(continued)
Electricidad Firme de Mexico Holdings S.A. de C.V. (Mexico), 4.90%, 11/20/2026(b)	$	1,453,000	$       1,305,695
Electricite de France S.A. (France), 6.00%, 01/22/2114(b)		6,655,000	6,060,468
Enel Finance America LLC (Italy),
7.10%, 10/14/2027(b)(c)		1,455,000	1,528,591
2.88%, 07/12/2041(b)		1,466,000	916,239
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(b)		2,952,000	3,028,186
Eversource Energy, Series R, 1.65%, 08/15/2030		88,000	67,933
Exelon Corp., 5.60%, 03/15/2053		2,843,000	2,779,805
FirstEnergy Corp., Series B, 4.15%, 07/15/2027		1,000,000	933,895
Mercury Chile Holdco LLC (Chile), 6.50%, 01/24/2027(b)		2,917,000	2,800,320
NextEra Energy Capital Holdings, Inc.,
6.05%, 03/01/2025		2,889,000	2,908,135
4.63%, 07/15/2027		5,027,000	4,889,380
5.00%, 07/15/2032		1,661,000	1,600,428
NRG Energy, Inc., 4.45%, 06/15/2029(b)		560,000	498,897
PacifiCorp,
2.90%, 06/15/2052		1,822,000	1,209,979
5.35%, 12/01/2053		8,978,000	8,872,164
Southern Co. (The),
5.70%, 10/15/2032		2,158,000	2,194,282
Series B, 4.00%, 01/15/2051(d)		10,782,000	10,136,697
Series 21-A, 3.75%, 09/15/2051(d)		1,355,000	1,157,932
Tampa Electric Co., 5.00%, 07/15/2052		1,612,000	1,496,942
Virginia Electric & Power Co.,
Series B, 3.75%, 05/15/2027		1,482,000	1,408,185
Series C, 4.63%, 05/15/2052		2,522,000	2,220,792
Vistra Operations Co. LLC,
5.50%, 09/01/2026(b)		200,000	191,239
5.63%, 02/15/2027(b)		180,000	170,770
5.00%, 07/31/2027(b)		324,000	301,320
4.38%, 05/01/2029(b)(c)		605,000	523,348
			95,871,477
Electrical Components & Equipment–0.87%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		2,094,000	1,645,286
CenterPoint Energy Houston Electric LLC, Series AJ, 4.85%, 10/01/2052		4,371,000	4,163,257
EnerSys, 4.38%, 12/15/2027(b)		819,000	744,268
Regal Rexnord Corp.,
6.05%, 04/15/2028(b)		4,851,000	4,745,825
6.30%, 02/15/2030(b)		250,000	244,781
6.40%, 04/15/2033(b)		9,611,000	9,466,560
Sensata Technologies B.V., 5.88%, 09/01/2030(b)		1,067,000	1,012,963
			22,022,940

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

13 Invesco Corporate Bond Fund

	Principal Amount		Value
Electronic Components–0.57%
Corning, Inc., 5.45%, 11/15/2079	$	15,203,000	$     13,506,539
Sensata Technologies, Inc., 3.75%, 02/15/2031(b)(c)		1,056,000	881,350
			14,387,889
Electronic Equipment & Instruments–0.18%
Trimble, Inc., 6.10%, 03/15/2033		2,987,000	2,980,862
Vontier Corp.,
2.40%, 04/01/2028		200,000	164,060
2.95%, 04/01/2031		1,794,000	1,368,391
			4,513,313
Electronic Manufacturing Services–0.10%
Jabil, Inc., 3.00%, 01/15/2031		3,244,000	2,669,781
Environmental & Facilities Services–0.07%
Clean Harbors, Inc., 6.38%, 02/01/2031(b)		1,746,000	1,735,618
Financial Exchanges & Data–1.00%
B3 S.A. - Brasil, Bolsa, Balcao (Brazil), 4.13%, 09/20/2031(b)		3,543,000	2,939,804
Cboe Global Markets, Inc., 3.00%, 03/16/2032		3,172,000	2,684,755
Intercontinental Exchange, Inc.,
4.00%, 09/15/2027		3,135,000	3,051,769
4.35%, 06/15/2029(c)		2,569,000	2,490,917
4.60%, 03/15/2033(c)		2,432,000	2,322,837
4.95%, 06/15/2052		3,337,000	3,165,959
5.20%, 06/15/2062		2,529,000	2,490,219
Moody’s Corp.,
4.25%, 08/08/2032(c)		1,214,000	1,124,481
2.75%, 08/19/2041		1,370,000	944,441
5.25%, 07/15/2044		1,298,000	1,242,085
3.75%, 02/25/2052		1,639,000	1,256,105
3.10%, 11/29/2061		2,997,000	1,867,098
			25,580,470
Food Distributors–0.10%
American Builders & Contractors Supply Co., Inc.,
4.00%, 01/15/2028(b)		512,000	458,726
3.88%, 11/15/2029(b)		2,605,000	2,151,965
			2,610,691
General Merchandise Stores–0.52%
Dollar General Corp.,
4.63%, 11/01/2027		1,560,000	1,523,750
5.00%, 11/01/2032		1,375,000	1,334,660
5.50%, 11/01/2052		2,746,000	2,687,405
Target Corp.,
4.40%, 01/15/2033(c)		5,016,000	4,759,853
4.80%, 01/15/2053(c)		3,134,000	2,930,839
			13,236,507
Gold–0.02%
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)		533,000	459,798

	Principal Amount		Value
Health Care Equipment–0.53%
Alcon Finance Corp. (Switzerland),
5.38%, 12/06/2032(b)	$	2,329,000	$       2,340,267
5.75%, 12/06/2052(b)		1,860,000	1,892,294
Becton, Dickinson and Co., 4.69%, 02/13/2028		9,435,000	9,227,779
			13,460,340
Health Care Facilities–0.50%
Encompass Health Corp., 4.50%, 02/01/2028		506,000	465,029
HCA, Inc.,
5.00%, 03/15/2024		7,618,000	7,569,259
5.38%, 02/01/2025		317,000	314,152
5.25%, 04/15/2025		151,000	149,572
5.88%, 02/15/2026		166,000	165,954
5.38%, 09/01/2026		111,000	109,459
5.88%, 02/01/2029		216,000	216,095
3.50%, 09/01/2030(c)		1,234,000	1,062,017
Tenet Healthcare Corp.,
4.88%, 01/01/2026(c)		1,011,000	963,818
6.13%, 06/15/2030(b)		1,884,000	1,797,162
			12,812,517
Health Care REITs–0.22%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)		531,000	451,657
Diversified Healthcare Trust,
4.75%, 05/01/2024		257,000	230,205
9.75%, 06/15/2025		241,000	233,799
4.38%, 03/01/2031		268,000	186,058
Healthcare Realty Holdings L.P., 2.00%, 03/15/2031		933,000	713,147
MPT Operating Partnership L.P./MPT Finance Corp.,
4.63%, 08/01/2029		2,064,000	1,545,461
3.50%, 03/15/2031(c)		682,000	468,179
Omega Healthcare Investors, Inc.,
3.38%, 02/01/2031		230,000	181,538
3.25%, 04/15/2033		2,287,000	1,637,053
			5,647,097
Health Care Services–0.83%
Cigna Group (The),
7.88%, 05/15/2027		4,420,000	4,816,939
4.38%, 10/15/2028		1,388,000	1,333,623
4.80%, 08/15/2038		3,873,000	3,572,100
Community Health Systems, Inc.,
5.25%, 05/15/2030(b)		377,000	302,169
4.75%, 02/15/2031(b)		251,000	194,194
DaVita, Inc., 3.75%, 02/15/2031(b)		332,000	251,037
Piedmont Healthcare, Inc.,
Series 2032, 2.04%, 01/01/2032		6,567,000	5,171,533
Series 2042, 2.72%, 01/01/2042		1,513,000	1,047,661
2.86%, 01/01/2052		1,729,000	1,130,569
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		4,628,000	2,756,696

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

14 Invesco Corporate Bond Fund

	Principal Amount		Value
Health Care Services–(continued)
Select Medical Corp., 6.25%, 08/15/2026(b)(c)	$	509,000	$          486,678
			21,063,199
Health Care Supplies–0.03%
Medline Borrower L.P., 3.88%, 04/01/2029(b)		841,000	701,709
Home Improvement Retail–0.73%
Home Depot, Inc. (The), 4.95%, 09/15/2052(c)		2,001,000	1,923,985
Lowe’s Cos., Inc.,
5.00%, 04/15/2033(c)		7,324,000	7,053,506
5.63%, 04/15/2053(c)		5,472,000	5,243,303
5.80%, 09/15/2062		4,561,000	4,411,525
			18,632,319
Homebuilding–0.41%
Lennar Corp., 4.75%, 11/29/2027		1,965,000	1,884,066
M.D.C. Holdings, Inc.,
3.85%, 01/15/2030		4,167,000	3,475,192
6.00%, 01/15/2043		3,525,000	2,989,814
3.97%, 08/06/2061		3,651,000	2,106,202
			10,455,274
Hotel & Resort REITs–0.06%
Service Properties Trust,
5.50%, 12/15/2027		1,168,000	1,053,755
4.38%, 02/15/2030		644,000	492,767
			1,546,522
Hotels, Resorts & Cruise Lines–0.17%
Carnival Corp.,
5.75%, 03/01/2027(b)		295,000	243,027
4.00%, 08/01/2028(b)		580,000	490,918
Expedia Group, Inc.,
4.63%, 08/01/2027		3,434,000	3,279,480
2.95%, 03/15/2031(c)		185,000	148,739
Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026(b)		103,000	89,961
			4,252,125
Household Products–0.02%
Prestige Brands, Inc., 3.75%, 04/01/2031(b)		582,000	473,472
Housewares & Specialties–0.01%
Newell Brands, Inc., 6.38%, 09/15/2027		175,000	174,248
Hypermarkets & Super Centers–0.45%
Walmart, Inc.,
4.15%, 09/09/2032(c)		3,472,000	3,348,808
6.50%, 08/15/2037		4,491,000	5,255,236
4.50%, 09/09/2052(c)		2,947,000	2,780,292
			11,384,336
Independent Power Producers & Energy Traders–0.40%
AES Corp. (The), 2.45%, 01/15/2031		1,774,000	1,410,557
Calpine Corp., 3.75%, 03/01/2031(b)(c)		3,338,000	2,713,263

	Principal Amount		Value
Independent Power Producers & Energy Traders–(continued)
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)(c)	$	589,000	$          541,159
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b)		4,822,000	3,087,575
TransAlta Corp. (Canada), 7.75%, 11/15/2029		476,000	487,165
Vistra Corp., 7.00%(b)(d)(e)		2,207,000	2,066,668
			10,306,387
Industrial Conglomerates–0.45%
Bidvest Group UK PLC (The) (South Africa), 3.63%, 09/23/2026(b)		2,813,000	2,517,748
Honeywell International, Inc., 5.00%, 02/15/2033(c)		8,879,000	8,978,962
			11,496,710
Industrial Machinery–0.15%
EnPro Industries, Inc., 5.75%, 10/15/2026		996,000	951,538
Flowserve Corp., 2.80%, 01/15/2032		686,000	528,817
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)		66,000	57,130
Weir Group PLC (The) (United Kingdom), 2.20%, 05/13/2026(b)		2,501,000	2,191,784
			3,729,269
Industrial REITs–0.23%
LXP Industrial Trust, 2.38%, 10/01/2031		908,000	689,544
Prologis L.P., 4.63%, 01/15/2033(c)		5,354,000	5,186,683
			5,876,227
Insurance Brokers–0.39%
Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer, 6.75%, 04/15/2028(b)		342,000	334,820
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033		1,649,000	1,649,487
Arthur J. Gallagher & Co.,
5.50%, 03/02/2033		2,409,000	2,409,509
5.75%, 03/02/2053		4,015,000	3,999,529
Marsh & McLennan Cos., Inc., 6.25%, 11/01/2052		1,453,000	1,615,204
			10,008,549
Integrated Oil & Gas–1.58%
BP Capital Markets America, Inc.,
4.81%, 02/13/2033(c)		5,886,000	5,784,003
3.06%, 06/17/2041		2,581,000	1,911,990
3.00%, 03/17/2052		2,137,000	1,436,843
BP Capital Markets PLC (United Kingdom), 4.38%(d)(e)		3,652,000	3,490,916
Ecopetrol S.A. (Colombia), 8.88%, 01/13/2033		6,895,000	6,764,068
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(b)		2,412,000	2,183,944

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

15 Invesco Corporate Bond Fund

	Principal Amount		Value
Integrated Oil & Gas–(continued)
Occidental Petroleum Corp.,
5.55%, 03/15/2026(c)	$	322,000	$          320,623
8.50%, 07/15/2027		87,000	93,433
6.13%, 01/01/2031		913,000	920,751
6.20%, 03/15/2040		468,000	456,932
Petroleos Mexicanos (Mexico),
8.75%, 06/02/2029		5,790,000	5,446,332
6.70%, 02/16/2032		3,593,000	2,859,619
10.00%, 02/07/2033(b)		2,215,000	2,136,146
Petronas Capital Ltd. (Malaysia), 3.40%, 04/28/2061(b)		2,779,000	1,960,107
Saudi Arabian Oil Co. (Saudi Arabia), 4.38%, 04/16/2049(b)		2,407,000	2,036,861
Shell International Finance B.V. (Netherlands),
2.88%, 11/26/2041		1,164,000	857,304
3.00%, 11/26/2051		2,404,000	1,666,116
			40,325,988
Integrated Telecommunication Services–1.10%
Altice France S.A. (France),
8.13%, 02/01/2027(b)(c)		472,000	441,745
5.13%, 07/15/2029(b)		603,000	467,946
5.50%, 10/15/2029(b)		325,000	254,697
AT&T, Inc., 3.55%, 09/15/2055		6,696,000	4,541,283
British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081(b)(d)		6,220,000	5,477,581
IHS Holding Ltd. (Nigeria),
5.63%, 11/29/2026(b)		2,169,000	1,858,833
6.25%, 11/29/2028(b)		1,677,000	1,381,429
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)		1,250,000	1,169,475
Iliad Holding S.A.S.U. (France), 7.00%, 10/15/2028(b)		300,000	275,947
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)		1,285,000	809,550
Sitios Latinoamerica S.A.B. de C.V. (Mexico), 5.38%, 04/04/2032(b)		3,688,000	3,265,724
Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b)		1,018,000	992,275
Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036		2,231,000	2,358,655
Verizon Communications, Inc.,
2.55%, 03/21/2031(c)		739,000	604,823
2.65%, 11/20/2040		850,000	576,442
3.40%, 03/22/2041		968,000	730,293
3.00%, 11/20/2060		2,690,000	1,622,441
3.70%, 03/22/2061		1,780,000	1,252,728
			28,081,867
Interactive Home Entertainment–0.17%
Electronic Arts, Inc., 2.95%, 02/15/2051		1,668,000	1,070,142
Roblox Corp., 3.88%, 05/01/2030(b)(c)		3,907,000	3,215,500
			4,285,642

	Principal Amount		Value
Interactive Media & Services–0.76%
Match Group Holdings II LLC,
4.63%, 06/01/2028(b)	$	790,000	$          702,434
5.63%, 02/15/2029(b)(c)		4,618,000	4,258,662
3.63%, 10/01/2031(b)		55,000	43,087
Meta Platforms, Inc.,
3.85%, 08/15/2032(c)		2,771,000	2,491,202
4.45%, 08/15/2052		1,864,000	1,546,980
4.65%, 08/15/2062		4,435,000	3,688,344
Tencent Holdings Ltd. (China),
3.60%, 01/19/2028(b)		4,305,000	3,964,090
3.93%, 01/19/2038(b)(c)		3,137,000	2,535,859
			19,230,658
Internet & Direct Marketing Retail–0.18%
Alibaba Group Holding Ltd. (China), 3.15%, 02/09/2051		3,700,000	2,381,466
Prosus N.V. (China), 3.26%, 01/19/2027(b)		2,374,000	2,112,774
QVC, Inc., 5.45%, 08/15/2034		225,000	112,383
			4,606,623
Internet Services & Infrastructure–0.16%
Cogent Communications Group, Inc., 7.00%, 06/15/2027(b)		496,000	480,326
Twilio, Inc.,
3.63%, 03/15/2029		2,236,000	1,880,568
3.88%, 03/15/2031(c)		1,218,000	998,547
VeriSign, Inc., 2.70%, 06/15/2031		935,000	755,493
			4,114,934
Investment Banking & Brokerage–2.13%
Charles Schwab Corp. (The),
5.63% (SOFR + 1.05%), 03/03/2027(f)		3,708,000	3,716,306
2.90%, 03/03/2032(c)		1,093,000	925,325
Series G, 5.38%(d)(e)		231,000	228,690
Series K, 5.00%(c)(d)(e)		2,590,000	2,441,075
Goldman Sachs Group, Inc. (The),
3.50%, 04/01/2025		1,779,000	1,714,239
5.16% (SOFR + 0.79%), 12/09/2026(f)		4,954,000	4,864,869
5.18% (SOFR + 0.81%), 03/09/2027(c)(f)		6,644,000	6,556,541
5.46% (SOFR + 0.92%), 10/21/2027(f)		1,529,000	1,500,927
5.70% (SOFR + 1.12%), 02/24/2028(f)		1,503,000	1,491,124
4.48%, 08/23/2028(c)(d)		2,577,000	2,471,144
2.65%, 10/21/2032(d)		1,722,000	1,373,996
6.75%, 10/01/2037		3,603,000	3,840,383
4.80%, 07/08/2044		3,228,000	2,900,637
Series T, 3.80%(d)(e)		146,000	125,486
Series V, 4.13%(c)(d)(e)		2,539,000	2,183,540
JAB Holdings B.V. (Austria), 4.50%, 04/08/2052(b)		8,495,000	6,214,541
Morgan Stanley,
5.12%, 02/01/2029(c)(d)		2,344,000	2,302,742
3.62%, 04/01/2031(d)		1,709,000	1,514,568
2.51%, 10/20/2032(d)		1,069,000	846,769
5.95%, 01/19/2038(d)		1,886,000	1,844,138

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

16 Invesco Corporate Bond Fund

	Principal Amount		Value
Investment Banking & Brokerage–(continued)
National Securities Clearing Corp., 5.10%, 11/21/2027(b)	$	4,355,000	$	4,351,428
Raymond James Financial, Inc., 3.75%, 04/01/2051		1,210,000		910,766
				54,319,234
IT Consulting & Other Services–0.10%
DXC Technology Co., 2.38%, 09/15/2028(c)		2,040,000		1,709,356
Gartner, Inc.,
4.50%, 07/01/2028(b)		569,000		522,883
3.63%, 06/15/2029(b)		294,000		254,525
3.75%, 10/01/2030(b)		176,000		149,182
				2,635,946
Leisure Facilities–0.04%
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)		477,000		510,819
VOC Escrow Ltd., 5.00%, 02/15/2028(b)		563,000		496,482
				1,007,301
Leisure Products–0.13%
Brunswick Corp., 5.10%, 04/01/2052		4,422,000		3,219,806
Life & Health Insurance–3.10%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		5,128,000		5,037,295
Athene Holding Ltd.,
4.13%, 01/12/2028		4,709,000		4,409,157
6.15%, 04/03/2030(c)		2,797,000		2,828,092
3.45%, 05/15/2052		1,874,000		1,193,813
Delaware Life Global Funding,
Series 22-1, 3.31%, 03/10/2025(b)		5,895,000		5,507,463
Series 21-1, 2.66%, 06/29/2026(b)		13,992,000		12,469,670
F&G Annuities & Life, Inc., 7.40%, 01/13/2028(b)		4,624,000		4,629,041
GA Global Funding Trust, 2.90%, 01/06/2032(b)		3,208,000		2,541,921
Lincoln National Corp., Series C, 9.25%(c)(d)(e)		2,708,000		2,966,343
MAG Mutual Holding Co., 4.75%, 04/30/2041(g)		11,777,000		10,123,731
MetLife, Inc.,
5.00%, 07/15/2052		1,552,000		1,489,331
5.25%, 01/15/2054		6,853,000		6,716,916
Series D, 5.88%(d)(e)		300,000		290,310
Nationwide Financial Services, Inc., 3.90%, 11/30/2049(b)		2,040,000		1,519,744
New York Life Global Funding, 4.55%, 01/28/2033(b)		4,423,000		4,261,749
Pacific Life Global Funding II,
5.28% (SOFR + 0.80%), 03/30/2025(b)(f)		4,852,000		4,843,882
5.20% (SOFR + 0.62%), 06/04/2026(b)(f)		2,167,000		2,111,498
Pacific LifeCorp, 3.35%, 09/15/2050(b)		1,428,000		1,007,590

	Principal Amount		Value
Life & Health Insurance–(continued)
Prudential Financial, Inc.,
3.91%, 12/07/2047	$	1,062,000	$	840,130
6.00%, 09/01/2052(c)(d)		3,755,000		3,622,310
Sammons Financial Group, Inc., 4.75%, 04/08/2032(b)		750,000		634,224
				79,044,210
Life Sciences Tools & Services–0.01%
Syneos Health, Inc., 3.63%, 01/15/2029(b)		310,000		255,828
Managed Health Care–1.18%
Centene Corp.,
4.25%, 12/15/2027		5,000,000		4,624,750
2.50%, 03/01/2031(c)		3,193,000		2,492,184
Kaiser Foundation Hospitals, Series 2021,
2.81%, 06/01/2041		3,275,000		2,405,110
3.00%, 06/01/2051		3,415,000		2,377,858
UnitedHealth Group, Inc.,
5.25%, 02/15/2028(c)		4,255,000		4,315,037
5.30%, 02/15/2030(c)		7,237,000		7,347,758
5.35%, 02/15/2033(c)		6,219,000		6,366,216
				29,928,913
Marine–0.02%
NCL Corp. Ltd., 5.88%, 02/15/2027(b)		536,000		497,655
Metal & Glass Containers–0.01%
Ball Corp., 5.25%, 07/01/2025		359,000		353,615
Mortgage REITs–0.02%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)		607,000		494,306
Movies & Entertainment–0.79%
Netflix, Inc.,
5.88%, 11/15/2028		461,000		467,915
5.38%, 11/15/2029(b)		252,000		248,276
Tencent Music Entertainment Group (China),
1.38%, 09/03/2025		1,560,000		1,396,416
2.00%, 09/03/2030		2,480,000		1,890,693
Warnermedia Holdings, Inc.,
4.28%, 03/15/2032(b)		295,000		254,835
5.05%, 03/15/2042(b)		6,400,000		5,189,452
5.14%, 03/15/2052(b)		5,872,000		4,606,948
5.39%, 03/15/2062(b)		7,017,000		5,479,499
WMG Acquisition Corp., 3.75%, 12/01/2029(b)(c)		571,000		482,533
				20,016,567
Multi-line Insurance–0.21%
Allianz SE (Germany), 3.20%(b)(d)(e)		2,007,000		1,514,651
Massachusetts Mutual Life Insurance Co., 5.67%, 12/01/2052(b)		1,417,000		1,435,639
Nationwide Mutual Insurance Co., 4.95%, 04/22/2044(b)(c)		2,759,000		2,361,675
				5,311,965

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

17 Invesco Corporate Bond Fund

	Principal Amount		Value
Multi-Utilities–0.54%
Ameren Illinois Co., 5.90%, 12/01/2052	$	1,440,000	$	1,565,959
Dominion Energy, Inc., Series C,
2.25%, 08/15/2031		354,000		280,174
5.38%, 11/15/2032(c)		7,089,000		6,963,842
WEC Energy Group, Inc.,
5.15%, 10/01/2027		2,802,000		2,789,343
4.75%, 01/15/2028		2,209,000		2,166,027
				13,765,345
Office REITs–0.80%
Alexandria Real Estate Equities, Inc.,
3.95%, 01/15/2027		1,448,000		1,384,233
4.75%, 04/15/2035		699,000		661,757
5.15%, 04/15/2053		1,901,000		1,767,009
Boston Properties L.P.,
2.90%, 03/15/2030		1,976,000		1,624,407
3.25%, 01/30/2031		989,000		826,446
2.55%, 04/01/2032(c)		1,971,000		1,509,474
2.45%, 10/01/2033(c)		1,975,000		1,444,406
Brandywine Operating Partnership L.P., 7.55%, 03/15/2028(c)		5,176,000		5,079,524
Highwoods Realty L.P., 2.60%, 02/01/2031		85,000		63,293
Office Properties Income Trust,
4.50%, 02/01/2025		4,353,000		4,007,565
2.40%, 02/01/2027		2,634,000		1,948,239
				20,316,353
Oil & Gas Drilling–0.08%
Nabors Industries, Inc., 7.38%, 05/15/2027(b)		509,000		491,063
Rockies Express Pipeline LLC,
4.95%, 07/15/2029(b)		222,000		193,318
4.80%, 05/15/2030(b)		430,000		372,221
6.88%, 04/15/2040(b)		339,000		278,009
Transocean, Inc., 8.75%, 02/15/2030(b)		251,000		255,695
Valaris Ltd.,
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(b)(h)		182,000		186,031
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(h)		292,000		298,468
				2,074,805
Oil & Gas Equipment & Services–0.25%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		1,385,000		1,279,577
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)		2,670,000		2,637,533
Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026(b)		3,614,000		2,344,853
				6,261,963
Oil & Gas Exploration & Production–1.80%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)		1,046,000		1,007,394

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Apache Corp.,
7.75%, 12/15/2029	$	2,305,000	$	2,387,700
4.25%, 01/15/2030		277,000		245,092
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026(b)		476,000		462,446
Callon Petroleum Co., 8.00%, 08/01/2028(b)		501,000		491,769
Cameron LNG LLC,
3.30%, 01/15/2035(b)		1,635,000		1,363,485
3.40%, 01/15/2038(b)		2,982,000		2,502,278
Comstock Resources, Inc., 6.75%, 03/01/2029(b)		508,000		467,982
Devon Energy Corp.,
5.25%, 10/15/2027		7,370,000		7,289,435
5.88%, 06/15/2028		4,565,000		4,595,842
Diamondback Energy, Inc., 6.25%, 03/15/2053(c)		7,220,000		7,107,060
EQT Corp., 5.70%, 04/01/2028		1,563,000		1,537,811
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates),
2.16%, 03/31/2034(b)		2,617,712		2,216,340
2.94%, 09/30/2040(b)		3,734,672		2,953,068
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.25%, 05/15/2026		255,000		241,982
8.00%, 01/15/2027		480,000		469,922
7.75%, 02/01/2028		304,000		291,354
8.88%, 04/15/2030		1,264,000		1,271,656
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(b)		190,000		176,720
6.00%, 04/15/2030(b)		408,000		370,697
6.25%, 04/15/2032(b)		154,000		139,845
Murphy Oil Corp.,
6.38%, 07/15/2028		2,418,000		2,336,564
6.13%, 12/01/2042		180,000		142,610
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)		298,000		244,639
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)		2,520,000		2,574,432
Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028(b)		3,661,000		3,052,359
				45,940,482
Oil & Gas Refining & Marketing–0.02%
Parkland Corp. (Canada), 4.50%, 10/01/2029(b)		585,000		492,041
Oil & Gas Storage & Transportation–6.57%
Boardwalk Pipelines L.P.,
3.40%, 02/15/2031		1,401,000		1,189,428
3.60%, 09/01/2032(c)		3,083,000		2,591,069
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(b)		1,038,000		1,033,775
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		540,000		475,697
El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		1,483,000		1,691,491

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

18 Invesco Corporate Bond Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Enbridge, Inc. (Canada),
3.40%, 08/01/2051	$	876,000	$	604,437
7.38%, 01/15/2083(d)		4,812,000		4,773,504
7.63%, 01/15/2083(d)		3,645,000		3,713,344
Energy Transfer L.P.,
5.88%, 01/15/2024		508,000		508,570
2.90%, 05/15/2025		1,400,000		1,321,795
5.55%, 02/15/2028		1,026,000		1,023,004
3.75%, 05/15/2030		3,867,000		3,434,010
5.75%, 02/15/2033		2,465,000		2,428,296
4.90%, 03/15/2035		8,820,000		7,938,420
5.00%, 05/15/2050		5,916,000		4,857,148
Series A, 8.89% (3 mo. USD LIBOR + 4.03%)(e)(f)		342,000		324,473
Enterprise Products Operating LLC,
3.13%, 07/31/2029(c)		350,000		308,903
5.35%, 01/31/2033		241,000		241,018
4.80%, 02/01/2049		1,846,000		1,618,289
4.20%, 01/31/2050		1,998,000		1,606,941
3.30%, 02/15/2053		1,208,000		820,600
Series D, 6.88%, 03/01/2033		2,136,000		2,366,135
7.86% (3 mo. USD LIBOR + 2.99%), 08/16/2077(f)		4,274,000		4,094,764
EQM Midstream Partners L.P.,
7.50%, 06/01/2027(b)		164,000		160,886
6.50%, 07/01/2027(b)		411,000		389,747
Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027		522,000		496,417
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia),
6.13%, 02/23/2038(b)		2,100,000		2,097,851
6.51%, 02/23/2042(b)		2,700,000		2,756,025
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)		729,000		710,392
Kinder Morgan Energy Partners L.P., 4.30%, 05/01/2024(c)		1,529,000		1,507,595
Kinder Morgan, Inc.,
7.80%, 08/01/2031		13,987,000		15,578,845
7.75%, 01/15/2032		14,427,000		16,116,269
4.80%, 02/01/2033(c)		7,599,000		7,048,151
5.20%, 06/01/2033		4,486,000		4,274,728
3.25%, 08/01/2050		200,000		127,008
5.45%, 08/01/2052		6,687,000		5,979,921
MPLX L.P.,
4.80%, 02/15/2029		1,835,000		1,764,271
5.00%, 03/01/2033		2,548,000		2,392,409
4.70%, 04/15/2048		2,167,000		1,745,224
5.50%, 02/15/2049		2,982,000		2,682,958
4.95%, 03/14/2052		5,473,000		4,558,133
5.65%, 03/01/2053		997,000		919,062
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		273,000		247,361
NGPL PipeCo LLC, 7.77%, 12/15/2037(b)		9,971,000		10,799,123
Northern Natural Gas Co., 3.40%, 10/16/2051(b)		1,010,000		699,147
ONEOK Partners L.P., 6.85%, 10/15/2037		3,177,000		3,310,000

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
ONEOK, Inc.,
6.35%, 01/15/2031	$	4,496,000	$	4,610,626
6.10%, 11/15/2032(c)		1,871,000		1,882,660
Plains All American Pipeline L.P., Series B, 8.97% (3 mo. USD LIBOR + 4.11%)(e)(f)		385,000		358,031
Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, 12/15/2029		200,000		173,625
Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037(b)		3,044,000		3,046,687
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/2026(b)		509,000		483,893
Sunoco L.P./Sunoco Finance Corp., 5.88%, 03/15/2028		723,000		694,600
Targa Resources Corp.,
5.20%, 07/01/2027		3,266,000		3,213,389
6.25%, 07/01/2052		3,369,000		3,219,898
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.00%, 01/15/2028		201,000		191,624
5.50%, 03/01/2030		63,000		59,767
TMS ISSUER S.a.r.l. (Saudi Arabia), 5.78%, 08/23/2032(b)		1,055,000		1,074,602
Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033(b)		2,908,000		2,374,237
Williams Cos., Inc. (The),
4.55%, 06/24/2024		399,000		393,620
3.50%, 11/15/2030		1,033,000		904,842
2.60%, 03/15/2031		2,296,000		1,864,452
4.65%, 08/15/2032(c)		2,190,000		2,041,850
5.65%, 03/15/2033		4,188,000		4,188,667
3.50%, 10/15/2051		1,665,000		1,138,649
				167,242,353
Other Diversified Financial Services–1.00%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland),
4.50%, 09/15/2023		2,340,000		2,324,343
3.00%, 10/29/2028		454,000		387,009
Avolon Holdings Funding Ltd. (Ireland),
4.25%, 04/15/2026(b)		1,558,000		1,446,850
2.75%, 02/21/2028(b)		431,000		360,148
Carlyle Finance LLC, 5.65%, 09/15/2048(b)		360,000		333,189
Corebridge Financial, Inc., 6.88%, 12/15/2052(b)(c)(d)		4,451,000		4,407,325
Jackson Financial, Inc.,
5.17%, 06/08/2027(c)		2,181,000		2,160,991
5.67%, 06/08/2032(c)		261,000		255,297
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)		536,000		471,047
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)		580,000		490,376
OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026(b)		4,785,000		4,718,218

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

19 Invesco Corporate Bond Fund

	Principal
	Amount		Value
Other Diversified Financial Services–(continued)
Pershing Square Holdings Ltd.,
3.25%, 11/15/2030(b)	$	3,600,000	$	2,808,738
3.25%, 10/01/2031(b)		6,400,000		4,849,696
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)		635,000		559,126
				25,572,353
Packaged Foods & Meats–0.34%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.63%, 01/15/2032(b)(c)		2,697,000		2,163,048
Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031(b)		8,139,000		6,398,290
				8,561,338
Paper Packaging–0.30%
Berry Global, Inc., 1.65%, 01/15/2027		8,891,000		7,635,863
Paper Products–0.12%
Suzano Austria GmbH (Brazil),
2.50%, 09/15/2028		1,519,000		1,271,783
Series DM3N, 3.13%, 01/15/2032(c)		2,139,000		1,687,171
				2,958,954
Pharmaceuticals–0.49%
Bausch Health Cos., Inc., 4.88%, 06/01/2028(b)		783,000		489,375
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)		115,000		100,001
Eli Lilly and Co.,
4.70%, 02/27/2033		3,323,000		3,306,848
4.88%, 02/27/2053		3,202,000		3,199,136
4.95%, 02/27/2063		3,733,000		3,714,409
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		2,290,000		1,557,448
Royalty Pharma PLC, 2.20%, 09/02/2030		82,000		64,364
				12,431,581
Property & Casualty Insurance–0.25%
Fairfax Financial Holdings Ltd. (Canada),
4.85%, 04/17/2028(c)		2,343,000		2,247,792
4.63%, 04/29/2030		300,000		275,920
First American Financial Corp., 2.40%, 08/15/2031		1,127,000		842,339
Liberty Mutual Group, Inc., 5.50%, 06/15/2052(b)		3,230,000		3,032,191
				6,398,242
Railroads–1.39%
Canadian Pacific Railway Co. (Canada), 6.13%, 09/15/2115		13,502,000		13,830,270
CSX Corp., 4.50%, 11/15/2052(c)		4,976,000		4,324,624
Empresa de los Ferrocarriles del Estado (Chile), 3.83%, 09/14/2061(b)		2,181,000		1,483,834

	Principal
	Amount		Value
Railroads–(continued)
Union Pacific Corp.,
4.50%, 01/20/2033(c)	$	5,437,000	$	5,237,332
4.95%, 09/09/2052(c)		5,367,000		5,183,240
5.15%, 01/20/2063(c)		5,492,000		5,290,153
				35,349,453
Real Estate Development–0.31%
Agile Group Holdings Ltd. (China),
5.75%, 01/02/2025(b)		200,000		123,549
5.50%, 04/21/2025(b)		1,950,000		1,176,220
6.05%, 10/13/2025(b)		1,493,000		835,940
5.50%, 05/17/2026(b)		376,000		199,137
Country Garden Holdings Co. Ltd. (China), 5.40%, 05/27/2025(b)		614,000		436,660
Essential Properties L.P., 2.95%, 07/15/2031		2,004,000		1,494,087
Greentown China Holdings Ltd. (China), 4.70%, 04/29/2025(b)		899,000		838,318
Logan Group Co. Ltd. (China), 4.25%, 07/12/2025(b)		961,000		273,913
Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		1,430,000		1,097,243
Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024(b)		1,090,000		927,753
Sino-Ocean Land Treasure IV Ltd. (China), 3.25%, 05/05/2026(b)		833,000		608,563
				8,011,383
Regional Banks–2.86%
Citizens Financial Group, Inc.,
5.64%, 05/21/2037(d)		3,816,000		3,595,679
Series G, 4.00%(d)(e)		3,379,000		2,852,413
Fifth Third Bancorp,
2.55%, 05/05/2027		941,000		852,812
6.36%, 10/27/2028(d)		3,005,000		3,097,329
4.77%, 07/28/2030(d)		4,273,000		4,098,687
4.34%, 04/25/2033(d)		2,480,000		2,295,735
Huntington Bancshares, Inc., 4.44%, 08/04/2028(c)(d)		2,113,000		2,019,681
KeyCorp, 4.79%, 06/01/2033(d)		1,751,000		1,642,573
M&T Bank Corp., 5.05%, 01/27/2034(c)(d)		3,250,000		3,103,275
PNC Financial Services Group, Inc. (The),
4.63%, 06/06/2033(c)(d)		6,086,000		5,656,983
6.04%, 10/28/2033(d)		3,596,000		3,739,797
5.07%, 01/24/2034(d)		3,678,000		3,559,021
Series V, 6.20%(c)(d)(e)		4,936,000		4,874,300
Series W, 6.25%(d)(e)		5,640,000		5,470,800
SVB Financial Group,
1.80%, 02/02/2031		377,000		280,211
Series D, 4.25%(d)(e)		7,204,000		5,115,703
Series E, 4.70%(d)(e)		4,585,000		3,183,040

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

20 Invesco Corporate Bond Fund

	Principal Amount		Value
Regional Banks–(continued)
Truist Financial Corp.,
4.12%, 06/06/2028(c)(d)	$	3,109,000	$	2,974,667
4.87%, 01/26/2029(c)(d)		3,477,000		3,414,394
4.92%, 07/28/2033(d)		7,696,000		7,270,615
6.12%, 10/28/2033(c)(d)		3,549,000		3,723,106
				72,820,821
Reinsurance–0.53%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		1,165,000		788,487
Global Atlantic Fin Co.,
4.40%, 10/15/2029(b)		7,415,000		6,399,085
3.13%, 06/15/2031(b)		1,042,000		813,091
4.70%, 10/15/2051(b)(d)		6,477,000		5,479,574
				13,480,237
Renewable Electricity–0.07%
NSTAR Electric Co., 4.55%, 06/01/2052		2,013,000		1,819,682
Research & Consulting Services–0.02%
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b)(c)		539,000		446,392
Residential REITs–0.25%
American Homes 4 Rent L.P., 3.63%, 04/15/2032(c)		2,371,000		2,005,566
AvalonBay Communities, Inc., 5.00%, 02/15/2033		1,297,000		1,291,948
Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028		107,000		88,576
Spirit Realty L.P.,
3.40%, 01/15/2030		2,080,000		1,760,995
2.70%, 02/15/2032		352,000		269,534
UDR, Inc., 3.00%, 08/15/2031		1,136,000		959,267
				6,375,886
Restaurants–0.85%
1011778 BC ULC/New Red Finance, Inc. (Canada),
3.88%, 01/15/2028(b)		495,000		440,925
3.50%, 02/15/2029(b)		341,000		289,546
4.00%, 10/15/2030(b)		2,696,000		2,229,484
Aramark Services, Inc., 5.00%, 04/01/2025(b)		515,000		500,104
Arcos Dorados B.V. (Brazil), 6.13%, 05/27/2029(b)		3,812,000		3,642,366
McDonald’s Corp., 5.15%, 09/09/2052		4,828,000		4,635,079
Papa John’s International, Inc., 3.88%, 09/15/2029(b)		541,000		452,376
Starbucks Corp., 4.75%, 02/15/2026		9,091,000		9,007,112
Yum! Brands, Inc., 5.38%, 04/01/2032(c)		516,000		478,722
				21,675,714
Retail REITs–0.52%
Agree L.P., 2.60%, 06/15/2033		383,000		293,015
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030		2,209,000		1,954,685

	Principal Amount		Value
Retail REITs–(continued)
Kimco Realty OP LLC, 2.70%, 10/01/2030	$	850,000	$	703,713
Kite Realty Group Trust, 4.75%, 09/15/2030(c)		2,295,000		2,058,900
National Retail Properties, Inc., 3.50%, 04/15/2051		1,811,000		1,254,036
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)		246,000		237,641
Realty Income Corp.,
4.85%, 03/15/2030(c)		1,080,000		1,048,594
3.25%, 01/15/2031		1,306,000		1,139,984
5.63%, 10/13/2032(c)		2,729,000		2,785,105
Regency Centers L.P., 4.13%, 03/15/2028		1,770,000		1,647,541
				13,123,214
Semiconductor Equipment–0.12%
Entegris Escrow Corp.,
4.75%, 04/15/2029(b)		535,000		486,937
5.95%, 06/15/2030(b)		2,504,000		2,332,057
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 3.40%, 05/01/2030		289,000		250,270
				3,069,264
Semiconductors–0.53%
Broadcom, Inc.,
2.45%, 02/15/2031(b)		1,112,000		881,736
3.47%, 04/15/2034(b)		2,554,000		2,023,005
3.14%, 11/15/2035(b)		1,126,000		830,789
3.19%, 11/15/2036(b)		4,245,000		3,076,095
Marvell Technology, Inc., 2.95%, 04/15/2031		219,000		176,340
Micron Technology, Inc.,
4.98%, 02/06/2026(c)		1,586,000		1,567,501
4.19%, 02/15/2027		4,272,000		4,046,357
2.70%, 04/15/2032		1,189,000		902,871
Skyworks Solutions, Inc., 3.00%, 06/01/2031		125,000		101,160
				13,605,854
Soft Drinks–0.23%
Coca-Cola FEMSA S.A.B. de C.V. (Mexico), 1.85%, 09/01/2032		155,000		117,744
Coca-Cola Icecek A.S. (Turkey), 4.50%, 01/20/2029(b)		6,478,000		5,610,726
				5,728,470
Sovereign Debt–2.26%
Airport Authority (Hong Kong),
4.88%, 01/12/2033(b)		2,432,000		2,447,722
3.25%, 01/12/2052(b)		4,503,000		3,385,631
Bahamas Government International Bond (Bahamas), 9.00%, 06/16/2029(b)		1,494,000		1,363,518
Banque Ouest Africaine de Developpement (Supranational), 5.00%, 07/27/2027(b)		8,000,000		7,510,400
Bermuda Government International Bond (Bermuda), 5.00%, 07/15/2032(b)		2,455,000		2,393,097

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

21 Invesco Corporate Bond Fund

	Principal
	Amount		Value
Sovereign Debt–(continued)
Colombia Government International Bond (Colombia),
8.00%, 04/20/2033	$	2,717,000	$	2,687,380
7.50%, 02/02/2034		1,795,000		1,704,350
Dominican Republic International Bond (Dominican Republic),
7.05%, 02/03/2031(b)		1,450,000		1,451,174
5.30%, 01/21/2041(b)		1,455,000		1,143,496
Egypt Government International Bond (Egypt),
5.88%, 02/16/2031(b)		1,464,000		979,854
7.50%, 02/16/2061(b)		1,425,000		837,380
Ghana Government International Bond (Ghana), 7.75%, 04/07/2029(b)		1,905,000		723,043
Indonesia Government International Bond (Indonesia), 4.55%, 01/11/2028		3,635,000		3,575,257
Israel Government International Bond (Israel), 4.50%, 01/17/2033		3,266,000		3,165,479
Mexico Government International Bond (Mexico),
6.35%, 02/09/2035		1,685,000		1,732,995
4.40%, 02/12/2052		2,855,000		2,172,443
Oman Government International Bond (Oman), 6.25%, 01/25/2031(b)		1,140,000		1,155,556
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051(b)		3,149,000		2,371,964
Philippine Government International Bond (Philippines),
4.63%, 07/17/2028		1,520,000		1,503,854
5.50%, 01/17/2048		1,048,000		1,064,326
Romanian Government International Bond (Romania),
6.63%, 02/17/2028(b)		2,522,000		2,581,582
7.13%, 01/17/2033(b)		3,398,000		3,567,152
Saudi Government International Bond (Saudi Arabia),
4.75%, 01/18/2028(b)		1,765,000		1,747,864
4.88%, 07/18/2033(b)		3,142,000		3,097,148
5.00%, 01/18/2053(b)		3,384,000		3,096,360
				57,459,025
Specialized Consumer Services–0.11%
Ashtead Capital, Inc. (United Kingdom), 5.55%, 05/30/2033(b)		1,852,000		1,776,646
Carriage Services, Inc., 4.25%, 05/15/2029(b)		1,196,000		962,589
				2,739,235
Specialized Finance–1.01%
Blackstone Private Credit Fund,
1.75%, 09/15/2024		954,000		889,453
7.05%, 09/29/2025(b)		2,518,000		2,528,614
2.63%, 12/15/2026		202,000		171,713
3.25%, 03/15/2027		397,000		342,162
IP Lending VII Ltd. (Bermuda), Series 2022-7A, Class SNR, 8.00%, 10/11/2027(b)(g)		7,644,000		7,644,000

	Principal
	Amount		Value
Specialized Finance–(continued)
Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025(b)(c)	$	3,988,000	$	3,813,643
National Rural Utilities Cooperative Finance Corp.,
4.45%, 03/13/2026		6,622,000		6,487,606
2.75%, 04/15/2032		1,522,000		1,255,063
5.80%, 01/15/2033		2,557,000		2,634,965
				25,767,219
Specialized REITs–0.50%
American Tower Corp.,
2.70%, 04/15/2031		2,522,000		2,045,906
4.05%, 03/15/2032(c)		1,639,000		1,460,856
3.10%, 06/15/2050		1,996,000		1,243,818
Crown Castle, Inc., 2.50%, 07/15/2031		894,000		721,815
EPR Properties,
4.75%, 12/15/2026		1,202,000		1,099,057
3.60%, 11/15/2031(c)		1,712,000		1,290,071
Extra Space Storage L.P.,
2.55%, 06/01/2031		1,041,000		829,053
2.35%, 03/15/2032		133,000		101,992
Life Storage L.P., 2.40%, 10/15/2031(c)		1,447,000		1,146,582
SBA Communications Corp.,
3.88%, 02/15/2027		255,000		231,003
3.13%, 02/01/2029		3,232,000		2,671,571
				12,841,724
Specialty Chemicals–0.53%
Braskem Idesa S.A.P.I. (Mexico),
7.45%, 11/15/2029(b)		3,457,000		2,672,512
6.99%, 02/20/2032(b)		3,504,000		2,443,654
Sasol Financing USA LLC (South Africa),
4.38%, 09/18/2026		4,049,000		3,642,602
5.50%, 03/18/2031		5,790,000		4,835,142
				13,593,910
Specialty Stores–0.05%
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(b)		1,295,000		1,179,985
Steel–0.41%
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027		5,862,000		6,015,550
POSCO (South Korea),
5.63%, 01/17/2026(b)		2,120,000		2,126,634
5.75%, 01/17/2028(b)		1,817,000		1,838,719
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		531,000 451,352
				10,432,255
Systems Software–1.35%
Camelot Finance S.A., 4.50%, 11/01/2026(b)		1,523,000		1,398,154
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029(c)		1,692,000 1,426,871

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

22 Invesco Corporate Bond Fund

	Principal Amount		Value
Systems Software–(continued)
Oracle Corp.,
6.25%, 11/09/2032	$	12,879,000	$	13,413,308
4.90%, 02/06/2033		4,465,000		4,219,783
3.60%, 04/01/2050		6,272,000		4,254,955
6.90%, 11/09/2052		5,296,000		5,725,052
5.55%, 02/06/2053		2,328,000		2,134,891
3.85%, 04/01/2060		2,423,000		1,617,876
VMware, Inc., 2.20%, 08/15/2031		132,000		100,170
				34,291,060
Technology Distributors–0.07%
Avnet, Inc., 4.63%, 04/15/2026		1,753,000		1,683,231
Technology Hardware, Storage & Peripherals–0.47%
Apple, Inc.,
3.35%, 08/08/2032(c)		2,539,000		2,290,596
2.65%, 05/11/2050		1,501,000		1,009,632
3.95%, 08/08/2052(c)		3,195,000		2,724,251
2.80%, 02/08/2061		3,371,000		2,165,368
4.10%, 08/08/2062		4,555,000		3,863,423
				12,053,270
Thrifts & Mortgage Finance–0.01%
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)		236,000		203,891
Tobacco–1.97%
Altria Group, Inc.,
4.40%, 02/14/2026(c)		2,491,000		2,439,221
3.70%, 02/04/2051		4,185,000		2,657,561
BAT Capital Corp. (United Kingdom), 2.73%, 03/25/2031		143,000		111,729
Philip Morris International, Inc.,
4.88%, 02/13/2026		11,568,000		11,441,954
5.13%, 11/17/2027		5,345,000		5,323,323
4.88%, 02/15/2028(c)		7,595,000		7,439,068
5.63%, 11/17/2029(c)		1,525,000		1,546,146
5.75%, 11/17/2032(c)		6,997,000		7,083,815
5.38%, 02/15/2033		12,343,000		12,144,234
				50,187,051
Trading Companies & Distributors–0.73%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045(b)(d)		7,903,000		7,633,736
Air Lease Corp.,
3.00%, 09/15/2023		808,000		797,695
5.85%, 12/15/2027		3,584,000		3,570,093
5.30%, 02/01/2028(c)		1,941,000		1,887,511
Aircastle Ltd.,
5.00%, 04/01/2023		534,000		533,249
4.40%, 09/25/2023		2,778,000		2,756,013
Fortress Transportation and Infrastructure Investors LLC,
6.50%, 10/01/2025(b)		564,000		550,762
5.50%, 05/01/2028(b)		1,093,000		977,346
				18,706,405

	Principal Amount		Value
Trucking–1.31%
Aviation Capital Group LLC,
4.13%, 08/01/2025(b)	$	4,001,000	$	3,760,904
3.50%, 11/01/2027(b)		7,899,000		6,935,778
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
4.40%, 07/01/2027(b)		5,168,000		4,934,356
5.70%, 02/01/2028(b)		2,507,000		2,506,406
Ryder System, Inc.,
4.63%, 06/01/2025		2,837,000		2,773,928
4.30%, 06/15/2027		1,672,000		1,607,420
SMBC Aviation Capital Finance DAC (Ireland),
4.13%, 07/15/2023(b)		2,819,000		2,801,042
1.90%, 10/15/2026(b)		996,000		852,154
Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026(b)(c)		5,535,000		4,843,760
3.15%, 06/15/2031(b)		2,955,000		2,312,380
				33,328,128
Wireless Telecommunication Services–1.78%
Empresa Nacional de Telecomunicaciones S.A. (Chile), 3.05%, 09/14/2032(b)		1,644,000		1,274,100
Rogers Communications, Inc. (Canada),
4.50%, 03/15/2043		330,000		269,378
4.55%, 03/15/2052(b)		3,685,000		2,942,426
Sprint Capital Corp., 8.75%, 03/15/2032		315,000		375,307
Sprint LLC,
7.88%, 09/15/2023		84,000		84,860
7.63%, 02/15/2025		394,000		403,931
7.63%, 03/01/2026		389,000		404,327
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,
4.74%, 03/20/2025(b)		5,344,313		5,284,149
5.15%, 03/20/2028(b)		9,241,000		9,141,811
T-Mobile USA, Inc.,
2.25%, 02/15/2026		1,164,000		1,059,891
2.63%, 04/15/2026		1,290,000		1,183,121
5.05%, 07/15/2033		3,787,000		3,650,981
4.50%, 04/15/2050		2,194,000		1,822,171
3.40%, 10/15/2052		4,476,000		3,048,920
5.65%, 01/15/2053		4,940,000		4,848,481
VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027(b)		2,347,000		1,725,045
Vodafone Group PLC (United Kingdom),
5.75%, 02/10/2063		1,058,000		1,006,088
4.13%, 06/04/2081(d)		3,895,000		3,094,733
5.13%, 06/04/2081(d)		3,503,000		2,621,400
Xiaomi Best Time International Ltd. (China), 4.10%, 07/14/2051(b)		1,841,000		1,185,307
				45,426,427
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,499,171,038)				2,281,271,528

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

23 Invesco Corporate Bond Fund

	Shares		Value
Preferred Stocks–2.19%
Asset Management & Custody Banks–0.13%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(c)(d)		3,300,000	$	3,217,500
Diversified Banks–1.32%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		100		119,384
Bank of America Corp., 6.50%, Series Z, Pfd.(c)(d)		3,394,000		3,383,818
Citigroup, Inc., 6.25%, Series T, Pfd.(d)		2,110,000		2,107,447
Citigroup, Inc., 5.00%, Series U, Pfd.(d)		7,500,000		7,143,750
Citigroup, Inc., 4.00%, Series W, Pfd.(d)		3,879,000		3,558,982
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		14,554		17,361,903
				33,675,284
Investment Banking & Brokerage–0.53%
Goldman Sachs Group, Inc. (The), 7.73% (3 mo. USD LIBOR + 2.87%), Series P, Pfd.(c)(f)		3,255,000		3,231,890
Morgan Stanley, 7.13%, Series E, Pfd.(d)		256,997		6,558,563
Morgan Stanley, 6.88%, Series F, Pfd.(d)		150,000		3,801,000
				13,591,453
Life & Health Insurance–0.07%
MetLife, Inc., 3.85%, Series G, Pfd.(c)(d)		1,840,000		1,732,452
Multi-Utilities–0.07%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.(c)(d)		1,866,000		1,832,999
Other Diversified Financial Services–0.07%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(d)		1,724,000		1,665,066
Total Preferred Stocks (Cost $57,793,037)				55,714,754
	Principal Amount
U.S. Treasury Securities–1.62%
U.S. Treasury Bills–0.20%
4.48% - 4.63%, 05/11/2023(i)(j)	$	5,027,000		4,980,873
U.S. Treasury Bonds–0.07%
4.00%, 11/15/2052		1,788,000		1,820,408
U.S. Treasury Notes–1.35%
4.00%, 02/15/2026		39,000		38,463
4.00%, 02/29/2028		16,069,700		15,951,688
4.00%, 02/28/2030		11,690,700		11,647,773
3.50%, 02/15/2033		3,241,800		3,135,175
3.88%, 02/15/2043		3,750,000		3,638,672
				34,411,771
Total U.S. Treasury Securities (Cost $41,200,976)				41,213,052
Asset-Backed Securities–1.14%
IP Lending III Ltd., Series 2022- 3A, Class SNR, 3.38%, 11/02/2026(b)(g)		3,923,000		3,354,165
IP Lending IV Ltd., Series 2022-4A, Class SNR, 6.05%, 04/28/2027(b)(g)		5,941,000		5,569,687

	Principal Amount		Value
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047(b)	$	2,646,935	$	2,460,266
Sonic Capital LLC,
Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)		10,423,725		9,569,968
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		2,513,875		2,061,914
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b)		2,474,442		1,909,100
Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048(b)		4,322,500		3,987,692
Total Asset-Backed Securities (Cost $32,254,221)				28,912,792
Municipal Obligations–0.31%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037		2,095,000		1,925,539
Series 2022, RB, 4.35%, 06/01/2041		1,545,000		1,403,911
California State University,
Series 2021 B, Ref. RB, 2.72%, 11/01/2052		2,340,000		1,637,969
Series 2021 B, Ref. RB, 2.94%, 11/01/2052		3,495,000		2,524,604
Florida Development Finance Corp. (Palm Bay Academy, Inc.),
Series 2017, Ref. RB, 9.00%, 05/15/2024(b)		450,000		448,306
Series 2017, Ref. RB, 0.00%, 05/15/2037(b)(g)		360,000		4
Series 2017, Ref. RB, 9.00%, 05/15/2037(b)(g)		350,000		70,000
Total Municipal Obligations (Cost $10,279,237)				8,010,333
	Shares
Exchange-Traded Funds–0.18%
Invesco Total Return Bond ETF (Cost $5,830,000)(c)(k)		100,000		4,692,000
	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–0.16%(l)
Food Retail–0.02%
Bellis Acquisition Co. PLC (United Kingdom), 3.25%, 02/16/2026(b)		GBP 496,000		496,575
Movies & Entertainment–0.10%
Netflix, Inc., 3.88%, 11/15/2029(b)		EUR 2,600,000		2,622,151
Pharmaceuticals–0.02%
Nidda Healthcare Holding GmbH (Germany), 7.50%, 08/21/2026(b)		EUR 516,000		535,881
Sovereign Debt–0.02%
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2032(b)(m)		EUR 2,765,000		514,865
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $6,970,857)				4,169,472

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

24 Invesco Corporate Bond Fund

	Principal
	Amount		Value
Variable Rate Senior Loan Interests–0.03%(n)(o)
Diversified REITs–0.03%
Asterix, Inc. (Canada), Term Loan, 3.90%, 03/31/2023 (Cost $671,002)(g)	$	897,196	$	659,369
	Shares
Common Stocks & Other Equity Interests–0.00%
Agricultural Products–0.00%
Locus Agriculture Solutions, Inc., Wts.,expiring 12/31/2032 (Cost $0)(g)(p)		39		0
Money Market Funds–4.51%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(k)(q)		40,215,020		40,215,020
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(k)(q)		28,715,082		28,720,825
Invesco Treasury Portfolio, Institutional Class, 4.50%(k)(q)		45,960,023		45,960,023
Total Money Market Funds (Cost $114,897,877)				114,895,868
Options Purchased–0.02%
(Cost $1,160,252)(r)				468,325
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.77% (Cost $2,770,228,497)				2,540,007,493

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–10.57%
Invesco Private Government Fund, 4.58%(k)(q)(s)		75,350,602	$	75,350,602
Invesco Private Prime Fund, 4.83%(k)(q)(s)		193,719,947		193,758,684
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $269,123,866)				269,109,286
TOTAL INVESTMENTS IN SECURITIES–110.34% (Cost $3,039,352,363)				2,809,116,779
OTHER ASSETS LESS LIABILITIES–(10.34)%				(263,314,132	)
NET ASSETS–100.00%			$	2,545,802,647

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

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

USD – U.S. Dollar

Wts. – Warrants

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 February 28, 2023 was $727,017,303, which represented 28.56% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

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

^(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) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2023.

						Change in
						Unrealized	Realized
	Value	Purchases		Proceeds		Appreciation	Gain		Value
	February 28, 2022	at Cost		from Sales		(Depreciation)	(Loss)		February 28, 2023	Dividend Income
Invesco Total Return Bond ETF	$    5,394,000	$	-	$	-	$(702,000)	$	-	$    4,692,000	$    173,624

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

25 Invesco Corporate Bond Fund

	Value February 28, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$    6,719,731	$	230,185,849	$	(196,690,560	)		$            -		$	-			$  40,215,020		$   228,201
Invesco Liquid Assets Portfolio, Institutional Class		10,479,780		164,418,464		(146,173,213	)		(1,693	)		(2,513	)		28,720,825		169,461
Invesco Treasury Portfolio, Institutional Class		7,679,693		263,069,541		(224,789,211	)		-			-			45,960,023		259,178
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		72,323,771		411,598,153		(408,571,322	)		-			-			75,350,602		1,493,177	*
Invesco Private Prime Fund		170,230,580		889,781,600		(866,255,703	)		1,134			1,073			193,758,684		4,085,782	*
Total		$272,827,555	$	1,959,053,607	$	(1,842,480,009	)		$(702,559	)	$	(1,440	)		$388,697,154		$6,409,423

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

^(m)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

⁽ⁿ⁾  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.

^(o)  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.

^(p)  Non-income producing security.

^(q)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(r)  The table below details options purchased.

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

Open Exchange-Traded Index Options Purchased

Description

Type of Contract

Expiration Date

Number of Contracts

Exercise Price

Notional Value(a)

Value

Equity Risk

S&P 500 Index

Call

07/21/2023

65

USD  4,260.00

USD  27,690,000

$

468,325

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

Open Exchange-Traded Index Options Written

Description

Type of Contract

Expiration Date

Number of Contracts

Exercise Price

Notional Value(a)

Value

Equity Risk

S&P 500 Index

Call

07/21/2023

21

USD  4,400.00

USD  9,240,000

$

(71,190

)

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

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		567		June-2023		$115,512,961		$(345,516	)		$(345,516	)
U.S. Treasury Long Bonds		897		June-2023		112,321,219		(210,235	)		(210,235	)
U.S. Treasury Ultra Bonds		449		June-2023		60,643,062		136,828			136,828
Subtotal-Long Futures Contracts								(418,923	)		(418,923	)

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

26 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 5 Year Notes		351		June-2023	$	(37,576,195	)	$	63,070			$  63,070
U.S. Treasury 10 Year Notes		90		June-2023		(10,049,063	)		9,844			9,844
U.S. Treasury 10 Year Ultra Notes		1,828		June-2023		(214,218,750	)		28,789			28,789
Subtotal-Short Futures Contracts									101,703			101,703
Total Futures Contracts								$	(317,220	)		$(317,220	)

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized
Date	Counterparty	Deliver		Receive		Appreciation
Currency Risk
05/17/2023	Canadian Imperial Bank of Commerce	CAD	1,392,000	USD	1,037,339		$16,260
05/17/2023	Goldman Sachs International	GBP	341,000	USD	415,142		4,375
05/17/2023	State Street Bank & Trust Co.	EUR	1,779,000	USD	1,920,430		30,474
Total Forward Foreign Currency Contracts							$51,109

Abbreviations:

CAD –Canadian Dollar

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

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

27 Invesco Corporate Bond Fund

Statement of Assets and Liabilities

February 28, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $2,649,500,620)*	$2,420,419,625
Investments in affiliates, at value (Cost $389,851,743)	388,697,154
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding	51,109
Foreign currencies, at value (Cost $3,313,719)	3,269,275
Receivable for:
Investments sold	98,247,355
Fund shares sold	7,429,617
Dividends	725,161
Interest	26,779,928
Investments matured, at value (Cost $2,038,663)	417,178
Investment for trustee deferred compensation and retirement plans	145,499
Other assets	91,511
Total assets	2,946,273,412
Liabilities:
Other investments:
Options written, at value (premiums received $82,249)	71,190
Variation margin payable - futures contracts	332,999
Payable for:
Investments purchased	122,654,885
Dividends	1,512,313
Fund shares reacquired	2,937,485
Amount due custodian	2,478,964
Collateral upon return of securities loaned	269,123,866
Accrued fees to affiliates	955,524
Accrued trustees’ and officers’ fees and benefits	3,259
Accrued other operating expenses	236,440
Trustee deferred compensation and retirement plans	163,840
Total liabilities	400,470,765
Net assets applicable to shares outstanding	$2,545,802,647

Net assets consist of:
Shares of beneficial interest	$	3,061,030,791
Distributable earnings (loss)		(515,228,144	)
	$	2,545,802,647
Net Assets:
Class A	$	1,048,198,076
Class C	$	35,769,596
Class R	$	12,401,233
Class Y	$	594,736,632
Class R5	$	13,992,334
Class R6	$	840,704,776
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		169,708,137
Class C		5,750,201
Class R		2,006,647
Class Y		96,097,905
Class R5		2,262,792
Class R6		135,820,360
Class A:
Net asset value per share	$	6.18
Maximum offering price per share (Net asset value of $6.18 ÷ 95.75%)	$	6.45
Class C:
Net asset value and offering price per share	$	6.22
Class R:
Net asset value and offering price per share	$	6.18
Class Y:
Net asset value and offering price per share	$	6.19
Class R5:
Net asset value and offering price per share	$	6.18
Class R6:
Net asset value and offering price per share	$	6.19

* At February 28, 2023, securities with an aggregate value of $259,457,972 were on loan to brokers.

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

28 Invesco Corporate Bond Fund

Statement of Operations

For the year ended February 28, 2023

Investment income:
Interest (net of foreign withholding taxes of $(39,333))	$  112,903,480
Dividends	1,921,492
Dividends from affiliates (includes net securities lending income of $686,627)	1,517,091
Total investment income	116,342,063
Expenses:
Advisory fees	7,443,820
Administrative services fees	358,322
Custodian fees	88,542
Distribution fees:
Class A	2,741,844
Class C	393,536
Class R	62,890
Transfer agent fees – A, C, R and Y	2,916,849
Transfer agent fees – R5	12,761
Transfer agent fees – R6	268,409
Trustees’ and officers’ fees and benefits	32,970
Registration and filing fees	202,832
Reports to shareholders	223,533
Professional services fees	79,070
Other	36,134
Total expenses	14,861,512
Less: Fees waived and/or expense offset arrangement(s)	(48,085	)
Net expenses	14,813,427
Net investment income	101,528,636
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities	(273,921,493	)
Affiliated investment securities	(1,440	)
Foreign currencies	(647,255	)
Forward foreign currency contracts	1,804,578
Futures contracts	6,134,777
Option contracts written	220,453
Swap agreements	(1,105,675	)
	(267,516,055	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities	(130,790,519	)
Affiliated investment securities	(702,559	)
Foreign currencies	(32,744	)
Forward foreign currency contracts	(714,523	)
Futures contracts	136,226
Option contracts written	145,059
	(131,959,060	)
Net realized and unrealized gain (loss)	(399,475,115	)
Net increase (decrease) in net assets resulting from operations	$(297,946,479	)

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

29 Invesco Corporate Bond Fund

Statement of Changes in Net Assets

For the years ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	101,528,636		$	79,440,711
Net realized gain (loss)		(267,516,055	)		5,207,664
Change in net unrealized appreciation (depreciation)		(131,959,060	)		(208,018,724	)
Net increase (decrease) in net assets resulting from operations		(297,946,479	)		(123,370,349	)
Distributions to shareholders from distributable earnings:
Class A		(42,144,189	)		(66,050,560	)
Class C		(1,227,555	)		(2,426,197	)
Class R		(452,169	)		(609,685	)
Class Y		(19,488,874	)		(28,233,702	)
Class R5		(577,039	)		(859,252	)
Class R6		(35,749,397	)		(46,805,423	)
Total distributions from distributable earnings		(99,639,223	)		(144,984,819	)
Share transactions–net:
Class A		(75,357,446	)		73,499,790
Class C		(9,117,272	)		(8,959,819	)
Class R		522,656			3,148,823
Class Y		99,938,574			132,781,189
Class R5		1,028,184			1,904,087
Class R6		14,136,640			369,459,920
Net increase in net assets resulting from share transactions		31,151,336			571,833,990
Net increase (decrease) in net assets		(366,434,366	)		303,478,822
Net assets:
Beginning of year		2,912,237,013			2,608,758,191
End of year	$	2,545,802,647		$	2,912,237,013

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

30 Invesco Corporate Bond Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 02/28/23		$7.15		$0.25		$(0.98	)		$(0.73	)		$(0.24	)		$       –			$(0.24	)		$6.18		(10.14	)%		$1,048,198		0.77	%		0.77	%		3.91	%		171	%
Year ended 02/28/22		7.80		0.21		(0.49	)		(0.28	)		(0.21	)		(0.16	)		(0.37	)		7.15		(3.79	)		1,295,987		0.72			0.72			2.66			133
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
Class C
Year ended 02/28/23		7.20		0.20		(0.98	)		(0.78	)		(0.20	)		–			(0.20	)		6.22		(10.84	)(d)		35,770		1.51	(d)		1.51	(d)		3.17	(d)		171
Year ended 02/28/22		7.86		0.15		(0.49	)		(0.34	)		(0.16	)		(0.16	)		(0.32	)		7.20		(4.60	)		51,444		1.47			1.47			1.91			133
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	(d)		37,280		1.53	(d)		1.53	(d)		3.30	(d)		145
Class R
Year ended 02/28/23		7.15		0.23		(0.97	)		(0.74	)		(0.23	)		–			(0.23	)		6.18		(10.38	)		12,401		1.02			1.02			3.66			171
Year ended 02/28/22		7.81		0.19		(0.49	)		(0.30	)		(0.20	)		(0.16	)		(0.36	)		7.15		(4.16	)		13,750		0.97			0.97			2.41			133
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
Class Y
Year ended 02/28/23		7.16		0.27		(0.98	)		(0.71	)		(0.26	)		–			(0.26	)		6.19		(9.89	)		594,737		0.52			0.52			4.16			171
Year ended 02/28/22		7.82		0.23		(0.50	)		(0.27	)		(0.23	)		(0.16	)		(0.39	)		7.16		(3.66	)		576,512		0.47			0.47			2.91			133
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
Class R5
Year ended 02/28/23		7.16		0.27		(0.98	)		(0.71	)		(0.27	)		–			(0.27	)		6.18		(9.96	)		13,992		0.43			0.43			4.25			171
Year ended 02/28/22		7.81		0.23		(0.48	)		(0.25	)		(0.24	)		(0.16	)		(0.40	)		7.16		(3.47	)		14,978		0.42			0.42			2.96			133
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
Class R6
Year ended 02/28/23		7.16		0.28		(0.98	)		(0.70	)		(0.27	)		–			(0.27	)		6.19		(9.77	)		840,705		0.37			0.37			4.31			171
Year ended 02/28/22		7.82		0.23		(0.49	)		(0.26	)		(0.24	)		(0.16	)		(0.40	)		7.16		(3.54	)		959,566		0.35			0.35			3.03			133
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

^(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 (loss) to average net assets reflect actual 12b-1 fees of 0.99% and 0.95% for the years ended February 28, 2023 and February 28, 2019, respectively.

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

31 Invesco Corporate Bond Fund

Notes to Financial Statements

February 28, 2023

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.

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

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued.

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

32 Invesco Corporate Bond Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

33 Invesco Corporate Bond Fund

borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended February 28, 2023, the Fund paid the Adviser $1,446 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.

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

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

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

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

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

L. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

M. Call Options Purchased and Written – The Fund may write 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

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through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the 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 February 28, 2023, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

P. Leverage Risk – 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.

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

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

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.30%.

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, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. 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, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended February 28, 2023, the Adviser waived advisory fees of $37,601.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A, 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 year ended February 28, 2023, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2023, IDI advised the Fund that IDI retained $88,963 in front-end sales commissions from the sale of Class A shares and $14,839 and $3,803 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.

36 Invesco Corporate Bond Fund

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	2,263,503,797	$	17,767,731	$	2,281,271,528
Preferred Stocks		27,840,850			27,873,904		–		55,714,754
U.S. Treasury Securities		–			41,213,052		–		41,213,052
Asset-Backed Securities		–			19,988,940		8,923,852		28,912,792
Municipal Obligations		–			7,940,329		70,004		8,010,333
Exchange-Traded Funds		4,692,000			–		–		4,692,000
Non-U.S. Dollar Denominated Bonds & Notes		–			4,169,472		–		4,169,472
Variable Rate Senior Loan Interests		–			–		659,369		659,369
Common Stocks & Other Equity Interests		–			–		0		0
Money Market Funds		114,895,868			269,109,286		–		384,005,154
Options Purchased		468,325			–		–		468,325
Total Investments in Securities		147,897,043			2,633,798,780		27,420,956		2,809,116,779
Other Investments - Assets*
Investments Matured		–			417,178		–		417,178
Futures Contracts		238,531			–		–		238,531
Forward Foreign Currency Contracts		–			51,109		–		51,109
		238,531			468,287		–		706,818
Other Investments - Liabilities*
Futures Contracts		(555,751	)		–		–		(555,751	)
Options Written		(71,190	)		–		–		(71,190	)
		(626,941	)		–		–		(626,941	)
Total Other Investments		(388,410	)		468,287		–		79,877
Total Investments	$	147,508,633		$	2,634,267,067	$	27,420,956	$	2,809,196,656

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

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended February 28, 2023:

	Value 02/28/22			Purchases at Cost			Proceeds from Sales				Accrued Discounts/ Premiums			Realized Gain			Change in Unrealized Appreciation (Depreciation)				Transfers into Level 3			Transfers out of Level 3			Value 02/28/23
U.S. Dollar Denominated Bonds & Notes		$	11,509,549		$	7,644,000		$	–			$	–		$	–		$	(1,385,818	)		$	–		$	–		$	17,767,731
Asset-Backed Securities			3,914,435			5,816,239			–				14,699			–			(821,521	)			–			–			8,923,852
Variable Rate Senior Loan Interests			5,065,045			–			(4,153,040	)			–			79,112			(331,748	)			–			–			659,369
Municipal Obligations			70,004			–			-				13,956			–			(13,956	)			–			–			70,004
Total		$	20,559,033		$	13,460,239		$	(4,153,040	)		$	28,655		$	79,112		$	(2,553,043	)		$	–		$	–		$	27,420,956

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.

37 Invesco Corporate Bond 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 February 28, 2023:

	Value
Derivative Assets	Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–	$	–		$	238,531		$	238,531
Unrealized appreciation on forward foreign currency contracts outstanding		51,109		–			–			51,109
Options purchased, at value – Exchange-Traded(b)		–		468,325			–			468,325
Total Derivative Assets		51,109		468,325			238,531			757,965
Derivatives not subject to master netting agreements		–		(468,325	)		(238,531	)		(706,856	)
Total Derivative Assets subject to master netting agreements	$	51,109	$	–		$	–		$	51,109
			Value
Derivative Liabilities			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)			$	–		$	(555,751	)	$	(555,751	)
Options written, at value – Exchange-Traded				(71,190	)		–			(71,190	)
Total Derivative Liabilities				(71,190	)		(555,751	)		(626,941	)
Derivatives not subject to master netting agreements				71,190			555,751			626,941
Total Derivative Liabilities subject to master netting agreements			$	–		$	–		$	–

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

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2023.

	Financial Derivative Assets				Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Net Value of Derivatives		Non-Cash	Cash	Net Amount
Canadian Imperial Bank of Commerce		$16,260	$	16,260	$–	$–	$	16,260
Goldman Sachs International		4,375		4,375	–	–		4,375
State Street Bank & Trust Co.		30,474		30,474	–	–		30,474
Total		$51,109	$	51,109	$–	$–	$	51,109

Effect of Derivative Investments for the year ended February 28, 2023

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

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk		Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	1,804,578	$	-		$	-	$	1,804,578
Futures contracts		-			-		-			6,134,777		6,134,777
Options purchased(a)		-			-		(951,223	)		-		(951,223	)
Options written		-			-		220,453			-		220,453
Swap agreements		(1,105,675	)		-		-			-		(1,105,675	)

38 Invesco Corporate Bond Fund

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk		Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	-		$	(714,523	)	$	-		$	-	$	(714,523	)
Futures contracts		-			-			-			136,226		136,226
Options purchased(a)		-			-			(416,124	)		-		(416,124	)
Options written		-			-			145,059			-		145,059
Total	$	(1,105,675	)	$	1,090,055		$	(1,001,835	)	$	6,271,003	$	5,253,548

^(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 Foreign Currency Contracts		Futures Contracts		Equity Options Purchased		Index Options Purchased		Equity Options Written		Index Options Written		Swaptions Written		Swap Agreements
Average notional value		$57,889,091	$	697,457,937	$	22,578,370	$	23,941,333	$	30,426,500	$	21,824,375	$	50,614,000	$	50,107,860
Average contracts		–		–		4,302		54		4,681		48		–		–

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $10,484.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2023 and 2022:

	2023		2022
Ordinary income*	$	99,639,223	$	106,646,519
Long-term capital gain		–		38,338,300
Total distributions	$	99,639,223	$	144,984,819

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	6,626,119
Net unrealized appreciation (depreciation) – investments		(238,872,771	)
Net unrealized appreciation (depreciation) – foreign currencies		(44,221	)
Temporary book/tax differences		(115,524	)
Capital loss carryforward		(282,821,747	)
Shares of beneficial interest		3,061,030,791
Total net assets	$	2,545,802,647

39 Invesco Corporate Bond Fund

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

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

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

The Fund has a capital loss carryforward as of February 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	105,496,774	$	177,324,973	$	282,821,747

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2023 was $1,998,625,424 and $1,937,421,574, 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	$   17,265,753
Aggregate unrealized (depreciation) of investments	(256,138,524	)
Net unrealized appreciation (depreciation) of investments	$(238,872,771	)

Cost of investments for tax purposes is $3,048,069,427.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, derivative instruments, amortization and accretion on debt securities, on February 28, 2023, undistributed net investment income was increased by $3,661,126, undistributed net realized gain (loss) was decreased by $3,661,122 and shares of beneficial interest was decreased by $4. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	February 28, 2023(a)						February 28, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		22,456,528		$	142,557,943			32,438,345		$	251,450,399
Class C		889,760			5,614,179			1,188,953			9,315,146
Class R		549,582			3,495,805			758,550			5,846,005
Class Y		77,531,763			495,050,223			51,395,738			398,167,587
Class R5		372,402			2,363,279			795,926			6,160,820
Class R6		45,493,278			292,788,920			66,002,220			512,181,475
Issued as reinvestment of dividends:
Class A		5,785,462			36,415,720			7,608,578			58,333,573
Class C		147,295			933,992			252,111			1,947,156
Class R		71,464			449,406			79,476			608,989
Class Y		2,097,762			13,264,673			2,832,647			21,743,742
Class R5		91,301			574,568			111,498			857,095
Class R6		5,183,580			32,703,895			5,709,398			43,825,549
Automatic conversion of Class C shares to Class A shares:
Class A		438,755			2,798,418			584,512			4,493,163
Class C		(435,463	)		(2,798,418	)		(580,247	)		(4,493,163	)

40 Invesco Corporate Bond Fund

	Summary of Share Activity
	Year ended						Year ended
	February 28, 2023(a)						February 28, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(40,298,645	)	$	(257,129,527	)		(31,292,482	)	$	(240,777,345	)
Class C		(1,994,178	)		(12,867,025	)		(2,035,330	)		(15,728,958	)
Class R		(537,219	)		(3,422,555	)		(428,914	)		(3,306,171	)
Class Y		(64,023,347	)		(408,376,322	)		(37,370,286	)		(287,130,140	)
Class R5		(293,937	)		(1,909,663	)		(659,521	)		(5,113,828	)
Class R6		(48,809,590	)		(311,356,175	)		(24,361,546	)		(186,547,104	)
Net increase in share activity		4,716,553		$	31,151,336			73,029,626		$	571,833,990

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 68% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

41 Invesco Corporate Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Corporate Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Corporate Bond Fund (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent, portfolio company investees, agent banks and brokers; when replies were not received from portfolio company investees, agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

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

42 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 September 1, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL (5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(09/01/22)	(02/28/23)1	Period2	(02/28/23)	Period2	Ratio
Class A	$1,000.00	$999.40	$3.87	$1,020.93	$3.91	0.78%
Class C	1,000.00	994.60	7.91	1,016.86	8.00	1.60
Class R	1,000.00	998.10	5.10	1,019.69	5.16	1.03
Class Y	1,000.00	1,000.70	2.63	1,022.17	2.66	0.53
Class R5	1,000.00	999.60	2.13	1,022.66	2.16	0.43
Class R6	1,000.00	1,001.50	1.89	1,022.91	1.91	0.38

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

43 Invesco Corporate Bond Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Qualified Dividend Income*	8.17	%
Corporate Dividends Received Deduction*	7.20	%
U.S. Treasury Obligations*	2.03	%
Qualified Business Income*	0.00	%
Business Interest Income*	90.72	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

44 Invesco Corporate Bond Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	175	None

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

T-1 Invesco Corporate Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Corporate Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Corporate Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Corporate Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd./Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Corporate Bond Fund

Trustees and Officers–(continued)

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

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

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

T-6 Invesco Corporate Bond Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Annual Report to Shareholders February 28, 2023

Invesco Global Real Estate Fund

Nasdaq:

A: AGREX ∎ C: CGREX ∎ R: RGREX ∎ Y: ARGYX ∎ R5: IGREX ∎ R6: FGREX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
20	Report of Independent Registered Public Accounting Firm
21	Fund Expenses
22	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended February 28, 2023, Class A shares of Invesco Global Real Estate Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Global Real Estate Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 2/28/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-14.71	%
Class C Shares	-15.38
Class R Shares	-14.86
Class Y Shares	-14.50
Class R5 Shares	-14.34
Class R6 Shares	-14.27
MSCI World Index▼ (Broad Market Index)	-7.33
Custom Invesco Global Real Estate Index∎ (Style-Specific Index)	-15.11
Lipper Global Real Estate Funds Classification Average¨ (Peer Group)	-15.32
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ¨Lipper Inc.

Market conditions and your Fund

The beginning of the fiscal year was headlined by a historic rise in inflation along with global geopolitical and economic tensions. The war in Europe and the disruption of COVID-19 restrictions in Asia added to existing supply-chain issues across the global economy. Inflationary pressures continue to rise with inflation across all areas of the economy. Economic growth began to slow after the post-pandemic rises. Listed real estate offered more defensive performance than wider general equities and fixed income investments, but still showed overall negative performance. Asian real estate delivered the most resilient performance, while Europe delivered the weakest performance.

    The impact of rising interest rates and the increased cost of living continued to be evident in consumer, manufacturing and business service data during the second quarter of 2022. The US, UK, Swedish and Australian central banks all moved interest rates higher during the fiscal year. Listed real estate had a weak period of performance, with Europe significantly underperforming other regions. Asian real estate has been most resilient given much lower rates of inflation and less expected changes in interest rates.

    The macro-economic and geo-political environment continued deteriorating during the third quarter of 2022. Global central banks continued to tighten as inflation remained elevated. Listed real estate also saw meaningful price declines. These declines were led by the European REITs with either highest leverage or lowest investment cap rates. Asian listed real estate tended to outperform, led by Japan where monetary policy is expected to be stable. Private real estate markets in the US and Europe continued to show declining investment market activity given wide bid/ask spreads and rapidly changing financing costs.

    Economic data releases in the fourth quarter continued to offer a picture of weak leading indicators. However, actual data, including employment data, in key economies remained strong. Overall headline inflation prints appeared to be close to or beyond peak levels in most economies, however, the speed at which they decline remained uncertain. Listed real estate also delivered positive performance, led by REITs in Australia, France, Spain, Sweden, Hong Kong/China and the US retail focused REITs. The worst performances were seen in US apartment and storage focused REITs and in Singapore real estate.

    Mixed signals have marked year-to-date 2023 economic releases in key economies. Many releases have shown resilience against the backdrop of the rapid rise in interest rates. It is still unclear how much impact rising risk-free rates and the changed cost of financing will ultimately have on real estate asset valuations. Asset values in many sectors or countries are expected to fall in coming quarters as valuers and investors incorporate their forward expectations of the future cost of capital changes. However, it appears that the listed real estate markets are already discounting a significant change in valuation, represented by listed companies trading at discounts to stated net asset value at the end of the fiscal year.

    From a country perspective, key contributors to the Fund’s relative performance in the fiscal year were stock selection and an overweight to the US and an underweight to Swe-den. Key detractors from relative Fund performance included stock selection in Singapore and overweight exposure to under-performing Germany and Belgium. In the US, performance was driven by overweight positioning to casinos and underweight positioning to the office sector. The Fund was well positioned in casino companies, which offered defensive cash flows and attractive capital

deployment opportunities. The worst performing sector in the US during the fiscal year was the office sector. The portfolio maintained significant underweight exposure to offices throughout the fiscal year. Underweight exposure to Sweden offered the best relative Fund performance results from the European region. Sweden has the highest leverage and shortest lease duration of any real estate market globally. Stock selection and overweight allocation to Belgium detracted from relative Fund performance, where health care and industrial REIT exposures were held. Exposure to Germany detracted from Fund performance as the country was disproportionately impacted by the Ukraine conflict and rapid change in energy availability and pricing. Singapore also detracted, driven by exposure to data center REITs which performed poorly.

    Top individual contributors to the Fund’s absolute performance during the fiscal year included Vici Properties and Gaming and Leisure Properties. Vici Properties and Gaming and Leisure Properties are REITs that specialize in casino properties. The gaming REIT sector benefits from high-quality assets which generate stable cash flows tied to long-term leases, an attractive dividend yield and external growth opportunities. The companies outperformed during the fiscal year given their stable rent collections amidst rising concerns over the macroeconomic environment, coupled with its attractive relative valuation.

    Top individual detractors from absolute Fund performance included AvalonBay Communities, UDR and Vonovia SE. AvalonBay Communities and UDR, both apartment focused REITs, underperformed during the fiscal year as earnings showed a deceleration in the ability to push rents and reinforced fears of how a slowing economy will negatively impact the sector. Vonovia SE owns a portfolio of apartments in Germany, Sweden and Aus-tria and has a solid internal growth profile with assets valued significantly below their replacement cost. The stock underperformed during the fiscal year reflecting its German exposure, which has been impacted by the war in Ukraine. Additionally, the company holds slightly above-average levels of financial leverage in a period when bond yields have been moving higher.

    Overall, the Fund was positioned with a defensive bias for much of the fiscal year. Exposure to companies with more volatile growth and higher-valuations was reduced at the start of the fiscal year and this positioning was maintained throughout the fiscal year. On a regional basis, the Fund held overweight exposure to the US and Asia and an underweight exposure to Europe. In the US, the Fund began the fiscal year with a balance between REIT sectors benefiting from long-term structural growth trends and REITs with economically sensitive growth opportunities. As the investment environment changed, weight was added to defensive sectors and reduced

2 Invesco Global Real Estate Fund

in sectors that might face more meaningful headwinds from economic deceleration, a weaker housing market and job losses. In Asia, overweight exposure to Japan and Hong Kong was held throughout most of the fiscal year. The overweight to Japan was reduced when the Bank of Japan surprised the market with changes to its yield curve control policy in December 2022. Overweight exposure to Hong Kong was held in recognition of deeply discounted valuations and the prospect of the eventual Hong Kong/China reopening. This position was rewarded, especially in November and December 2022, following the relaxation of travel restrictions. In Europe, the portfolio was underweight in the UK in reflection of economic challenges and expectations of a more rapid decline in real estate values. Exposure to Germany and Sweden was also reduced to underweight, reflecting the interest sensitivity of its real estate companies.

    The overall portfolio is biased toward companies with more favorable long-term growth prospects, generally supported by higher-quality assets, attractive fundamental prospects, lower-leveraged balance sheets and better environmental, social and governance characteristics. The unpredictable macro and geopolitical environments require constant monitoring of active factor, country and currency exposures in portfolios.

    We thank you for your continued investment in Invesco Global Real Estate Fund.

Portfolio manager(s):

James Cowen

Grant Jackson

Chip McKinley

Darin Turner

Ping-Ying Wang

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

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

3 Invesco Global Real Estate Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 2/28/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

3 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Global Real Estate Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (4/29/05)	3.68	%
10 Years	1.73
5 Years	-0.42
1 Year	-19.42
Class C Shares
Inception (4/29/05)	3.66	%
10 Years	1.70
5 Years	-0.04
1 Year	-16.13
Class R Shares
Inception (4/29/05)	3.74	%
10 Years	2.06
5 Years	0.46
1 Year	-14.86
Class Y Shares
Inception (10/3/08)	4.42	%
10 Years	2.56
5 Years	0.95
1 Year	-14.50
Class R5 Shares
Inception (4/29/05)	4.48	%
10 Years	2.75
5 Years	1.09
1 Year	-14.34
Class R6 Shares
Inception (9/24/12)	3.51	%
10 Years	2.83
5 Years	1.18
1 Year	-14.27

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

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

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

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

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

5 Invesco Global Real Estate Fund

Supplemental Information

Invesco Global Real Estate Fund’s investment objective is total return through growth of capital and current income.

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎ The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ The Custom Invesco Global Real Estate 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.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

6 Invesco Global Real Estate Fund

Fund Information

Portfolio Composition
By country	% of total net assets
United States	61.43%
Japan	9.89
Hong Kong	6.58
United Kingdom	3.22
Singapore	2.99
Australia	2.76
Germany	2.44
Countries, each less than 2% of portfolio	6.76
Money Market Funds Plus Other Assets Less Liabilities	3.93
Top 10 Equity Holdings*
	% of total net assets
1.    Prologis, Inc.	6.87%
2.    UDR, Inc.	4.96
3.    AvalonBay Communities, Inc.	4.23
4.    Healthpeak Properties, Inc.	3.61
5.    Sun Communities, Inc.	3.44
6.    VICI Properties, Inc.	3.26
7.    Rexford Industrial Realty, Inc.	3.03
8.    Digital Realty Trust, Inc.	2.92
9.    Realty Income Corp.	2.65
10.    Host Hotels & Resorts, Inc.	2.39

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

* Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2023.

7 Invesco Global Real Estate Fund

Schedule of Investments

February 28, 2023

	Shares		Value
Common Stocks & Other Equity Interests–96.07%
Australia–2.76%
GPT Group (The)		782,139	$	2,474,699
National Storage REIT		771,296		1,305,424
Region RE Ltd.		118,885		203,899
Stockland		594,825		1,536,853
				5,520,875
Belgium–1.29%
Aedifica S.A.		13,234		1,118,828
Cofinimmo S.A.		9,260		856,011
VGP N.V.		6,699		602,378
				2,577,217
Brazil–0.56%
Multiplan Empreendimentos Imobiliarios S.A.		234,700		1,128,346
Canada–1.08%
Chartwell Retirement Residences		320,038		2,160,169
France–0.72%
Klepierre S.A.		58,002		1,449,399
Germany–2.44%
Aroundtown S.A.		260,790		676,167
Instone Real Estate Group SE(a)		50,340		473,872
LEG Immobilien SE		21,379		1,553,997
Sirius Real Estate Ltd.		954,127		961,675
Vonovia SE		48,053		1,212,138
				4,877,849
Hong Kong–6.58%
CK Asset Holdings Ltd.		130,000		814,632
Hang Lung Properties Ltd.		662,000		1,276,889
Hongkong Land Holdings Ltd.		388,400		1,774,650
Kerry Properties Ltd.		155,500		388,927
Link Real Estate Investment Trust, Rts., expiring 03/21/2023(b)		115,320		108,718
Link REIT		576,600		3,788,609
Sun Hung Kai Properties Ltd.		291,100		3,974,479
Wharf Real Estate Investment Co. Ltd.		191,000		1,045,926
				13,172,830
Israel–0.53%
Azrieli Group Ltd.		19,063		1,068,279
Italy–0.54%
Infrastrutture Wireless Italiane S.p.A.(a)		97,744		1,075,482
Japan–9.89%
Advance Residence Investment Corp.		440		1,080,154
GLP J-Reit		99		104,113
Hulic Co. Ltd.		132,000		1,051,682
Industrial & Infrastructure Fund Investment Corp.		694		731,643
Invincible Investment Corp.		1,747		703,889
Japan Hotel REIT Investment Corp.		2,865		1,619,530
Japan Metropolitan Fund Investment Corp.		1,923		1,443,360

	Shares		Value
Japan–(continued)
Japan Prime Realty Investment Corp.		287	$	757,753
Kenedix Office Investment Corp.		311		729,757
Mitsubishi Estate Logistics REIT Investment Corp.		166		491,316
Mitsui Fudosan Co. Ltd.		192,700		3,672,337
Mitsui Fudosan Logistics Park, Inc.		8		26,658
Nippon Accommodations Fund, Inc.		149		664,833
Nomura Real Estate Holdings, Inc.		73,700		1,638,535
Nomura Real Estate Master Fund, Inc.		1,212		1,345,136
Tokyo Tatemono Co. Ltd.		60,800		744,794
Tokyu Fudosan Holdings Corp.		379,100		1,826,362
United Urban Investment Corp.		1,049		1,158,282
				19,790,134
Macau–0.36%
Galaxy Entertainment Group Ltd.		110,000		731,113
Singapore–2.99%
CapitaLand Ascendas REIT		549,400		1,128,266
CapitaLand Investment Ltd.		943,100		2,601,090
Digital Core REIT Management Pte Ltd.		1,779,400		1,089,580
Keppel REIT		1,691,800		1,160,559
				5,979,495
Spain–1.02%
Merlin Properties SOCIMI S.A.		214,764		2,038,105
Sweden–0.66%
Castellum AB		85,586		1,090,412
Samhallsbyggnadsbolaget i Norden AB, Class B		136,394		222,618
				1,313,030
United Kingdom–3.22%
Capital & Counties Properties PLC		626,917		951,116
Derwent London PLC		61,318		1,918,507
LondonMetric Property PLC		594,596		1,343,113
Segro PLC		115,974		1,144,978
UNITE Group PLC (The)		92,958		1,097,012
				6,454,726
United States–61.43%
Agree Realty Corp.		18,852		1,334,344
Alexandria Real Estate Equities, Inc.		14,971		2,242,356
AvalonBay Communities, Inc.		49,110		8,472,457
Brixmor Property Group, Inc.		161,148		3,648,391
CubeSmart(c)		60,893		2,861,362
Digital Realty Trust, Inc.(c)		56,026		5,839,590
Equinix, Inc.		6,200		4,267,274
Equity LifeStyle Properties, Inc.(c)		45,078		3,088,294
Essential Properties Realty Trust, Inc.(c)		69,788		1,797,739
Gaming and Leisure Properties, Inc.		38,077		2,051,589
Healthcare Realty Trust, Inc.		222,236		4,333,602
Healthpeak Properties, Inc.		300,560		7,231,474
Host Hotels & Resorts, Inc.		284,324		4,776,643
Invitation Homes, Inc.		144,986		4,532,262
Kilroy Realty Corp.		72,460		2,610,009
Kimco Realty Corp.		216,080		4,453,409

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

8 Invesco Global Real Estate Fund

	Shares		Value
United States–(continued)
Lamar Advertising Co., Class A		7,410	$	774,790
Life Storage, Inc.		36,011		4,340,046
Prologis, Inc.		111,364		13,742,318
Realty Income Corp.		82,851		5,298,321
Rexford Industrial Realty, Inc.(c)		100,422		6,071,514
Sun Communities, Inc.		48,056		6,878,736
Terreno Realty Corp.		37,467		2,330,822
UDR, Inc.		231,831		9,931,640
Ventas, Inc.		49,604		2,413,235
VICI Properties, Inc.		194,710		6,528,626
Welltower, Inc.		15,107		1,119,731
				122,970,574
Total Common Stocks & Other Equity Interests (Cost $191,887,519)				192,307,623
Money Market Funds–3.65%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e)		2,560,201		2,560,201
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(d)(e)		1,828,454		1,828,820

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 4.50%(d)(e)		2,925,944	$	2,925,944
Total Money Market Funds (Cost $7,314,986)				7,314,965
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.72% (Cost $199,202,505)				199,622,588
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.46%
Invesco Private Government Fund, 4.58%(d)(e)(f)		3,059,765		3,059,765
Invesco Private Prime Fund, 4.83%(d)(e)(f)		7,866,395		7,867,968
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,927,822)				10,927,733
TOTAL INVESTMENTS IN SECURITIES–105.18% (Cost $210,130,327)				210,550,321
OTHER ASSETS LESS LIABILITIES–(5.18)%				(10,363,804	)
NET ASSETS–100.00%			$	200,186,517

Investment Abbreviations:

REIT – Real Estate Investment Trust

Rts.   – Rights

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 February 28, 2023 was $1,549,354, which represented less than 1% of the Fund’s Net Assets.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2023.

	Value February 28, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,892,614		$26,864,268		$(26,196,681)			$-			$-		$2,560,201		$16,093
Invesco Liquid Assets Portfolio, Institutional
Class		1,265,303		19,188,763		(18,625,489	)		(32	)		275		1,828,820		14,663
Invesco Treasury Portfolio, Institutional Class		2,162,988		30,702,021		(29,939,065	)		-			-		2,925,944		22,536
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,102,625		86,231,817		(87,274,677	)		-			-		3,059,765		93,120	*
Invesco Private Prime Fund		9,572,791		187,899,329		(189,606,970	)		703			2,115		7,867,968		253,208	*
Total		$18,996,321		$350,886,198		$	(351,642,882)		$671			$2,390		$18,242,698		$399,620

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

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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

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

9 Invesco Global Real Estate Fund

Statement of Assets and Liabilities

February 28, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $191,887,519)*	$192,307,623
Investments in affiliated money market funds, at value (Cost $18,242,808)	18,242,698
Foreign currencies, at value (Cost $72,852)	68,392
Receivable for:
Investments sold	1,081,294
Fund shares sold	122,050
Dividends	609,440
Investment for trustee deferred compensation and retirement plans	105,285
Other assets	29,696
Total assets	212,566,478
Liabilities:
Payable for:
Investments purchased	854,915
Fund shares reacquired	214,466
Collateral upon return of securities loaned	10,927,822
Accrued fees to affiliates	148,761
Accrued trustees’ and officers’ fees and benefits	1,698
Accrued other operating expenses	116,074
Trustee deferred compensation and retirement plans	116,225
Total liabilities	12,379,961
Net assets applicable to shares outstanding	$200,186,517
Net assets consist of:
Shares of beneficial interest	$205,347,937
Distributable earnings (loss)	(5,161,420	)
	$200,186,517

Net Assets:
Class A	$	82,569,931
Class C	$	3,618,721
Class R	$	21,289,738
Class Y	$	46,125,896
Class R5	$	16,614,622
Class R6	$	29,967,609
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		9,359,283
Class C		409,614
Class R		2,414,031
Class Y		5,233,243
Class R5		1,891,474
Class R6		3,414,648
Class A:
Net asset value per share	$	8.82
Maximum offering price per share (Net asset value of $8.82 ÷ 94.50%)	$	9.33
Class C:
Net asset value and offering price per share	$	8.83
Class R:
Net asset value and offering price per share	$	8.82
Class Y:
Net asset value and offering price per share	$	8.81
Class R5:
Net asset value and offering price per share	$	8.78
Class R6:
Net asset value and offering price per share	$	8.78

* At February 28, 2023, securities with an aggregate value of $10,668,472 were on loan to brokers.

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

10 Invesco Global Real Estate Fund

Statement of Operations

For the year ended February 28, 2023

Investment income:
Dividends (net of foreign withholding taxes of $281,771)	$	8,218,958
Dividends from affiliated money market funds (includes net securities lending income of $29,563)		82,855
Total investment income		8,301,813
Expenses:
Advisory fees		2,037,138
Administrative services fees		39,242
Custodian fees		64,974
Distribution fees:
Class A		233,342
Class C		41,406
Class R		108,481
Transfer agent fees - A, C, R and Y		427,673
Transfer agent fees - R5		50,574
Transfer agent fees - R6		14,765
Trustees’ and officers’ fees and benefits		17,705
Registration and filing fees		92,271
Reports to shareholders		82,029
Professional services fees		66,962
Other		13,406
Total expenses		3,289,968
Less: Fees waived and/or expense offset arrangement(s)		(6,233	)
Net expenses		3,283,735
Net investment income		5,018,078
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		14,704,003
Affiliated investment securities		2,390
Foreign currencies		(134,773	)
		14,571,620
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(61,255,266	)
Affiliated investment securities		671
Foreign currencies		(16,501	)
		(61,271,096	)
Net realized and unrealized gain (loss)		(46,699,476	)
Net increase (decrease) in net assets resulting from operations	$	(41,681,398	)

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

11 Invesco Global Real Estate Fund

Statement of Changes in Net Assets

For the years ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	5,018,078		$	6,639,953
Net realized gain		14,571,620			64,685,103
Change in net unrealized appreciation (depreciation)		(61,271,096	)		(11,992,317	)
Net increase (decrease) in net assets resulting from operations		(41,681,398	)		59,332,739
Distributions to shareholders from distributable earnings:
Class A		(9,906,379	)		(2,928,183	)
Class C		(404,455	)		(102,987	)
Class R		(2,282,184	)		(596,650	)
Class Y		(5,933,111	)		(2,580,238	)
Class R5		(3,256,651	)		(3,281,554	)
Class R6		(4,110,211	)		(5,367,899	)
Total distributions from distributable earnings		(25,892,991	)		(14,857,511	)
Share transactions–net:
Class A		267,781			(9,486,671	)
Class C		(303,738	)		(890,718	)
Class R		2,640,784			(847,531	)
Class Y		(6,153,692	)		(54,497,517	)
Class R5		(57,860,549	)		(48,145,806	)
Class R6		(129,367,942	)		(14,940,083	)
Net increase (decrease) in net assets resulting from share transactions		(190,777,356	)		(128,808,326	)
Net increase (decrease) in net assets		(258,351,745	)		(84,333,098	)
Net assets:
Beginning of year		458,538,262			542,871,360
End of year	$	200,186,517		$	458,538,262

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

12 Invesco Global Real Estate Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 02/28/23	$	11.63	$	0.17	$	(1.87	)	$	(1.70	)	$	(0.21	)	$	(0.90	)	$	(1.11	)	$	8.82		(14.71	)%	$	82,570		1.38	%		1.38	%		1.67	%		69	%
Year ended 02/28/22		10.77		0.12		1.04			1.16			(0.30	)		-			(0.30	)		11.63		10.80			107,880		1.30			1.30			1.01			88
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
Class C
Year ended 02/28/23		11.64		0.09		(1.87)			(1.78	)		(0.13)			(0.90	)		(1.03)			8.83		(15.38	)		3,619		2.13			2.13			0.92			69
Year ended 02/28/22		10.78		0.03		1.05			1.08			(0.22	)		-			(0.22	)		11.64		9.96			5,057		2.05			2.05			0.26			88
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
Class R
Year ended 02/28/23		11.62		0.14		(1.86	)		(1.72	)		(0.18	)		(0.90	)		(1.08	)		8.82		(14.86	)		21,290		1.63			1.63			1.42			69
Year ended 02/28/22		10.77		0.09		1.03			1.12			(0.27	)		-			(0.27	)		11.62		10.42			24,519		1.55			1.55			0.76			88
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
Class Y
Year ended 02/28/23		11.62		0.19		(1.87	)		(1.68	)		(0.23	)		(0.90	)		(1.13	)		8.81		(14.50	)		46,126		1.13			1.13			1.92			69
Year ended 02/28/22		10.77		0.15		1.03			1.18			(0.33	)		-			(0.33	)		11.62		10.98			67,783		1.05			1.05			1.26			88
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
Class R5
Year ended 02/28/23		11.58		0.22		(1.87	)		(1.65	)		(0.25	)		(0.90	)		(1.15	)		8.78		(14.34	)		16,615		0.99			0.99			2.06			69
Year ended 02/28/22		10.73		0.17		1.03			1.20			(0.35	)		—			(0.35	)		11.58		11.17			87,664		0.91			0.91			1.40			88
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
Class R6
Year ended 02/28/23		11.58		0.22		(1.87	)		(1.65	)		(0.25	)		(0.90	)		(1.15	)		8.78		(14.27	)		29,968		0.92			0.92			2.13			69
Year ended 02/28/22		10.73		0.18		1.03			1.21			(0.36	)		-			(0.36	)		11.58		11.26			165,636		0.83			0.83			1.48			88
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

^(a)  Calculated using average shares outstanding.

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

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

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

13 Invesco Global Real Estate Fund

Notes to Financial Statements

February 28, 2023

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

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

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

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

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

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

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

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

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

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

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

14 Invesco Global Real Estate Fund

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

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

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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

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

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

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

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

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

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

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

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

15 Invesco Global Real Estate Fund

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended February 28, 2023, the Fund paid the Adviser $1,454 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

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

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

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

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

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

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

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

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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

16 Invesco Global Real Estate Fund

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, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. 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, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended February 28, 2023, the Adviser waived advisory fees of $2,946.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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 year ended February 28, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2023, IDI advised the Fund that IDI retained $6,385 in front-end sales commissions from the sale of Class A shares and $127 and $247 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	5,520,875		$–	$	5,520,875
Belgium		–		2,577,217		–		2,577,217
Brazil		1,128,346		–		–		1,128,346
Canada		2,160,169		–		–		2,160,169
France		–		1,449,399		–		1,449,399
Germany		–		4,877,849		–		4,877,849
Hong Kong		–		13,172,830		–		13,172,830
Israel		–		1,068,279		–		1,068,279
Italy		–		1,075,482		–		1,075,482
Japan		–		19,790,134		–		19,790,134

17 Invesco Global Real Estate Fund

	Level 1		Level 2		Level 3	Total
Macau	$	–	$	731,113	$–	$	731,113
Singapore		–		5,979,495	–		5,979,495
Spain		–		2,038,105	–		2,038,105
Sweden		–		1,313,030	–		1,313,030
United Kingdom		–		6,454,726	–		6,454,726
United States		122,970,574		–	–		122,970,574
Money Market Funds		7,314,965		10,927,733	–		18,242,698
Total Investments	$	133,574,054	$	76,976,267	$–	$	210,550,321

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,287.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2023 and 2022:

	2023		2022
Ordinary income*	$	5,841,438	$	14,857,511
Long-term capital gain		20,051,553		–
Total distributions	$	25,892,991	$	14,857,511

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

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation (depreciation) – investments	$	(4,870,031	)
Net unrealized appreciation (depreciation) – foreign currencies		(28,240	)
Temporary book/tax differences		(79,048	)
Late-Year ordinary loss deferral		(184,101	)
Shares of beneficial interest		205,347,937
Total net assets	$	200,186,517

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

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

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

The Fund does not have a capital loss carryforward as of February 28, 2023.

18 Invesco Global Real Estate Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2023 was $185,803,730 and $400,140,570, 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	$	10,805,608
Aggregate unrealized (depreciation) of investments		(15,675,639	)
Net unrealized appreciation (depreciation) of investments	$	(4,870,031	)
Cost of investments for tax purposes is $215,420,352.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions and passive foreign investment companies, on February 28, 2023, undistributed net investment income was increased by $3,992,253, undistributed net realized gain (loss) was decreased by $4,049,443 and shares of beneficial interest was increased by $57,190. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended February 28, 2023(a)						Year ended February 28, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		874,555		$	8,886,430			1,070,428		$	12,747,642
Class C		73,212			744,172			94,122			1,128,552
Class R		637,816			6,344,294			573,756			6,828,350
Class Y		678,163			6,684,444			1,057,626			12,365,470
Class R5		779,018			8,246,327			1,892,974			22,276,270
Class R6		821,823			8,573,717			2,322,240			27,388,791
Issued as reinvestment of dividends:
Class A		1,024,948			9,266,699			226,269			2,670,148
Class C		42,099			379,702			7,866			93,000
Class R		253,186			2,282,020			50,494			596,149
Class Y		428,676			3,876,930			126,802			1,493,421
Class R5		288,390			2,747,670			269,883			3,153,094
Class R6		430,252			3,988,774			452,413			5,308,016
Automatic conversion of Class C shares to Class A shares:
Class A		38,383			398,970			57,167			675,193
Class C		(38,323	)		(398,970	)		(57,084	)		(675,193	)
Reacquired:
Class A		(1,856,517	)		(18,284,318	)		(2,165,101	)		(25,579,654	)
Class C		(101,950	)		(1,028,642	)		(119,811	)		(1,437,077	)
Class R		(586,654	)		(5,985,530	)		(696,095	)		(8,272,030	)
Class Y		(1,706,874	)		(16,715,066	)		(5,896,319	)		(68,356,408	)
Class R5		(6,745,841	)		(68,854,546	)		(6,204,845	)		(73,575,170	)
Class R6		(12,142,304	)		(141,930,433	)		(4,040,623	)		(47,636,890	)
Net increase (decrease) in share activity		(16,807,942	)	$	(190,777,356	)		(10,977,838	)	$	(128,808,326	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

19 Invesco Global Real Estate Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Global Real Estate Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Real Estate Fund (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

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

20 Invesco 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 September 1, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$966.40	$6.83	$1,017.85	$7.00	1.40%
Class C	1,000.00	962.50	10.46	1,014.13	10.74	2.15
Class R	1,000.00	965.20	8.04	1,016.61	8.25	1.65
Class Y	1,000.00	967.60	5.61	1,019.09	5.76	1.15
Class R5	1,000.00	968.40	4.83	1,019.89	4.96	0.99
Class R6	1,000.00	969.80	4.49	1,020.23	4.61	0.92

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

21 Invesco Global Real Estate Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$20,127,045
Qualified Dividend Income*	51.87	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	48.13	%
Business Interest Income*	0.00	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

22 Invesco Global Real Estate Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	175	None

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

T-1 Invesco Global Real Estate Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Global Real Estate Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees—(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Global Real Estate Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Global Real Estate Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Global Real Estate Fund

Trustees and Officers–(continued)

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

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

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

T-6 Invesco Global Real Estate Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Annual Report to Shareholders February 28, 2023

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	Management’s Discussion
3	Supplemental Information
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
15	Report of Independent Registered Public Accounting Firm
16	Fund Expenses
17	Tax Information
T-1	Trustees and Officers

Management’s Discussion of your Fund

About your Fund

This annual report for Invesco Government Money Market Fund covers the fiscal year ended February 28, 2023. As of that date, the Fund’s net assets totaled $4.2 billion. As of the same date, the Fund’s weighted average maturity was 26 days and the Fund’s weighted average life was 112 days.¹

Market conditions affecting money market funds

The beginning of the fiscal year was headlined by a historic rise in inflation along with global geopolitical and economic tensions. Inflation, as measured by the Consumer Price Index, reached 8.5%,² its highest level in over 40 years. In response, the US Federal Reserve (the Fed) shifted to tighter monetary policy, hiking its Fed funds rate by 0.25%,³ its first increase since 2018. Geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%.⁴

In the first quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation increased further to 9.1% and fixed income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).⁵ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter of 2022 above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its Fed funds rate during the fiscal year: a 0.50% hike in May, three 0.75% hikes in June, July

and November, the largest hikes since 1994, a 0.50% hike in December, and a 0.25% hike in January to a target Fed funds rate of 4.50 to 4.75%, the highest since 2006.³ At their January 2023 meeting, the Fed indicated that there are signs of inflation coming down, but not enough to counter the need for more interest rate increases. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 1.44% to 4.81% during the fiscal year, while 10-year Treasury rates increased from

1.83% to 4.01%.⁴ At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession. However, attractive yields and encouraging macroeconomic data show signs of a rebound for fixed income markets.

The Fund’s performance and yield were highly correlated with policy rate changes by the Fed during the fiscal year. Similarly, the Fund’s yield increased through the fiscal year as the Fed hiked policy rates eight times for a total of 450 basis points.³ The target range for the effective federal funds rate ended the fiscal year at 4.50% to 4.75%, up from 0.00% to 0.25% at the beginning of the fiscal year.³ To navigate these dynamics, the portfolio management team reduced the weighted average maturity of the Fund and increased portfolio allocation to US Treasury floating rate securities and repurchase agreements.

Thank you for investing in Invesco Government Money Market Fund.

1 Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

2 Source: US Bureau of Labor Statistics

3 Source: Federal Reserve of Economic Data

4 Source: US Department of the Treasury

5 Source: Bloomberg LP

Team managed by Invesco Advisers, Inc.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The

information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

Portfolio Composition by Maturity* In days, as of 02/28/2023
1-7	52.8	%
8-30	5.4
31-60	11.3
61-90	3.5
91-180	4.8
181+	22.2

*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.

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.

2 Invesco Government Money Market Fund

Invesco Government Money Market Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

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

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

  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

3 Invesco Government Money Market Fund

Schedule of Investments

February 28, 2023

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-38.71%
U.S. Treasury Bills-24.24%(a)
U.S. Treasury Bills		4.53%-4.56	%		03/28/2023	$	150,000	$	149,491,687
U.S. Treasury Bills		4.54	%		04/04/2023		100,000		99,574,528
U.S. Treasury Bills		4.63	%		04/11/2023		80,000		79,580,889
U.S. Treasury Bills		4.51	%		04/18/2023		120,000		119,289,600
U.S. Treasury Bills		4.61	%		04/20/2023		62,000		61,607,333
U.S. Treasury Bills		4.49	%		04/25/2023		55,000		54,628,177
U.S. Treasury Bills		4.63	%		04/27/2023		60,000		59,565,375
U.S. Treasury Bills		4.65	%		05/04/2023		80,000		79,346,489
U.S. Treasury Bills		4.64	%		05/11/2023		70,000		69,366,325
U.S. Treasury Bills		4.69	%		05/30/2023		50,000		49,422,500
U.S. Treasury Bills		4.70	%		06/06/2023		100,000		98,753,819
U.S. Treasury Bills		4.12	%		10/05/2023		15,000		14,640,754
U.S. Treasury Bills		4.77	%		11/30/2023		20,000		19,306,628
U.S. Treasury Bills		4.68	%		01/25/2024		70,000		67,131,750
									1,021,705,854
U.S. Treasury Floating Rate Notes-14.47%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)		4.84	%		10/31/2023		40,000		39,999,932
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)(b)		4.73	%		04/30/2024		191,000		190,864,339
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)		4.84	%		07/31/2024		249,000		248,871,484
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)		4.95	%		10/31/2024		75,000		74,906,549
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)		5.01	%		01/31/2025		55,000		55,039,110
									609,681,414
Total U.S. Treasury Securities (Cost $1,631,387,268)									1,631,387,268
U.S. Government Sponsored Agency Securities-6.58%
Federal Farm Credit Bank (FFCB)-4.32%
Federal Farm Credit Bank (SOFR + 0.02%)(b)		4.57	%		06/12/2023		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.02%)(b)		4.57	%		06/23/2023		2,500		2,499,966
Federal Farm Credit Bank (SOFR + 0.03%)(b)		4.58	%		07/07/2023		8,000		8,000,000
Federal Farm Credit Bank (SOFR + 0.03%)(b)		4.58	%		09/08/2023		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.03%)(b)		4.58	%		09/18/2023		10,000		10,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59	%		09/20/2023		28,000		28,000,000
Federal Farm Credit Bank (SOFR + 0.03%)(b)		4.58	%		09/27/2023		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.06%)(b)		4.61	%		11/07/2023		4,000		4,000,000
Federal Farm Credit Bank (SOFR + 0.06%)(b)		4.61	%		12/13/2023		7,000		7,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59	%		01/04/2024		5,500		5,500,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59	%		01/25/2024		15,000		15,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59	%		02/05/2024		10,000		10,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60	%		02/20/2024		8,000		8,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60	%		02/23/2024		8,000		8,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59	%		03/18/2024		40,000		40,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60	%		04/04/2024		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60	%		04/25/2024		10,000		10,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60	%		05/09/2024		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60	%		05/24/2024		1,000		1,000,000
									181,999,966
Federal Home Loan Bank (FHLB)-2.07%
Federal Home Loan Bank(a)		4.81	%		07/14/2023		40,000		39,295,000

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		Principal Amount (000)		Value
Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank(a)		5.01	%		01/12/2024	$	10,000	$	9,578,214
Federal Home Loan Bank(a)		5.02	%		02/09/2024		40,000		38,167,667
									87,040,881
U.S. International Development Finance Corp. (DFC)-0.19%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)		4.85	%		06/15/2025		2,500		2,500,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)		4.85	%		02/15/2028		5,556		5,555,556
									8,055,556
Total U.S. Government Sponsored Agency Securities (Cost $277,096,403)									277,096,403
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-45.29% (Cost $1,908,483,671)									1,908,483,671
						Repurchase Amount
Repurchase Agreements-54.38%(d)
ABN AMRO Bank N.V., joint agreement dated 02/28/2023, aggregate maturing value of $400,050,556 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $408,000,034; 0.50% - 5.50%; 01/31/2024 - 02/20/2053)		4.55	%		03/01/2023		210,026,542		210,000,000
BMO Capital Markets Corp., joint term agreement dated 02/02/2023, aggregate maturing value of $251,548,264 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $255,000,000; 0.00% - 6.00%; 12/22/2023 -07/20/2072)(e)		4.55	%		03/23/2023		100,619,306		100,000,000
BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $1,195,151,035 (collateralized by agency mortgage-backed securities valued at $1,218,900,000; 1.81% - 6.50%; 10/25/2031 - 09/20/2072)		4.55	%		03/01/2023		210,026,542		210,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $800,709,333 (collateralized by U.S. Treasury obligations valued at $816,000,041; 0.00% - 3.38%; 05/15/2023 - 01/15/2033)(e)		4.56	%		03/01/2023		90,079,800		90,000,000
ING Financial Markets, LLC, joint term agreement dated 02/02/2023, aggregate maturing value of $251,551,667 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 6.50%; 08/01/2028 - 02/01/2053)		4.56	%		03/23/2023		50,310,333		50,000,000
J.P. Morgan Securities LLC, joint agreement dated 02/28/2023, aggregate maturing value of $1,900,240,139 (collateralized by agency mortgage-backed securities valued at $1,938,000,001; 1.50% - 6.00%; 01/01/2031 - 01/01/2053)		4.55	%		03/01/2023		210,026,542		210,000,000
J.P. Morgan Securities LLC, joint open agreement dated 02/27/2023 (collateralized by agency mortgage-backed securities valued at $918,000,005; 1.38% - 7.50%; 09/01/2025 - 08/01/2056)(f)		4.57	%		03/01/2023		40,010,156		40,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(e)		4.57	%		03/01/2023		25,023,466		25,001,250
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 0.99% - 6.50%; 01/01/2024 - 07/25/2059)		4.55	%		03/01/2023		210,026,542		210,000,000
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(e)		4.57	%		03/01/2023		43,376,010		43,337,500
RBC Dominion Securities Inc., joint agreement dated 02/28/2023, aggregate maturing value of $500,063,194 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,004; 0.00% - 6.00%; 07/15/2023 - 01/20/2053)		4.55	%		03/01/2023		250,031,597		250,000,000
RBC Dominion Securities Inc., joint term agreement dated 02/02/2023, aggregate maturing value of $2,767,068,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,805,000,000; 0.13% - 5.50%; 03/31/2023 - 02/20/2053)(e)		4.56	%		03/23/2023		181,117,200		180,000,000
Societe Generale, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,098; 0.13% - 7.50%; 03/01/2027 - 03/01/2053)		4.55	%		03/01/2023		210,026,542		210,000,000

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

5 Invesco Government Money Market Fund

	Interest Rate			Maturity Date		Repurchase Amount		Value
Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(f)		4.55	%		03/01/2023	$	100,012,639	$	100,000,000
Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)		4.56	%		03/09/2023		25,044,333		25,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,667 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 2.00% - 3.50%; 11/01/2046 -01/20/2052)		4.56	%		03/01/2023		128,472,342		128,456,071
Wells Fargo Securities, LLC, joint agreement dated 02/28/2023, aggregate maturing value of $800,101,333 (collateralized by agency mortgage-backed securities valued at $816,000,000; 1.50% - 7.50%; 12/01/2023 - 03/01/2053)		4.56	%		03/01/2023		210,026,600		210,000,000
Total Repurchase Agreements (Cost $2,291,794,821)									2,291,794,821
TOTAL INVESTMENTS IN SECURITIES(g) -99.67% (Cost $4,200,278,492)									4,200,278,492
OTHER ASSETS LESS LIABILITIES-0.33%									13,813,949
NET ASSETS-100.00%								$	4,214,092,441

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 February 28, 2023.

^(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 February 28, 2023.

^(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.

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

February 28, 2023

Assets:
Investments in unaffiliated securities, excluding repurchase agreements, at value and cost	$	1,908,483,671
Repurchase agreements, at value and cost		2,291,794,821
Receivable for:
Fund shares sold		22,754,078
Interest		5,102,230
Investment for trustee deferred compensation and retirement plans		278,999
Other assets		3,912
Total assets		4,228,417,711
Liabilities:
Payable for:
Fund shares reacquired		10,260,987
Dividends		1,596,991
Accrued fees to affiliates		2,140,171
Accrued trustees’ and officers’ fees and benefits		6,302
Accrued operating expenses		14,378
Trustee deferred compensation and retirement plans		306,441
Total liabilities		14,325,270
Net assets applicable to shares outstanding	$	4,214,092,441
Net assets consist of:
Shares of beneficial interest	$	4,215,234,461
Distributable earnings		(1,142,020	)
	$	4,214,092,441

Net Assets:
Invesco Cash Reserve	$	3,129,323,483
Class A	$	346,709,287
Class AX	$	64,032,130
Class C	$	145,786,751
Class CX	$	222,015
Class R	$	180,897,454
Class Y	$	200,875,637
Investor Class	$	145,977,409
Class R6	$	268,275
Shares outstanding, no par value, unlimited number of shares authorized:
Invesco Cash Reserve		3,130,114,027
Class A		346,797,158
Class AX		64,048,476
Class C		145,823,839
Class CX		222,072
Class R		180,943,392
Class Y		200,925,781
Investor Class		146,014,500
Class R6		268,343
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 year ended February 28, 2023

Investment income:
Interest	$	88,379,878
Expenses:
Advisory fees		5,260,942
Administrative services fees		1,555,471
Custodian fees		24,257
Distribution fees:
Invesco Cash Reserve		3,828,598
Class A		705,205
Class AX		99,913
Class C		1,012,068
Class CX		2,176
Class R		667,275
Transfer agent fees - Invesco Cash Reserve, A, AX, C, CX, R, Y and Investor		3,755,978
Trustees’ and officers’ fees and benefits		39,161
Registration and filing fees		269,251
Reports to shareholders		135,715
Professional services fees		70,435
Other		28,879
Total expenses		17,455,324
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(787,620	)
Net expenses		16,667,704
Net investment income		71,712,174
Net realized gain (loss) from unaffiliated investment securities		(914,355	)
Net increase in net assets resulting from operations	$	70,797,819

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 years ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	71,712,174		$	183,636
Net realized gain (loss)		(914,355	)		13,825
Net increase in net assets resulting from operations		70,797,819			197,461
Distributions to shareholders from distributable earnings:
Invesco Cash Reserve		(52,864,929	)		(134,956	)
Class A		(6,825,715	)		(19,204	)
Class AX		(1,293,187	)		(3,633	)
Class C		(2,103,157	)		(6,863	)
Class CX		(3,376	)		(16	)
Class R		(3,019,407	)		(9,586	)
Class Y		(2,832,052	)		(3,841	)
Investor Class		(2,763,149	)		(5,530	)
Class R6		(7,202	)		(7	)
Total distributions from distributable earnings		(71,712,174	)		(183,636	)
Share transactions-net:
Invesco Cash Reserve		739,154,683			(308,616,596	)
Class A		5,844,463			(60,295,189	)
Class AX		(5,990,139	)		(3,966,263	)
Class C		23,761,540			(22,275,650	)
Class CX		(21,574	)		(125,638	)
Class R		21,023,647			(23,146,020	)
Class Y		132,923,263			12,187,061
Investor Class		25,518,013			5,825,443
Class R6		142,162			(1,296	)
Net increase (decrease) in net assets resulting from share transactions		942,356,058			(400,414,148	)
Net increase (decrease) in net assets		941,441,703			(400,400,323	)
Net assets:
Beginning of year		3,272,650,738			3,673,051,061
End of year	$	4,214,092,441		$	3,272,650,738

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

9 Invesco Government Money Market Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (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
Year ended 02/28/23	$	1.00	$	0.02	$	(0.00	)	$	0.02		$	(0.02	)	$	1.00		1.99	%	$	3,129,323		0.45	%		0.47	%		2.07	%
Year ended 02/28/22		1.00		0.00		(0.00	)(c)		0.00			(0.00	)		1.00		0.01			2,390,850		0.07			0.51			0.01
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
Class A
Year ended 02/28/23		1.00		0.02		(0.00	)		0.02			(0.02	)		1.00		1.95			346,709		0.50			0.52			2.02
Year ended 02/28/22		1.00		0.00		(0.00	)(c)		0.00			(0.00	)		1.00		0.01			340,937		0.07			0.56			0.01
Period ended 02/28/21(d)		1.00		0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.01			401,229		0.20	(e)		0.54	(e)		0.08	(e)
Class AX
Year ended 02/28/23		1.00		0.02		(0.00	)		0.02			(0.02	)		1.00		1.99			64,032		0.45			0.47			2.07
Year ended 02/28/22		1.00		0.00		(0.00	)(c)		0.00			(0.00	)		1.00		0.01			70,035		0.07			0.51			0.01
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
Class C
Year ended 02/28/23		1.00		0.02		(0.00	)		0.02			(0.02	)		1.00		1.53			145,787		0.92			1.07			1.60
Year ended 02/28/22		1.00		0.00		(0.00	)(c)		0.00			(0.00	)		1.00		0.01			122,057		0.07			1.11			0.01
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
Class CX
Year ended 02/28/23		1.00		0.01		(0.00	)		0.01			(0.01	)		1.00		1.42			222		1.01			1.22			1.51
Year ended 02/28/22		1.00		0.00		(0.00	)(c)		0.00			(0.00	)		1.00		0.01			244		0.07			1.26			0.01
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
Class R
Year ended 02/28/23		1.00		0.02		(0.00	)		0.02			(0.02	)		1.00		1.78			180,897		0.66			0.72			1.86
Year ended 02/28/22		1.00		0.00		(0.00	)(c)		0.00			(0.00	)		1.00		0.01			159,912		0.07			0.76			0.01
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
Class Y
Year ended 02/28/23		1.00		0.02		(0.00	)		0.02			(0.02	)		1.00		2.14			200,876		0.31			0.32			2.21
Year ended 02/28/22		1.00		0.00		(0.00	)(c)		0.00			(0.00	)		1.00		0.01			67,999		0.07			0.36			0.01
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
Investor Class
Year ended 02/28/23		1.00		0.02		(0.00	)		0.02			(0.02	)		1.00		2.14			145,977		0.31			0.32			2.21
Year ended 02/28/22		1.00		0.00		(0.00	)(c)		0.00			(0.00	)		1.00		0.01			120,491		0.07			0.36			0.01
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
Class R6
Year ended 02/28/23		1.00		0.02		(0.00	)		0.02			(0.02	)		1.00		2.21			268		0.18			0.18			2.34
Year ended 02/28/22		1.00		0.00		(0.00	)(c)		0.00			(0.00	)		1.00		0.01			126		0.07			0.27			0.01
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

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and does not include sales charges and is not annualized for periods less than one year, if applicable.

^(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)  Commencement date of May 15, 2020.

^(e)  Annualized.

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

February 28, 2023

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.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

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.

11 Invesco Government Money Market Fund

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. 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of the Fund that holds securities of that entity will be adversely impacted.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 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).

The Adviser has contractually agreed, through at least, June 30, 2023, 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”). 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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 agreed to waive fees and/or reimburse 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 year ended February 28, 2023, Invesco voluntarily reimbursed class level expenses of $344,420, $77,488, $10,057, $201,059, $493, $97,770, $3,327, $5,773, and $1 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 year ended February 28, 2023, 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 year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with 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

12 Invesco Government Money Market Fund

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. Expenses before fee waivers under this agreement are shown as Distribution fees in the Statement of Operations. For the the year ended February 28, 2023, expenses incurred after voluntary yield waivers and reimbursements were $3,598,709, $644,459, $93,195, $816,918, $1,695 and $577,273 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 year ended February 28, 2023, IDI advised the Fund that IDI retained $89,788, $2,179, $15,791 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. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

As of February 28, 2023, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $47,232.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Years Ended February 28, 2023 and February 28, 2022:

	2023		2022
Ordinary income*	$	71,712,174	$	183,636

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	78,001
Temporary book/tax differences		(305,666	)
Capital loss carryforward		(914,355	)
Shares of beneficial interest		4,215,234,461
Total net assets	$	4,214,092,441

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

13 Invesco Government Money Market Fund

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

The Fund has a capital loss carryforward as of February 28, 2023 as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$914,355		$-	$	914,355

* Capital loss carryforwards are 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–Reclassification of Permanent Differences

Primarily as a result of equalization, on February 28, 2023, undistributed net investment income was decreased by $1 and shares of beneficial interest was increased by $1. This reclassification had no effect on the net assets of the Fund.

NOTE 9–Share Information

	Summary of Share Activity
	Years ended February 28,
	Year ended February 28, 2023(a)						Year ended February 28, 2022
	Shares			Amount			Shares			Amount
Sold:
Invesco Cash Reserve		3,138,228,558		$	3,138,228,558			1,782,722,725		$	1,782,722,725
Class A		184,300,575			184,300,575			100,774,227			100,774,227
Class AX		6,934,183			6,934,183			11,478,496			11,478,496
Class C		122,692,682			122,692,682			74,697,650			74,697,650
Class CX		15,241			15,241			19,228			19,228
Class R		95,822,553			95,822,553			77,680,745			77,680,745
Class Y		232,964,871			232,964,871			53,892,255			53,892,255
Investor Class		61,221,976			61,221,976			42,473,954			42,473,954
Class R6		322,854			322,854			63,781			63,781
Issued as reinvestment of dividends:
Invesco Cash Reserve		47,348,960			47,348,960			134,956			134,956
Class A		6,448,639			6,448,639			18,714			18,714
Class AX		1,259,984			1,259,984			3,468			3,468
Class C		2,013,889			2,013,889			6,863			6,863
Class CX		3,343			3,343			10			10
Class R		3,019,407			3,019,407			9,586			9,586
Class Y		2,532,717			2,532,717			3,841			3,841
Investor Class		2,706,955			2,706,955			5,530			5,530
Class R6		6,540			6,540			5			5
Automatic Conversion of Class C and CX shares to Invesco Cash Reserve shares:
Invesco Cash Reserve		9,549,278			9,549,278			11,821,653			11,821,653
Class C		(9,522,201	)		(9,522,201	)		(11,793,413	)		(11,793,413	)
Class CX		(27,077	)		(27,077	)		(28,240	)		(28,240	)
Reacquired:
Invesco Cash Reserve		(2,455,972,113	)		(2,455,972,113	)		(2,103,295,930	)		(2,103,295,930	)
Class A		(184,904,751	)		(184,904,751	)		(161,088,130	)		(161,088,130	)
Class AX		(14,184,306	)		(14,184,306	)		(15,448,227	)		(15,448,227	)
Class C		(91,422,830	)		(91,422,830	)		(85,186,750	)		(85,186,750	)
Class CX		(13,081	)		(13,081	)		(116,636	)		(116,636	)
Class R		(77,818,313	)		(77,818,313	)		(100,836,351	)		(100,836,351	)
Class Y		(102,574,325	)		(102,574,325	)		(41,709,035	)		(41,709,035	)
Investor Class		(38,410,918	)		(38,410,918	)		(36,654,041	)		(36,654,041	)
Class R6		(187,232	)		(187,232	)		(65,082	)		(65,082	)
Net increase (decrease) in share activity		942,356,058		$	942,356,058			(400,414,148	)	$	(400,414,148	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% 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 Government Money Market Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Government Money Market Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Government Money Market Fund (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian and brokers; when replies were not received from the brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

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

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 September 1, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Invesco Cash Reserve	$1,000.00	$1,016.60	$2.40	$1,022.41	$2.41	0.48%
A	1,000.00	1,016.40	2.65	1,022.17	2.66	0.53
AX	1,000.00	1,016.60	2.40	1,022.41	2.41	0.48
C	1,000.00	1,013.60	5.39	1,019.44	5.41	1.08
CX	1,000.00	1,012.90	6.14	1,018.70	6.16	1.23
R	1,000.00	1,015.40	3.65	1,021.17	3.66	0.73
Y	1,000.00	1,017.40	1.65	1,023.16	1.66	0.33
Investor	1,000.00	1,017.40	1.65	1,023.16	1.66	0.33
R6	1,000.00	1,017.80	1.40	1,023.41	1.40	0.28

1 The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

2 Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

16 Invesco Government Money Market Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Qualified Business Income*	0.00	%
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
Business Interest Income*	100.00	%
U.S. Treasury Obligations*	32.04	%

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

17 Invesco Government Money Market Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	175	None

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

T-1 Invesco Government Money Market Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Government Money Market Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Government Money Market Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Government Money Market Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Government Money Market Fund

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street NW, Suite 2500	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	Bank of New York Mellon
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	2 Hanson Place
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Brooklyn, NY 11217-1431

T-6 Invesco Government Money Market Fund

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

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-AR-1

Annual Report to Shareholders February 28, 2023

Invesco High Yield Fund

Nasdaq:

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

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
15	Financial Statements
18	Financial Highlights
19	Notes to Financial Statements
29	Report of Independent Registered Public Accounting Firm
30	Fund Expenses
31	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended February 28, 2023, Class A shares of Invesco High Yield Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 2/28/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges,, which would have reduced performance.
Class A Shares	-5.36	%
Class C Shares	-6.10
Class Y Shares	-5.09
Investor Class Shares	-5.37
Class R5 Shares	-5.08
Class R6 Shares	-5.00
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	-9.72
Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index▼ (Style-Specific Index)	-5.45
Lipper High Current Yield Bond Funds Index∎ (Peer Group Index)	-4.94
Source(s): _RIMES Technologies Corp.; ∎ Lipper Inc.

Market conditions and your Fund

The first half of 2022 was a challenging environment for global markets given the economic backdrop. The fiscal year began with fears that inflation would remain at elevated levels. These fears were realized when Russia invaded Ukraine driving a surge in energy and commodity prices leading to inflation reaching the highest levels seen in 40 years. Many developed economies experienced a slowdown, as developed central banks continued to tighten monetary conditions. In addition, China’s economic growth experienced a serious negative impact from a COVID-19 wave that resulted in further shutdowns.

    Developed central banks took steps to tighten monetary policy during the fiscal year, as inflation remained elevated. The Bank of Canada raised its benchmark interest rate by the largest amount in more than 20 years. Even the Swiss National Bank made a surprise decision in June 2022 to tighten monetary policy, as the era of ultra-loose monetary policy came to an end.

    Towards the end of the fiscal year, short-term yields increased more than yields on the longer-dated maturities; while rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 1.44% to 4.81% during the fiscal year, while 10-year Treasury rates increased from 1.83% to 4.01%.¹ At the same time inflation appeared to peak in some western economies, including the United States and Canada, causing risk assets to rally as investors got more clarity around the rate hike cycle.

    In the last few months of 2022, we saw a continuation of monetary policy tightening by developed central banks, although many reduced the size of their rate hikes. As the tightening was absorbed by markets, the two-year and 10-year yield curve inverted more deeply, which historically may signal a recession.

The US dollar weakened against other major currencies in the fourth quarter of 2022. Anticipation of a US Federal Reserve (the Fed) pause in the near future, along with expectations of other central banks becoming more hawkish in relative terms, contributed to the US dollar’s relative softening against the dollar index.

    The end of 2022 offered a reprieve for global fixed-income, with major asset classes posting positive returns after a challenging environment for the first three quarters of the fiscal year. Credit assets rallied throughout this time, headlined by attractive yields and an improving economy. Inflationary pressures are likely to stay elevated in the near term, but we believe recent economic data suggests that inflation is slowing. Declining inflation, we believe, will ease pressure on the Fed to continue tightening monetary policy to further control inflation. If the Fed achieves its goal of taming inflation the economy could see a soft landing.

    In the first two months of 2023, consumption was primarily driven by income growth, which we expect to remain buoyant. Real disposable income fell sharply in early 2022 because of high inflation and lower fiscal transfers to households. But as inflation fell and jobs grew, real disposable income also grew and has been the main support to the economy. Strong household finances and low levels of leverage also provide a buffer for consumers to absorb higher interest rates and other shocks. We believe the worst of inflation is behind us and we expect inflation to moderate further this year. However, continued growth, strong labor markets and some persistence in inflation mean the Fed will likely keep monetary policy tight in 2023, in our opinion. This strength has led some Federal Open Market Committee participants to argue for a few more rate hikes in the coming meetings. Monetary policy tightened

rapidly over the fiscal year and we believe some of the impacts of policy tightening on the economy are ahead of us. Still, with financial conditions fairly tight, real rates positive and inflation coming down from its highs, the Fed is arguably not behind the curve any-more.

    Against this backdrop, the team believes extending into triple-C^† and speculative situations would require an improvement in valuations, better visibility around a Fed pivot and the peaking of the default cycle. That said, since the high-yield curve is inverted, yield-per-unit of duration on the short end of the curve seems opportunistic in the near term, in our view. Within the energy sector, we have shifted some exposure from oil producers to natural gas producers. This is based on what we perceive to be a structural shift in demand for US natural gas, caused by Europe’s rapid and permanent pivot away from Russian natural gas. As of the fiscal year-end, high-yield bond and leveraged loan default rates are now hovering at a two-year high; including distressed exchanges, the par-weighted US high-yield bond and loan default rates increased 38 basis points and 44 basis points month over month to 2.12% and 2.26%, respectively.²

    The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index, which measures the performance of the US high yield bond market and is the Fund’s style-specific index, generated a negative return for the fiscal year.⁴ Likewise, the Fund, at NAV, generated a negative return for the fiscal year.

    During the past twelve months, the Fund had an overweight allocation to the retailer and oil field services sectors, relative to the style-specific index, which contributed positively to returns. An off-benchmark allocation to loans was also beneficial to relative Fund performance. The Fund additionally benefited from its security selection in the paper products and health care REIT (Real Estate Investment Trusts) sectors while selection in the wire lines sector detracted from Fund performance relative to the style-specific index.

    During the fiscal year, we used derivatives to mitigate overall portfolio risk. These instruments include credit default swaps (CDX), options on CDX (known as swaptions) and total return swaps, which offer greater efficiency and lower transaction costs than cash bonds. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities. For the fiscal year, derivatives employed by the Fund had a small positive impact on the Fund’s performance. We also used currency-forward contracts during the fiscal year to hedge currency exposure of our non-US dollar-denominated positions. The use of currency forward contracts had a negligible impact on the Fund’s performance.

    We are cautious as we start the year, preferring higher-quality names and being wary

2 Invesco High Yield Fund

of certain consumer-facing and cyclical sectors. We continue to focus on finding compelling idiosyncratic opportunities, which should become more available in the first half of the year as bond prices react to recessionary forces.

    We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates and the market economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise faster than expected, markets may experience increased volatility which may affect the value and/or liquidity of certain of the Fund’s investments.

    Thank you for investing in Invesco High Yield Fund and for sharing our long-term investment horizon.

1 Source: US Department of the Treasury

2 Source: JP Morgan Markets

3 Source: Invesco, UK Office for National Statistics. Data as of Feb. 15, 2023

4 Source: Bloomberg LP

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodologies, please visit the following NRSRO websites: spglobal.com and select “Understanding Credit Ratings” under About Ratings on the homepage; moodys.com and select “Rating Methodologies” under Research and Ratings on the homepage; and fitchratings.com and select “Ratings Definitions” on the homepage.

Portfolio manager(s):

Niklas Nordenfelt

Rahim Shad

Philip Susser

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

performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco High Yield Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 2/28/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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

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

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

4 Invesco High Yield Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (7/11/78)	6.78	%
10 Years	2.32
5 Years	0.73
1 Year	-9.40
Class C Shares
Inception (8/4/97)	3.11	%
10 Years	2.15
5 Years	0.83
1 Year	-7.00
Class Y Shares
Inception (10/3/08)	6.31	%
10 Years	3.06
5 Years	1.86
1 Year	-5.09
Investor Class Shares
Inception (9/30/03)	5.59	%
10 Years	2.78
5 Years	1.60
1 Year	-5.37
Class R5 Shares
Inception (4/30/04)	5.61	%
10 Years	3.11
5 Years	1.94
1 Year	-5.08
Class R6 Shares
Inception (9/24/12)	3.55	%
10 Years	3.21
5 Years	2.05
1 Year	-5.00

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.

5 Invesco High Yield Fund

Supplemental Information

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

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

∎ The 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.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

6 Invesco High Yield Fund

Fund Information

Portfolio Composition

By security type	% of total net assets
U.S. Dollar Denominated Bonds & Notes		90.14	%
Variable Rate Senior Loan Interests		2.71
Non-U.S. Dollar Denominated Bonds & Notes		1.90
Security Types Each Less Than 1% of Portfolio		0.14
Money Market Funds Plus Other Assets Less Liabilities		5.11

Top Five Debt Issuers*

	% of total net assets
1.  CCO Holdings LLC/CCO Holdings Capital Corp.	1.96%
2.  Aethon United BR L.P./Aethon United Finance Corp.	1.74
3.  Service Properties Trust	1.73
4.  Ford Motor Credit Co. LLC	1.72
5.  Allison Transmission, Inc.	1.56

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

* Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2023.

7 Invesco High Yield Fund

Schedule of Investments^(a)

February 28, 2023

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–90.14%
Advertising–1.03%
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)	$	2,153,000	$    1,923,608
Lamar Media Corp.,
4.00%, 02/15/2030		300,000	258,270
3.63%, 01/15/2031		6,875,000	5,668,747
			7,850,625
Aerospace & Defense–1.23%
TransDigm UK Holdings PLC, 6.88%, 05/15/2026		7,777,000	7,624,182
TransDigm, Inc., 6.75%, 08/15/2028(b)		1,809,000	1,802,216
			9,426,398
Airlines–1.96%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)		7,858,000	7,655,959
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)		7,581,895	7,368,513
			15,024,472
Alternative Carriers–0.26%
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		4,050,000	2,011,210
Aluminum–0.50%
Novelis Corp., 3.25%, 11/15/2026(b)		4,318,000	3,810,825
Apparel Retail–0.49%
Gap, Inc. (The), 3.63%, 10/01/2029(b)		5,081,000	3,731,815
Application Software–1.00%
NCR Corp., 5.75%, 09/01/2027(b)		4,001,000	3,882,100
SS&C Technologies, Inc., 5.50%, 09/30/2027(b)		3,971,000	3,740,837
			7,622,937
Auto Parts & Equipment–1.49%
Clarios Global L.P., 6.75%, 05/15/2025(b)		1,032,000	1,027,085
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		4,596,000	4,574,176
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		6,535,000	5,831,050
			11,432,311
Automobile Manufacturers–4.57%
Allison Transmission, Inc.,
4.75%, 10/01/2027(b)		7,085,000	6,578,973
3.75%, 01/30/2031(b)		6,440,000	5,353,508
Ford Motor Co., 4.75%, 01/15/2043		2,784,000	2,033,980
Ford Motor Credit Co. LLC,
4.13%, 08/04/2025		1,453,000	1,369,496
4.39%, 01/08/2026		6,343,000	5,973,773
4.95%, 05/28/2027		6,243,000	5,823,314

	Principal Amount		Value
Automobile Manufacturers–(continued)
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)	$	8,157,000	$    7,869,506
			35,002,550
Automotive Retail–3.91%
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028		1,175,000	1,052,535
4.63%, 11/15/2029(b)		3,173,000	2,762,303
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)		9,276,000	7,973,928
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)		10,746,000	8,743,936
Lithia Motors, Inc., 3.88%, 06/01/2029(b)		6,738,000	5,636,640
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)		4,594,000	3,794,575
			29,963,917
Cable & Satellite–6.33%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.50%, 05/01/2026(b)		5,058,000	4,886,306
5.13%, 05/01/2027(b)		4,797,000	4,443,485
5.00%, 02/01/2028(b)		3,007,000	2,727,950
4.75%, 03/01/2030(b)		3,494,000	2,941,704
CSC Holdings LLC,
6.50%, 02/01/2029(b)		4,670,000	3,963,779
5.75%, 01/15/2030(b)		6,581,000	3,776,606
4.63%, 12/01/2030(b)		1,991,000	1,073,896
4.50%, 11/15/2031(b)		2,330,000	1,656,615
5.00%, 11/15/2031(b)		836,000	445,985
DISH DBS Corp., 5.13%, 06/01/2029		6,667,000	3,946,031
DISH Network Corp., Conv., 3.38%, 08/15/2026		7,514,000	4,839,618
Gray Escrow II, Inc., 5.38%, 11/15/2031(b)		5,281,000	3,927,229
Sirius XM Radio, Inc.,
3.13%, 09/01/2026(b)		5,225,000	4,624,791
4.00%, 07/15/2028(b)		1,209,000	1,034,783
VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(b)		5,040,000	4,150,043
			48,438,821
Casinos & Gaming–3.95%
CCM Merger, Inc., 6.38%, 05/01/2026(b)		4,018,000	3,859,616
Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate, , 03/20/2023(Acquired 11/30/2021; Cost $19,565)		19,565	10,956
, 11/30/2027(Acquired 11/30/2021; Cost $549,210)(b)(c)(d)		549,210	307,558
Everi Holdings, Inc., 5.00%, 07/15/2029(b)		4,610,000	4,058,704

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

8 Invesco High Yield Fund

	Principal Amount		Value
Casinos & Gaming–(continued)
Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029(b)	$	7,032,000	$5,843,660
MGM China Holdings Ltd. (Macau), 4.75%, 02/01/2027(b)		2,770,000	2,440,162
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)		4,405,000	4,130,833
Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029(b)		7,449,000	5,744,929
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(b)		4,293,000	3,844,940
			30,241,358
Commodity Chemicals–0.81%
Mativ Holdings, Inc., 6.88%, 10/01/2026(b)		6,744,000	6,220,868
Construction & Engineering–0.80%
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)		6,405,000	6,105,790
Consumer Finance–0.99%
FirstCash, Inc., 5.63%, 01/01/2030(b)		4,219,000	3,737,925
OneMain Finance Corp., 7.13%, 03/15/2026		3,959,000	3,852,464
			7,590,389
Data Processing & Outsourced Services–0.82%
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(b)		7,259,000	6,278,636
Department Stores–1.03%
Macy’s Retail Holdings LLC,
5.88%, 03/15/2030(b)		1,065,000	940,182
4.50%, 12/15/2034		8,425,000	6,127,966
4.30%, 02/15/2043		1,298,000	799,325
			7,867,473
Diversified Metals & Mining–0.50%
Hudbay Minerals, Inc. (Canada),
4.50%, 04/01/2026(b)		2,250,000	2,022,423
6.13%, 04/01/2029(b)		2,027,000	1,791,625
			3,814,048
Diversified Support Services–0.79%
Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b)		6,006,000	6,014,258
Electric Utilities–1.27%
NRG Energy, Inc., 4.45%, 06/15/2029(b)		4,540,000	4,044,633
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)		1,600,000	1,517,953
5.00%, 07/31/2027(b)		4,504,000	4,188,720
			9,751,306
Electrical Components & Equipment–0.92%
EnerSys, 4.38%, 12/15/2027(b)		6,383,000	5,800,569
Sensata Technologies B.V., 4.00%, 04/15/2029(b)		1,443,000	1,274,306
			7,074,875

	Principal Amount		Value
Electronic Components–0.82%
Sensata Technologies, Inc.,
4.38%, 02/15/2030(b)	$	1,348,000	$    1,194,270
3.75%, 02/15/2031(b)		6,113,000	5,101,983
			6,296,253
Food Distributors–0.79%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028(b)		6,755,000	6,052,142
Gold–0.47%
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)		4,168,000	3,595,568
Health Care Facilities–2.05%
Encompass Health Corp., 4.50%, 02/01/2028		4,516,000	4,150,339
HCA, Inc., 3.50%, 09/01/2030		4,323,000	3,720,502
Tenet Healthcare Corp., 4.88%, 01/01/2026		8,161,000	7,780,139
			15,650,980
Health Care REITs–2.24%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)		4,712,000	4,007,920
Diversified Healthcare Trust,
4.75%, 05/01/2024		2,354,000	2,108,572
4.38%, 03/01/2031		8,031,000	5,575,484
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031		7,902,000	5,424,565
			17,116,541
Health Care Services–1.91%
Community Health Systems, Inc.,
8.00%, 03/15/2026(b)		4,268,000	4,166,550
5.25%, 05/15/2030(b)		3,527,000	2,826,926
4.75%, 02/15/2031(b)		2,352,000	1,819,695
DaVita, Inc., 3.75%, 02/15/2031(b)		2,683,000	2,028,713
Select Medical Corp., 6.25%, 08/15/2026(b)		3,937,000	3,764,343
			14,606,227
Health Care Supplies–0.49%
Medline Borrower L.P., 3.88%, 04/01/2029(b)		4,511,000	3,763,866
Hotel & Resort REITs–1.73%
Service Properties Trust,
7.50%, 09/15/2025		1,103,000	1,094,397
5.50%, 12/15/2027		7,877,000	7,106,531
4.95%, 10/01/2029		3,038,000	2,399,769
4.38%, 02/15/2030		3,423,000	2,619,161
			13,219,858
Hotels, Resorts & Cruise Lines–0.59%
Carnival Corp., 4.00%, 08/01/2028(b)		4,539,000	3,841,855
Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026(b)		791,000	690,861
			4,532,716

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

9 Invesco High Yield Fund

	Principal Amount		Value
Household Products–0.49%
Prestige Brands, Inc., 3.75%, 04/01/2031(b)	$	4,578,000	$    3,724,317
Independent Power Producers & Energy Traders–1.80%
Calpine Corp., 3.75%, 03/01/2031(b)		4,782,000	3,887,006
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)		4,411,000	4,052,716
TransAlta Corp. (Canada), 7.75%, 11/15/2029		5,735,000	5,869,517
			13,809,239
Industrial Machinery–1.30%
EnPro Industries, Inc., 5.75%, 10/15/2026		6,221,000	5,943,295
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)		4,639,000	4,015,518
			9,958,813
Insurance Brokers–0.34%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 04/15/2028(b)		2,659,000	2,603,174
Integrated Oil & Gas–1.22%
Occidental Petroleum Corp.,
6.13%, 01/01/2031		4,323,000	4,359,702
6.45%, 09/15/2036		1,545,000	1,554,834
6.20%, 03/15/2040		3,485,000	3,402,580
			9,317,116
Integrated Telecommunication Services–3.67%
Altice France S.A. (France),
8.13%, 02/01/2027(b)		3,027,000	2,832,969
5.13%, 07/15/2029(b)		5,515,000	4,279,806
5.50%, 10/15/2029(b)		5,245,000	4,110,420
Embarq Corp., 8.00%, 06/01/2036		6,532,000	2,817,612
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)		3,774,000	3,530,879
Iliad Holding S.A.S.U. (France), 7.00%, 10/15/2028(b)		6,343,000	5,834,447
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)		7,419,000	4,673,970
			28,080,103
Interactive Media & Services–0.50%
Match Group Holdings II LLC, 4.63%, 06/01/2028(b)		4,295,000	3,818,927
Internet Services & Infrastructure–0.51%
Cogent Communications Group, Inc., 7.00%, 06/15/2027(b)		4,037,000	3,909,431
IT Consulting & Other Services–0.91%
Gartner, Inc.,
4.50%, 07/01/2028(b)		4,189,000	3,849,489
3.63%, 06/15/2029(b)		2,248,000	1,946,161
3.75%, 10/01/2030(b)		1,395,000	1,182,436
			6,978,086
Leisure Facilities–1.03%
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)		3,778,000	4,045,860

	Principal Amount		Value
Leisure Facilities–(continued)
VOC Escrow Ltd., 5.00%, 02/15/2028(b)	$	4,390,000	$    3,871,322
			7,917,182
Life Sciences Tools & Services–0.26%
Syneos Health, Inc., 3.63%, 01/15/2029(b)		2,400,000	1,980,600
Marine–0.50%
NCL Corp. Ltd., 5.88%, 02/15/2027(b)		4,141,000	3,844,753
Mortgage REITs–0.50%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)		4,674,000	3,806,240
Movies & Entertainment–0.49%
WMG Acquisition Corp., 3.75%, 12/01/2029(b)		4,426,000	3,740,267
Oil & Gas Drilling–3.45%
Nabors Industries Ltd.,
7.25%, 01/15/2026(b)		460,000	438,295
7.50%, 01/15/2028(b)		2,634,000	2,433,751
Nabors Industries, Inc., 7.38%, 05/15/2027(b)		1,047,000	1,010,104
Rockies Express Pipeline LLC,
4.95%, 07/15/2029(b)		3,996,000	3,479,717
6.88%, 04/15/2040(b)		2,508,000	2,056,777
Transocean, Inc.,
7.25%, 11/01/2025(b)		2,032,000	1,922,130
7.50%, 01/15/2026(b)		4,154,000	3,817,173
8.75%, 02/15/2030(b)		1,969,000	2,005,830
7.50%, 04/15/2031		4,427,000	3,469,639
Valaris Ltd.,
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(b)(c)		2,771,000	2,832,378
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028(c)		2,864,000	2,927,438
			26,393,232
Oil & Gas Equipment & Services–1.32%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)		5,851,000	5,779,852
Weatherford International Ltd., 8.63%, 04/30/2030(b)		4,329,000	4,328,199
			10,108,051
Oil & Gas Exploration & Production–6.26%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)		13,820,000	13,309,927
Apache Corp.,
7.75%, 12/15/2029		3,730,000	3,863,827
4.25%, 01/15/2030		2,143,000	1,896,144
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026(b)		3,795,000	3,686,937
Callon Petroleum Co.,
8.00%, 08/01/2028(b)		2,058,000	2,020,081
7.50%, 06/15/2030(b)		1,929,000	1,814,032

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

10 Invesco High Yield Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Comstock Resources, Inc., 6.75%, 03/01/2029(b)	$	4,153,000	$    3,825,847
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.25%, 05/15/2026		5,380,000	5,105,351
8.00%, 01/15/2027		1,759,000	1,722,070
7.75%, 02/01/2028		1,313,000	1,258,379
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(b)		1,564,000	1,454,681
6.00%, 04/15/2030(b)		1,452,000	1,319,244
6.25%, 04/15/2032(b)		1,059,000	961,662
SM Energy Co.,
6.75%, 09/15/2026		1,258,000	1,215,149
6.63%, 01/15/2027		2,692,000	2,563,820
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)		2,307,000	1,893,903
			47,911,054
Oil & Gas Refining & Marketing–0.50%
Parkland Corp. (Canada), 4.50%, 10/01/2029(b)		4,575,000	3,848,010
Oil & Gas Storage & Transportation–3.70%
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(b)		5,571,000	5,548,326
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		6,551,000	5,770,907
EQM Midstream Partners L.P.,
7.50%, 06/01/2027(b)		1,343,000	1,317,496
6.50%, 07/01/2027(b)		2,656,000	2,518,658
Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027		4,200,000	3,994,158
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028(b)		3,913,000	3,865,281
NGL Energy Partners L.P./NGL Energy Finance Corp.,
6.13%, 03/01/2025		819,000	756,609
7.50%, 04/15/2026		1,266,000	1,147,104
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
5.75%, 04/15/2025		1,761,000	1,520,941
8.50%, 10/15/2026(b)		1,978,000	1,880,431
			28,319,911
Other Diversified Financial Services–1.77%
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)		4,401,000	3,867,687
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)		4,525,000	3,825,775
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)		6,663,000	5,866,858
			13,560,320
Pharmaceuticals–1.42%
Bausch Health Cos., Inc., 4.88%, 06/01/2028(b)		9,203,000	5,751,875
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)		879,000	764,356

	Principal Amount		Value
Pharmaceuticals–(continued)
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)(e)	$	5,729,000	$    4,318,234
			10,834,465
Research & Consulting Services–0.70%
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b)		6,491,000	5,375,754
Restaurants–2.52%
1011778 BC ULC/New Red Finance, Inc. (Canada),
3.88%, 01/15/2028(b)		2,268,000	2,020,240
3.50%, 02/15/2029(b)		4,311,000	3,660,506
Papa John’s International, Inc., 3.88%, 09/15/2029(b)		9,397,000	7,857,631
Yum! Brands, Inc., 5.38%, 04/01/2032		6,190,000	5,742,808
			19,281,185
Retail REITs–0.80%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)		6,318,000	6,103,314
Semiconductor Equipment–0.49%
Entegris Escrow Corp., 4.75%, 04/15/2029(b)		4,156,000	3,782,635
Specialized Consumer Services–1.05%
Carriage Services, Inc., 4.25%, 05/15/2029(b)		10,008,000	8,054,841
Specialized REITs–0.75%
SBA Communications Corp., 3.88%, 02/15/2027		6,351,000	5,753,332
Specialty Chemicals–0.62%
Braskem Idesa S.A.P.I. (Mexico),
7.45%, 11/15/2029(b)		3,733,000	2,885,880
6.99%, 02/20/2032(b)		2,643,000	1,843,202
			4,729,082
Specialty Stores–0.05%
B2W Digital Lux S.a.r.l. (Brazil), 4.38%, 12/20/2030(b)(e)		2,262,000	404,219
Steel–0.52%
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		4,688,000	3,984,817
Systems Software–1.73%
Camelot Finance S.A., 4.50%, 11/01/2026(b)		10,112,000	9,283,082
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		4,712,000	3,973,650
			13,256,732
Trading Companies & Distributors–1.49%
Fortress Transportation and Infrastructure Investors LLC,
6.50%, 10/01/2025(b)		3,453,000	3,371,951
5.50%, 05/01/2028(b)		8,990,000	8,038,740
			11,410,691

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

11 Invesco High Yield Fund

		Principal Amount		Value
Wireless Telecommunication Services–1.74%
Vmed O2 UK Financing I PLC (United Kingdom), 4.75%, 07/15/2031(b)		$	6,984,000	$    5,790,434
Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081(f)			9,465,000	7,520,321
				13,310,755
Total U.S. Dollar Denominated Bonds & Notes (Cost $754,563,853)				690,019,681
Variable Rate Senior Loan Interests–2.71%(g)(h)
Commodity Chemicals–0.72%
Mativ Holdings, Inc., Term Loan B, 8.44% (1 mo. USD LIBOR + 3.75%), 04/20/2028(i)			5,560,008	5,469,658
Food Distributors–0.46%
United Natural Foods, Inc., Term Loan, 7.98% (1 mo. USD LIBOR + 3.25%), 10/22/2025			3,528,224	3,541,260
Hotels, Resorts & Cruise Lines–0.54%
IRB Holding Corp., Term Loan, 7.69% (3 mo. SOFR + 3.00%), 12/15/2027			4,200,690	4,151,563
Pharmaceuticals–0.48%
Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 6.05% (1 mo. PRIME + 6.00%), 03/27/2028			4,572,125	3,633,422
Specialty Stores–0.51%
PetSmart LLC, Term Loan, 8.47% (3 mo. USD LIBOR + 3.75%), 02/11/2028			3,920,333	3,915,021
Total Variable Rate Senior Loan Interests (Cost $21,775,009)				20,710,924
Non-U.S. Dollar Denominated Bonds & Notes–1.90%(j)
Casinos & Gaming–0.15%
Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate, 09/30/2026(Acquired 07/24/2020-09/30/2022; Cost $1,405,431)(b)(d)	EUR		1,221,035	1,164,277
Food Retail–1.18%
Bellis Acquisition Co. PLC (United Kingdom), 3.25%, 02/16/2026(b)	GBP		4,033,000	4,037,677

		Principal Amount		Value
Food Retail–(continued)
Casino Guichard Perrachon S.A. (France),
6.63%, 01/15/2026(b)	EUR		4,315,000	$  2,576,934
3.99%(b)(f)(k)	EUR		12,000,000	2,379,824
				8,994,435
Paper Packaging–0.01%
Mossi & Ghisolfi Finance Luxembourg S.A. (Brazil), 7.60%(3 mo. EURIBOR + 5.63%)(e)(k)(l)	EUR		4,100,000	86,731
Pharmaceuticals–0.56%
Nidda Healthcare Holding GmbH (Germany), 7.50%, 08/21/2026(b)	EUR		4,130,000	4,289,124
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $15,130,899)				14,534,567
		Shares
Common Stocks & Other Equity Interests–0.11%
Cable & Satellite–0.11%
Altice USA, Inc., Class A(m)			223,000	883,080
Leisure Products–0.00%
HF Holdings, Inc.(i)(m)			36,820	0
Total Common Stocks & Other Equity Interests (Cost $9,983,988)				883,080
Money Market Funds–2.05%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(n)(o)			5,489,954	5,489,954
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(n)(o)			3,920,355	3,921,139
Invesco Treasury Portfolio, Institutional Class, 4.50%(n)(o)			6,274,233	6,274,233
Total Money Market Funds (Cost $15,685,657)				15,685,326
Options Purchased–0.03%
(Cost $647,417)(p)				249,030
TOTAL INVESTMENTS IN SECURITIES-96.94% (Cost $817,786,823)				742,082,608
OTHER ASSETS LESS LIABILITIES-3.06%				23,419,355
NET ASSETS–100.00%				$765,501,963

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
SOFR	– Secured Overnight Financing Rate
USD	– U.S. Dollar

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

12 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 February 28, 2023 was $532,717,911, which represented 69.59% 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)  Restricted security. The aggregate value of these securities at February 28, 2023 was $1,471,835, which represented less than 1% of the Fund’s Net Assets.

^(e)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2023 was $4,809,184, which represented less than 1% of the Fund’s Net Assets.

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

^(g)  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.

^(h)  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.

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

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

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

^(l)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

^(m)  Non-income producing security.

⁽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 fiscal year ended February 28, 2023.

	Value February 28, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	3,552,487	$	143,336,303	$	(141,398,836	)	$	-	$	-	$	5,489,954	$	147,819
Invesco Liquid Assets Portfolio, Institutional Class		5,859,107		102,383,074		(104,323,102	)		3,269		(1,209)		3,921,139		146,613
Invesco Treasury Portfolio, Institutional Class		4,059,986		163,812,918		(161,598,671	)		-		-		6,274,233		166,789
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		909,625		27,261,340		(28,170,965	)		-		-		-		5,104*
Invesco Private Prime Fund		2,122,457		63,292,227		(65,413,336	)		79		(1,427)		-		14,213*
Total	$	16,503,662	$	500,085,862	$	(500,904,910	)	$	3,348	$	(2,636)	$	15,685,326	$	480,538

* 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 February 28, 2023.

^(p)  The table below details options purchased.

Open Exchange-Traded Equity Options Purchased

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value(a)

Value

Equity Risk

iShares China Large-Cap ETF

Call

12/15/2023

1,320

USD

35.00

USD

4,620,000

$

114,180

VanEck Oil Services ETF

Call

06/16/2023

87

USD

340.00

USD

2,958,000

134,850

Total Open Exchange-Traded Equity Options Purchased

$

249,030

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

Open Exchange-Traded Equity Options Written

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value(a)

Value

Equity Risk

VanEck Oil Services ETF

Call

06/16/2023

65

USD

355.00

USD

2,307,500

$

(71,825

)

^(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.

13 Invesco High Yield Fund

Open Forward Foreign Currency Contracts
Settlement		Contract to						Unrealized
Date	Counterparty	Deliver			Receive			Appreciation
Currency Risk
05/17/2023	Goldman Sachs International		GBP	2,777,000		USD	3,380,789	$	35,624
05/17/2023	State Street Bank & Trust Co.		EUR	9,077,000		USD	9,798,622		155,488
Total Forward Foreign Currency Contracts								$	191,112

Open Centrally Cleared Credit Default Swap Agreements(a)

(Pay)/

Receive

Implied

Upfront

Unrealized

Buy/Sell

Fixed

Payment

Credit

Payments Paid

Appreciation

Reference Entity

Protection

Rate

Frequency

Maturity Date

Spread(b)

Notional Value

(Received)

Value

(Depreciation)

Credit Risk

Markit CDX North America High Yield Index, Series 39, Version 1

Buy

(5.00

)%

Quarterly

12/20/2027

4.596

%

USD 39,900,000

$

(409,262

)

$

(552,416

)

$

(143,154)

^(a)  Centrally Cleared Swap Agreements collateralized by $2,487,726 cash held with Merrill Lynch International.

^(b)  Implied credit spreads represent the current level, as of February 28, 2023, 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:

ETF – Exchange-Traded Fund

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

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

14 Invesco High Yield Fund

Statement of Assets and Liabilities

February 28, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $802,101,166)	$	726,397,282
Investments in affiliated money market funds, at value (Cost $15,685,657)		15,685,326
Other investments:
Variation margin receivable–centrally cleared swap agreements		581,749
Unrealized appreciation on forward foreign currency contracts outstanding		191,112
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		2,487,726
Cash		112,350
Foreign currencies, at value (Cost $1,156,681)		1,147,409
Receivable for:
Investments sold		23,215,881
Fund shares sold		472,682
Dividends		61,389
Interest		11,760,782
Cash segregated as collateral		25
Investment for trustee deferred compensation and retirement plans		205,736
Other assets		83,889
Total assets		782,403,338
Liabilities:
Other investments:
Options written, at value (premiums received $90,802)		71,825
Payable for:
Investments purchased		14,621,540
Dividends		778,385
Fund shares reacquired		634,647
Accrued fees to affiliates		398,232
Accrued trustees’ and officers’ fees and benefits		1,957
Accrued other operating expenses		127,888
Trustee deferred compensation and retirement plans		266,901
Total liabilities		16,901,375
Net assets applicable to shares outstanding	$	765,501,963

Net assets consist of:
Shares of beneficial interest	$	1,110,752,817
Distributable earnings (loss)		(345,250,854	)
	$	765,501,963
Net Assets:
Class A	$	556,274,587
Class C	$	16,923,872
Class Y	$	42,874,350
Investor Class	$	58,755,075
Class R5	$	18,971,996
Class R6	$	71,702,083
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		162,198,266
Class C		4,944,994
Class Y		12,474,717
Investor Class		17,147,012
Class R5		5,551,964
Class R6		20,925,102
Class A:
Net asset value per share	$	3.43
Maximum offering price per share (Net asset value of $3.43 ÷ 95.75%)	$	3.58
Class C:
Net asset value and offering price per share	$	3.42
Class Y:
Net asset value and offering price per share	$	3.44
Investor Class:
Net asset value and offering price per share	$	3.43
Class R5:
Net asset value and offering price per share	$	3.42
Class R6:
Net asset value and offering price per share	$	3.43

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

15 Invesco High Yield Fund

Statement of Operations

For the year ended February 28, 2023

Investment income:
Interest	$	46,895,663
Dividends		160,300
Dividends from affiliated money market funds (includes net securities lending income of $56,934)		518,155
Total investment income		47,574,118
Expenses:
Advisory fees		4,386,169
Administrative services fees		114,585
Custodian fees		21,829
Distribution fees:
Class A		1,446,074
Class C		189,286
Investor Class		154,546
Transfer agent fees – A, C, Y and Investor		1,195,133
Transfer agent fees – R5		21,719
Transfer agent fees – R6		23,744
Trustees’ and officers’ fees and benefits		25,379
Registration and filing fees		108,726
Reports to shareholders		113,425
Professional services fees		80,555
Other		20,431
Total expenses		7,901,601
Less: Fees waived and/or expense offset arrangement(s)		(31,371	)
Net expenses		7,870,230
Net investment income		39,703,888
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(42,146,291	)
Affiliated investment securities		(2,636	)
Foreign currencies		3,104
Forward foreign currency contracts		(135,233	)
Option contracts written		(941,207	)
Swap agreements		480,968
		(42,741,295	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(45,270,632	)
Affiliated investment securities		3,348
Foreign currencies		1,031
Forward foreign currency contracts		151,405
Option contracts written		453,556
Swap agreements		(143,154	)
		(44,804,446	)
Net realized and unrealized gain (loss)		(87,545,741	)
Net increase (decrease) in net assets resulting from operations	$	(47,841,853	)

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

16 Invesco High Yield Fund

Statement of Changes in Net Assets

For the years ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	39,703,888		$	36,901,456
Net realized gain (loss)		(42,741,295	)		14,291,291
Change in net unrealized appreciation (depreciation)		(44,804,446	)		(46,924,009	)
Net increase (decrease) in net assets resulting from operations		(47,841,853	)		4,268,738
Distributions to shareholders from distributable earnings:
Class A		(28,756,622	)		(29,655,741	)
Class C		(795,349	)		(935,438	)
Class Y		(2,232,733	)		(2,411,889	)
Investor Class		(3,104,775	)		(3,293,321	)
Class R5		(1,146,223	)		(1,673,240	)
Class R6		(3,915,895	)		(4,399,047	)
Total distributions from distributable earnings		(39,951,597	)		(42,368,676	)
Share transactions–net:
Class A		(20,932,981	)		10,360,973
Class C		(3,554,891	)		(3,255,144	)
Class Y		1,978,400			(3,584,636	)
Investor Class		(3,001,297	)		(3,689,781	)
Class R5		(6,425,640	)		(9,426,910	)
Class R6		(588,272	)		1,080,660
Net increase (decrease) in net assets resulting from share transactions		(32,524,681	)		(8,514,838	)
Net increase (decrease) in net assets		(120,318,131	)		(46,614,776	)
Net assets:
Beginning of year		885,820,094			932,434,870
End of year	$	765,501,963		$	885,820,094

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

17 Invesco High Yield Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 02/28/23		$3.81		$0.17		$(0.38	)		$(0.21	)		$(0.17	)		$     –			$(0.17	)		$3.43		(5.36	)%		$556,275		1.03	%		1.03	%		4.94	%		87	%
Year ended 02/28/22		3.97		0.15		(0.13	)		0.02			(0.18	)		–			(0.18	)		3.81		0.36			640,948		1.03			1.03			3.90			88
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
Class C
Year ended 02/28/23		3.80		0.15		(0.38	)		(0.23	)		(0.15	)		–			(0.15	)		3.42		(6.10	)		16,924		1.78			1.78			4.19			87
Year ended 02/28/22		3.96		0.12		(0.13	)		(0.01	)		(0.15	)		–			(0.15	)		3.80		(0.40	)		22,626		1.78			1.78			3.15			88
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
Class Y
Year ended 02/28/23		3.82		0.18		(0.38	)		(0.20	)		(0.18	)		–			(0.18	)		3.44		(5.09	)		42,874		0.78			0.78			5.19			87
Year ended 02/28/22		3.98		0.16		(0.13	)		0.03			(0.19	)		–			(0.19	)		3.82		0.63			45,483		0.78			0.78			4.15			88
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
Investor Class
Year ended 02/28/23		3.81		0.17		(0.38	)		(0.21	)		(0.17	)		–			(0.17	)		3.43		(5.37	)		58,755		1.03			1.03			4.94			87
Year ended 02/28/22		3.97		0.15		(0.13	)		0.02			(0.18	)		–			(0.18	)		3.81		0.36			68,375		1.03			1.03			3.90			88
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
Class R5
Year ended 02/28/23		3.80		0.18		(0.37	)		(0.19	)		(0.19	)		–			(0.19	)		3.42		(5.08	)		18,972		0.71			0.71			5.26			87
Year ended 02/28/22		3.96		0.17		(0.14	)		0.03			(0.19	)		–			(0.19	)		3.80		0.67			27,997		0.72			0.72			4.21			88
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
Class R6
Year ended 02/28/23		3.81		0.19		(0.38	)		(0.19	)		(0.19	)		–			(0.19	)		3.43		(5.00	)		71,702		0.64			0.64			5.33			87
Year ended 02/28/22		3.97		0.17		(0.14	)		0.03			(0.19	)		–			(0.19	)		3.81		0.75			80,390		0.64			0.64			4.29			88
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

^(a)  Calculated using average shares outstanding.

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

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

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

18 Invesco High Yield Fund

Notes to Financial Statements

February 28, 2023

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.

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

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued.

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

19 Invesco High Yield Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

20 Invesco High Yield Fund

borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended February 28, 2023, the Fund paid the Adviser $2,117 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

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

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

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

L. 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.

M. 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

21 Invesco High Yield Fund

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.

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 net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the 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 February 28, 2023, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. 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

22 Invesco High Yield Fund

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.

P. LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

R. Other Risks - Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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

The Fund invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

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

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.55%.

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, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

23 Invesco High Yield Fund

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended February 28, 2023, the Adviser waived advisory fees of $20,706.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, 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 year ended February 28, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2023, IDI advised the Fund that IDI retained $29,396 in front-end sales commissions from the sale of Class A shares and $6,223 and $2,000 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	690,019,681		$	–	$	690,019,681
Variable Rate Senior Loan Interests		–			15,241,266			5,469,658		20,710,924
Non-U.S. Dollar Denominated Bonds & Notes		–			14,534,567			–		14,534,567
Common Stocks & Other Equity Interests		883,080			–			0		883,080
Money Market Funds		15,685,326			–			–		15,685,326
Options Purchased		249,030			–			–		249,030
Total Investments in Securities		16,817,436			719,795,514			5,469,658		742,082,608
Other Investments - Assets*
Forward Foreign Currency Contracts		–			191,112			–		191,112
Other Investments - Liabilities*
Options Written		(71,825	)		–			–		(71,825	)
Swap Agreements		–			(143,154	)		–		(143,154	)
		(71,825	)		(143,154	)		–		(214,979	)
Total Other Investments		(71,825	)		47,958			–		(23,867	)
Total Investments	$	16,745,611		$	719,843,472		$	5,469,658	$	742,058,741

* Forward foreign currency contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

24 Invesco High Yield Fund

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended February 28, 2023:

							Accrued	Realized			Change in		Transfers	Transfers
	Value		Purchases	Proceeds			Discounts/	Gain			Unrealized		into	out of	Value
	02/28/22		at Cost	from Sales			Premiums	(Loss)			Appreciation		Level 3	Level 3	02/28/23
Variable Rate Senior Loan Interests	$	9,276,450	$–	$	(3,823,261	)	$–	$	(43,439	)	$	59,908	$–	$–	$	5,469,658
Common Stocks & Other Equity Interests		0	–		–		–		–			0	–	–		0
Total	$	9,276,450	$–	$	(3,823,261	)	$–	$	(43,439	)	$	59,908	$–	$–	$	5,469,658

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.

NOTE 4–Derivative Investments

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

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

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 February 28, 2023:

	Value
	Currency			Equity
Derivative Assets	Risk			Risk			Total
Unrealized appreciation on forward foreign currency contracts outstanding	$	191,112		$	–		$	191,112
Options purchased, at value – Exchange-Traded(a)		–			249,030			249,030
Total Derivative Assets		191,112			249,030			440,142
Derivatives not subject to master netting agreements		–			(249,030	)		(249,030	)
Total Derivative Assets subject to master netting agreements	$	191,112		$	–		$	191,112
	Value
	Credit			Equity
Derivative Liabilities	Risk			Risk			Total
Unrealized depreciation on swap agreements – Centrally Cleared	$	(143,154	)	$	–		$	(143,154	)
Options written, at value – Exchange-Traded		–			(71,825	)		(71,825	)
Total Derivative Liabilities		(143,154	)		(71,825	)		(214,979	)
Derivatives not subject to master netting agreements		143,154			71,825			214,979
Total Derivative Liabilities subject to master netting agreements	$	–		$	–		$	–

^(a)  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 February 28, 2023.

	Financial
	Derivative		Collateral
	Assets		(Received)/Pledged
	Forward Foreign	Net Value of			Net
Counterparty	Currency Contracts	Derivatives	Non-Cash	Cash	Amount
Goldman Sachs International	$  35,624	$  35,624	$–	$–	$35,624
State Street Bank & Trust Co.	155,488	155,488	–	–	155,488
Total	$191,112	$191,112	$–	$–	$191,112

25 Invesco High Yield Fund

Effect of Derivative Investments for the year ended February 28, 2023

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

	Location of Gain (Loss) on
	Statement of Operations
	Credit			Currency			Equity
	Risk			Risk			Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	–		$	(135,233	)	$	–		$	(135,233	)
Options purchased(a)		–			–			1,403,159			1,403,159
Options written		–			–			(941,207	)		(941,207	)
Swap agreements		480,968			–			–			480,968
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		–			151,405			–			151,405
Options purchased(a)		–			–			(828,922	)		(828,922	)
Options written		–			–			453,556			453,556
Swap agreements		(143,154	)		–			–			(143,154	)
Total	$	337,814		$	16,172		$	86,586		$	440,572

^(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		Equity		Equity
	Foreign Currency		Options		Options		Swap
	Contracts		Purchased		Written		Agreements
Average notional value	$	7,089,274	$	15,947,858	$	4,260,333	$	25,379,251
Average contracts		–		2,359		157		–

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $10,665.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2023 and 2022:

	2023		2022
Ordinary income*	$	39,951,597	$	42,368,676

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

26 Invesco High Yield Fund

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	3,110,860
Net unrealized appreciation (depreciation) – investments		(80,292,796	)
Net unrealized appreciation (depreciation) – foreign currencies		(4,332	)
Temporary book/tax differences		(188,046	)
Capital loss carryforward		(267,876,540	)
Shares of beneficial interest		1,110,752,817
Total net assets	$	765,501,963

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

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

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

The Fund has a capital loss carryforward as of February 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	70,095,300	$	197,781,240	$	267,876,540

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2023 was $667,745,771 and $711,783,383, 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	$	8,911,625
Aggregate unrealized (depreciation) of investments		(89,204,421	)
Net unrealized appreciation (depreciation) of investments	$	(80,292,796	)

Cost of investments for tax purposes is $822,351,537.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of amortization and accretion on debt securities, on February 28, 2023, undistributed net investment income was increased by $2,746,793 and undistributed net realized gain (loss) was decreased by $2,746,793. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended				Year ended
	February 28, 2023(a)				February 28, 2022
	Shares		Amount		Shares		Amount
Sold:
Class A		28,072,827	$	97,953,642		36,290,763	$	143,829,705
Class C		902,557		3,095,169		1,503,055		5,955,768
Class Y		4,165,049		14,496,594		5,913,568		23,509,650
Investor Class		20,782,082		72,886,195		16,538,567		65,705,922
Class R5		1,353,392		4,705,279		1,438,848		5,659,073
Class R6		5,322,255		18,715,580		8,860,823		35,102,627
Issued as reinvestment of dividends:
Class A		6,126,232		21,360,810		5,564,336		21,993,448
Class C		150,211		522,995		160,718		633,994
Class Y		443,935		1,550,650		403,328		1,598,498
Investor Class		735,489		2,563,757		686,860		2,713,877
Class R5		327,501		1,140,156		422,999		1,667,465
Class R6		1,029,936		3,591,094		1,052,348		4,156,051

27 Invesco High Yield Fund

	Summary of Share Activity
	Year ended						Year ended
	February 28, 2023(a)						February 28, 2022
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		337,014		$	1,183,994			555,275		$	2,198,379
Class C		(337,867	)		(1,183,994	)		(556,681	)		(2,198,379	)
Reacquired:
Class A		(40,425,061	)		(141,431,427	)		(39,798,531	)		(157,660,559	)
Class C		(1,717,437	)		(5,989,061	)		(1,936,919	)		(7,646,527	)
Class Y		(4,034,937	)		(14,068,844	)		(7,264,253	)		(28,692,784	)
Investor Class		(22,322,019	)		(78,451,249	)		(18,134,741	)		(72,109,580	)
Class R5		(3,498,812	)		(12,271,075	)		(4,263,782	)		(16,753,448	)
Class R6		(6,529,752	)		(22,894,946	)		(9,793,276	)		(38,178,018	)
Net increase (decrease) in share activity		(9,117,405	)	$	(32,524,681	)		(2,356,695	)	$	(8,514,838	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

28 Invesco High Yield Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco High Yield Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco High Yield Fund (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

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

29 Invesco 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 September 1, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,017.30	$5.15	$1,019.69	$5.16	1.03%
Class C	1,000.00	1,013.40	8.89	1,015.97	8.90	1.78
Class Y	1,000.00	1,018.50	3.90	1,020.93	3.91	0.78
Investor Class	1,000.00	1,017.30	5.15	1,019.69	5.16	1.03
Class R5	1,000.00	1,018.90	3.55	1,021.27	3.56	0.71
Class R6	1,000.00	1,019.20	3.20	1,021.62	3.21	0.64

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

30 Invesco High Yield Fund

Tax Information

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

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

    The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.01	%
Qualified Business Income*	0.00	%
Business Interest Income*	94.63	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

31 Invesco High Yield Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business	175	None
		Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

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

T-1 Invesco High Yield Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School – Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco High Yield Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco High Yield Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco High Yield Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd./Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco High Yield Fund

Trustees and Officers–(continued)

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

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

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

T-6 Invesco High Yield Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Annual Report to Shareholders February 28, 2023

Invesco High Yield Bond Factor Fund

Nasdaq:

A: OGYAX ∎ C: OGYCX ∎ R: OGYNX ∎ Y: OGYYX ∎ R5: GBHYX ∎ R6: OGYIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
19	Financial Statements
22	Financial Highlights
23	Notes to Financial Statements
31	Auditor’s Report
32	Fund Expenses
33	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended February 28, 2023, Class A shares of Invesco High Yield Bond Factor Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 2/28/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-6.78	%
Class C Shares	-7.39
Class R Shares	-6.90
Class Y Shares	-6.43
Class R5 Shares	-6.43
Class R6 Shares	-6.42
Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index▼ (Broad Market/Style-Specific Index)	-5.45
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

The beginning of the fiscal year was headlined by a historic rise in inflation along with global geopolitical and economic tensions. Inflation, as measured by the Consumer Price Index, reached 8.5%,¹ its highest level in over 40 years. In response, the US Federal Reserve (the Fed) shifted to tighter monetary policy, hiking its Fed funds rate by 0.25%,² its first increase since 2018. Geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges in COVID-19 cases in China exacerbated supply chain issues and aggravated inflation. During the first quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%.³

    In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation increased further to 9.1% and fixed income markets experienced significant negative performance as bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).⁴ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter of 2022 above their long-term historical average.

The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its Fed funds rate during the fiscal year: a 0.50% hike in May, three 0.75% hikes in June, July and November, the largest hikes since 1994, a 0.50% hike in December, and a 0.25% hike in January to a target Fed funds rate of 4.50% to 4.75%, the highest since 2006.2 At their January 2023 meeting, the Fed indicated that there were signs of inflation coming down, but not enough to counter the need for more interest rate increases. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 1.44% to 4.81% during the fiscal year, while 10-year Treasury rates increased from 1.83% to 3.92%.3 At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession. However, attractive yields and encouraging macroeconomic data show signs of a possible rebound for fixed income markets, in our opinion.

    The US high yield market, as measured by the Bloomberg U.S. High Yield Bond Index, was negative for the fiscal year of 2022 driven by the previously mentioned increase in rates as well as credit spread widening, as most of the fiscal year was highlighted by a “risk off” sentiment.

    The Invesco High Yield Bond Factor Fund changed strategies on February 28, 2020 to utilize a systematic, quantitative, factor-based approach to investing. The Fund is slightly down since the strategy change versus the benchmark (Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index) as well as for the 2022 fiscal year.

    The Fund attempts to outperform its benchmark and peers by tilting towards

bonds within the high-yield universe that tend to have higher returns over a cycle. These bonds have the following positive characteristics:

    ∎ Carry bonds are the highest spread bonds in a universe, excluding those rated CCC† and below.

    ∎ Value bonds are those with the highest spread relative to other securities with similar credit ratings and sectors.

    ∎ Low volatility bonds are those with lower duration and higher credit quality in a universe.

    Though the Fund does not explicitly target rating categories, we believe an overweight to higher-credit quality bonds tends to be an outcome of the Fund’s investment process.

    Since the 2020 strategy change, value and carry bonds performed positively versus the bench, while low volatility bonds had negligible contributions. The Fund’s underweight to CCC bonds† was a drag to performance causing the Fund to slightly underperform the benchmark since strategy change. In the 2022 fiscal year, the Fund saw underperformance versus the benchmark due to negative contributions of carry and value bonds outweighing the positive contributions from low volatility bonds.

    Please note that we implemented our strategy using derivative instruments, including futures, forwards, and swaps. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks.

    Part of the Fund’s strategy to manage credit, interest rate and currency risk during the fiscal year entailed purchasing and selling credit and interest rates. Generally, derivative exposure is to mitigate active risk relative to the benchmark. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the year. Interest rate exposure was managed utilizing interest rate futures.

    The investment team does not attempt to time the credit market, interest rates, sectors or factors and therefore maintains its allocations relative to the benchmark. Over time, we believe this has the potential to deliver positive relative performance over a market cycle.

    We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors

2 Invesco High Yield Bond Factor Fund

that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

    Thank you for investing in Invesco High Yield Bond Factor Fund and for sharing our long-term investment horizon.

1 Source: US Bureau of Labor Statistics

2 Source: Federal Reserve of Economic Data

3 Source: US Department of the Treasury

4 Source: Bloomberg LP

† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.spglobal.com and select “Understanding Credit Ratings” under About Ratings on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.

Portfolio manager(s):

Noelle Corum

James Ong

Jay Raol

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

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

3 Invesco High Yield Bond Factor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 11/8/13

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

4 Invesco High Yield Bond Factor Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (11/8/13)	1.99	%
5 Years	0.74
1 Year	-10.72
Class C Shares
Inception (11/8/13)	1.85	%
5 Years	0.91
1 Year	-8.27
Class R Shares
Inception (11/8/13)	2.23	%
5 Years	1.40
1 Year	-6.90
Class Y Shares
Inception (11/8/13)	2.77	%
5 Years	1.93
1 Year	-6.43
Class R5 Shares
Inception	2.58	%
5 Years	1.84
1 Year	-6.43
Class R6 Shares
Inception (11/8/13)	2.80	%
5 Years	1.95
1 Year	-6.42

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.

5 Invesco High Yield Bond Factor Fund

Supplemental Information

Invesco High Yield Bond Factor Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎ The Bloomberg U.S. 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.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

6 Invesco High Yield Bond Factor Fund

Fund Information

Portfolio Composition

By security type	% of total net assets
U.S. Dollar Denominated Bonds & Notes		95.93	%
Exchange-Traded Funds		1.82
Security Types Each Less Than 1% of Portfolio		0.39
Money Market Funds Plus Other Assets Less Liabilities		1.86

Top Five Debt Issuers*

		% of total net assets
1.	Ford Motor Credit Co. LLC		1.78	%
2.	Occidental Petroleum Corp.		1.38
3.	Carnival Corp.		1.34
4.	Community Health Systems, Inc.		1.31
5.	DISH DBS Corp.		1.27

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

* Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2023.

7 Invesco High Yield Bond Factor Fund

Schedule of Investments^(a)

February 28, 2023

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–95.93%
Advertising–0.46%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)	$	307,000	$     234,898
Aerospace & Defense–1.42%
Howmet Aerospace, Inc.,
5.13%, 10/01/2024		45,000	44,545
6.88%, 05/01/2025		49,000	49,905
Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027(b)		200,000	193,283
Spirit AeroSystems, Inc., 9.38%, 11/30/2029(b)		200,000	211,500
TransDigm, Inc., 6.25%, 03/15/2026(b)		231,000	228,211
			727,444
Airlines–2.39%
American Airlines Pass-Through Trust,
Series 16-1, Class A, 4.10%, 01/15/2028		20,718	18,693
Series 2014-1, Class A, 3.70%, 04/01/2028		93,269	84,162
American Airlines, Inc., 11.75%, 07/15/2025(b)		101,000	110,866
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)		522,000	508,578
Delta Air Lines, Inc., 7.38%, 01/15/2026		111,000	114,319
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026(b)		282,000	262,514
United Airlines, Inc., 4.38%, 04/15/2026(b)		135,000	127,181
			1,226,313
Alternative Carriers–0.79%
Lumen Technologies, Inc.,
4.00%, 02/15/2027(b)		253,000	194,545
4.50%, 01/15/2029(b)		38,000	20,133
Series P, 7.60%, 09/15/2039		121,000	60,088
Series U, 7.65%, 03/15/2042		86,000	43,004
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b)		113,000	86,798
			404,568
Aluminum–0.22%
Arconic Corp., 6.00%, 05/15/2025(b)		80,000	80,200
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)		39,000	30,918
			111,118
Apparel Retail–0.31%
Foot Locker, Inc., 4.00%, 10/01/2029(b)		76,000	62,562
Gap, Inc. (The),
3.63%, 10/01/2029(b)(c)		79,000	58,023
3.88%, 10/01/2031(b)		51,000	36,648
			157,233

	Principal Amount		Value
Apparel, Accessories & Luxury Goods–0.93%
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)	$	66,000	$       62,489
Hanesbrands Inc., 9.00%, 02/15/2031(b)		260,000	263,237
Hanesbrands, Inc., 4.88%, 05/15/2026(b)		100,000	92,447
Under Armour, Inc., 3.25%, 06/15/2026		68,000	60,632
			478,805
Application Software–0.87%
Cloud Software Group Holdings, Inc., 6.50%, 03/31/2029(b)		248,000	215,082
MicroStrategy, Inc., 6.13%, 06/15/2028(b)		200,000	166,238
Open Text Holdings, Inc. (Canada), 4.13%, 02/15/2030(b)		82,000	67,571
			448,891
Asset Management & Custody Banks–0.10%
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026		54,000	49,600
Auto Parts & Equipment–0.81%
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		93,000	92,558
IHO Verwaltungs GmbH (Germany), 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029(b)(d)		200,000	181,948
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b)		150,000	143,459
			417,965
Automobile Manufacturers–3.19%
Aston Martin Capital Holdings Ltd. (Jersey), 10.50%, 11/30/2025(b)		200,000	199,737
Ford Motor Co., 7.13%, 11/15/2025		75,000	76,723
Ford Motor Credit Co. LLC,
2.30%, 02/10/2025		400,000	368,013
4.27%, 01/09/2027		200,000	181,360
4.95%, 05/28/2027		200,000	186,555
4.13%, 08/17/2027		200,000	178,431
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		90,000	86,828
Jaguar Land Rover Automotive PLC (United Kingdom),
5.88%, 01/15/2028(b)		200,000	171,000
5.50%, 07/15/2029(b)		200,000	160,125
PM General Purchaser LLC, 9.50%, 10/01/2028(b)		31,000	28,346
			1,637,118
Automotive Retail–0.42%
Carvana Co., 10.25%, 05/01/2030(b)		71,000	44,455
Penske Automotive Group, Inc., 3.50%, 09/01/2025(c)		97,000	90,817
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)		100,000	82,599
			217,871

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
Broadcasting–1.84%
AMC Networks, Inc., 4.75%, 08/01/2025	$	152,000	$     143,895
iHeartCommunications, Inc.,
6.38%, 05/01/2026		97,229	91,759
8.38%, 05/01/2027		64,671	56,975
Paramount Global, 6.38%, 03/30/2062(e)		299,000	257,977
TEGNA, Inc., 4.75%, 03/15/2026(b)		83,000	78,940
Townsquare Media, Inc., 6.88%, 02/01/2026(b)		65,000	59,632
Univision Communications, Inc., 5.13%, 02/15/2025(b)		122,000	118,896
Urban One, Inc., 7.38%, 02/01/2028(b)		51,000	45,573
Videotron Ltd. (Canada), 5.13%, 04/15/2027(b)		100,000	93,598
			947,245
Building Products–2.06%
Builders FirstSource, Inc.,
4.25%, 02/01/2032(b)		179,000	150,456
6.38%, 06/15/2032(b)		104,000	100,007
Masonite International Corp.,
5.38%, 02/01/2028(b)		138,000	129,579
3.50%, 02/15/2030(b)		170,000	138,440
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028		132,000	116,076
Standard Industries, Inc.,
5.00%, 02/15/2027(b)		212,000	196,080
4.75%, 01/15/2028(b)		96,000	86,341
4.38%, 07/15/2030(b)		111,000	92,516
3.38%, 01/15/2031(b)		65,000	49,939
			1,059,434
Cable & Satellite–4.86%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.50%, 05/01/2026(b)		273,000	263,733
5.13%, 05/01/2027(b)		332,000	307,533
CSC Holdings LLC,
5.25%, 06/01/2024(c)		58,000	56,251
5.38%, 02/01/2028(b)		200,000	167,000
5.75%, 01/15/2030(b)		200,000	114,773
4.63%, 12/01/2030(b)		200,000	107,875
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027(b)		312,000	279,297
DISH DBS Corp.,
5.88%, 11/15/2024		193,000	181,003
7.75%, 07/01/2026		124,000	96,380
5.25%, 12/01/2026(b)		246,000	206,486
7.38%, 07/01/2028		108,000	73,980
5.75%, 12/01/2028(b)		124,000	99,284
DISH Network Corp., 11.75%, 11/15/2027(b)		50,000	50,719
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027(b)		180,000	166,687
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/2026(b)		130,000	97,143
Telenet Finance Luxembourg Notes S.a.r.l. (Belgium), 5.50%, 03/01/2028(b)		70,000	65,732

	Principal Amount		Value
Cable & Satellite–(continued)
Ziggo Bond Co. B.V. (Netherlands), 5.13%, 02/28/2030(b)	$	200,000	$     161,813
			2,495,689
Casinos & Gaming–4.24%
Affinity Interactive, 6.88%, 12/15/2027(b)		170,000	151,784
Caesars Entertainment, Inc.,
6.25%, 07/01/2025(b)		60,000	59,565
8.13%, 07/01/2027(b)		83,000	83,905
4.63%, 10/15/2029(b)		37,000	31,680
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(b)(c)		470,000	469,718
International Game Technology PLC, 6.50%, 02/15/2025(b)		200,000	200,694
Las Vegas Sands Corp.,
3.20%, 08/08/2024		93,000	89,549
2.90%, 06/25/2025		200,000	185,460
Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029(b)		200,000	166,202
MGM China Holdings Ltd. (Macau), 5.38%, 05/15/2024(b)		200,000	194,505
MGM Resorts International, 6.75%, 05/01/2025		49,000	49,165
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)		97,000	90,963
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
5.63%, 09/01/2029(b)		143,000	105,268
5.88%, 09/01/2031(b)		200,000	144,320
Sabre GLBL, Inc.,
9.25%, 04/15/2025(b)		44,000	43,363
7.38%, 09/01/2025(b)		120,000	112,475
			2,178,616
Coal & Consumable Fuels–0.28%
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025(b)		16,000	15,945
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)		135,000	126,729
			142,674
Commodity Chemicals–0.34%
Koppers, Inc., 6.00%, 02/15/2025(b)		86,000	83,234
Methanex Corp. (Canada), 5.25%, 12/15/2029		102,000	93,606
			176,840
Communications Equipment–1.08%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)		99,000	94,976
Hughes Satellite Systems Corp., 6.63%, 08/01/2026		64,000	60,310
Viasat, Inc.,
5.63%, 09/15/2025(b)		291,000	269,713
5.63%, 04/15/2027(b)		141,000	128,775
			553,774
Construction & Engineering–0.07%
AECOM, 5.13%, 03/15/2027		40,000	38,294

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
Construction Machinery & Heavy Trucks–0.25%
Manitowoc Co., Inc. (The), 9.00%, 04/01/2026(b)	$	31,000	$       31,024
Trinity Industries, Inc., 4.55%, 10/01/2024		100,000	96,858
			127,882
Construction Materials–0.32%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)(c)		56,000	53,278
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)		118,000	112,725
			166,003
Consumer Finance–2.93%
Ally Financial, Inc., 5.75%, 11/20/2025		160,000	156,751
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b)		200,000	194,140
Credit Acceptance Corp., 5.13%, 12/31/2024(b)		139,000	130,476
Navient Corp.,
5.88%, 10/25/2024		301,000	292,920
6.75%, 06/25/2025		100,000	98,700
5.50%, 03/15/2029		62,000	52,532
5.63%, 08/01/2033		79,000	59,373
OneMain Finance Corp.,
6.13%, 03/15/2024		200,000	197,411
6.88%, 03/15/2025		50,000	48,861
7.13%, 03/15/2026		195,000	189,752
SLM Corp., 3.13%, 11/02/2026		100,000	86,377
			1,507,293
Data Processing & Outsourced Services–0.77%
Block, Inc., 2.75%, 06/01/2026		441,000	393,937
Department Stores–1.65%
Kohl’s Corp., 3.63%, 05/01/2031		100,000	70,409
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029(b)		68,000	61,844
5.88%, 03/15/2030(b)		133,000	117,412
6.13%, 03/15/2032(b)		268,000	230,812
Nordstrom, Inc.,
6.95%, 03/15/2028		180,000	177,409
4.38%, 04/01/2030		180,000	142,168
4.25%, 08/01/2031		67,000	49,093
			849,147
Distributors–0.38%
Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028(b)		200,000	198,029
Diversified Banks–0.74%
Freedom Mortgage Corp., 7.63%, 05/01/2026(b)		47,000	40,171
Intesa Sanpaolo S.p.A. (Italy),
5.71%, 01/15/2026(b)		200,000	191,580
4.20%, 06/01/2032(b)(e)		200,000	150,856
			382,607
Diversified Chemicals–0.78%
Chemours Co. (The),
5.38%, 05/15/2027		54,000	49,240
5.75%, 11/15/2028(b)(c)		354,000	311,325

	Principal Amount		Value
Diversified Chemicals–(continued)
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)	$	63,000	$       42,039
			402,604
Diversified Metals & Mining–0.38%
Mineral Resources Ltd. (Australia),
8.13%, 05/01/2027(b)		95,000	94,685
8.50%, 05/01/2030(b)		99,000	99,246
			193,931
Diversified Real Estate Activities–0.43%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b)		242,000	218,728
Diversified REITs–0.26%
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026(b)		60,000	52,111
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/2028(b)		100,000	79,404
			131,515
Diversified Support Services–1.34%
MPH Acquisition Holdings LLC,
5.50%, 09/01/2028(b)		258,000	195,777
5.75%, 11/01/2028(b)		140,000	91,175
Neptune Bidco US, Inc., 9.29%, 04/15/2029(b)		422,000	399,402
			686,354
Electric Utilities–2.42%
DPL, Inc., 4.13%, 07/01/2025		46,000	43,258
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)		200,000	196,728
FirstEnergy Corp., Series B, 4.15%, 07/15/2027		300,000	280,169
NRG Energy, Inc.,
5.25%, 06/15/2029(b)		80,000	71,302
3.63%, 02/15/2031(b)		198,000	153,728
3.88%, 02/15/2032(b)		326,000	253,194
PG&E Corp., 5.25%, 07/01/2030		61,000	54,518
Vistra Operations Co. LLC,
5.50%, 09/01/2026(b)		100,000	95,619
5.63%, 02/15/2027(b)		100,000	94,872
			1,243,388
Electrical Components & Equipment–0.50%
EnerSys, 4.38%, 12/15/2027(b)		166,000	150,853
WESCO Distribution, Inc., 7.13%, 06/15/2025(b)		107,000	108,077
			258,930
Electronic Components–0.42%
Imola Merger Corp., 4.75%, 05/15/2029(b)		195,000	166,032
Likewize Corp., 9.75%, 10/15/2025(b)		55,000	51,559
			217,591
Environmental & Facilities Services–0.22%
Harsco Corp., 5.75%, 07/31/2027(b)		65,000	55,237
Stericycle, Inc., 5.38%, 07/15/2024(b)		60,000	59,185
			114,422

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

10 Invesco High Yield Bond Factor Fund

	Principal Amount		Value
Financial Exchanges & Data–0.21%
Coinbase Global, Inc., 3.38%, 10/01/2028(b)	$	164,000	$     107,655
Food Distributors–0.46%
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)		150,000	115,692
Performance Food Group, Inc., 6.88%, 05/01/2025(b)		51,000	51,162
US Foods, Inc., 6.25%, 04/15/2025(b)		72,000	71,828
			238,682
Food Retail–0.67%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)		209,000	196,693
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b)		178,000	145,250
			341,943
Footwear–0.58%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)(c)		297,000	299,449
Gas Utilities–0.27%
Crescent Energy Finance LLC, 7.25%, 05/01/2026(b)		95,000	88,005
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b)		60,000	49,064
			137,069
Health Care Distributors–0.23%
Owens & Minor, Inc., 6.63%, 04/01/2030(b)		145,000	119,464
Health Care Equipment–0.47%
Varex Imaging Corp., 7.88%, 10/15/2027(b)		248,000	243,262
Health Care Facilities–0.72%
Legacy LifePoint Health LLC, 6.75%, 04/15/2025(b)		207,000	198,045
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b)		31,000	26,421
Tenet Healthcare Corp., 4.88%, 01/01/2026		151,000	143,953
			368,419
Health Care REITs–0.77%
MPT Operating Partnership L.P./MPT Finance Corp.,
5.00%, 10/15/2027		141,000	115,816
4.63%, 08/01/2029		213,000	159,488
3.50%, 03/15/2031		179,000	122,880
			398,184

	Principal Amount		Value
Health Care Services–1.84%
Community Health Systems, Inc.,
8.00%, 03/15/2026(b)	$	152,000	$     148,387
5.63%, 03/15/2027(b)		215,000	188,927
6.88%, 04/15/2029(b)		146,000	102,271
6.13%, 04/01/2030(b)		33,000	22,643
5.25%, 05/15/2030(b)		61,000	48,892
4.75%, 02/15/2031(b)		212,000	164,020
Pediatrix Medical Group, Inc., 5.38%, 02/15/2030(b)		67,000	59,187
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)		61,000	55,269
US Acute Care Solutions LLC, 6.38%, 03/01/2026(b)		178,000	158,036
			947,632
Health Care Supplies–0.48%
Medline Borrower L.P., 5.25%, 10/01/2029(b)		300,000	246,594
Health Care Technology–0.33%
AthenaHealth Group, Inc., 6.50%, 02/15/2030(b)		212,000	167,947
Home Furnishings–0.60%
Tempur Sealy International, Inc.,
4.00%, 04/15/2029(b)		217,000	185,732
3.88%, 10/15/2031(b)		150,000	121,050
			306,782
Home Improvement Retail–0.88%
JELD-WEN, Inc.,
6.25%, 05/15/2025(b)		51,000	49,652
4.63%, 12/15/2025(b)		173,000	155,629
4.88%, 12/15/2027(b)		188,000	157,281
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)		99,000	90,972
			453,534
Homebuilding–1.35%
Beazer Homes USA, Inc., 5.88%, 10/15/2027		101,000	89,791
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
5.00%, 06/15/2029(b)		200,000	156,192
4.88%, 02/15/2030(b)		134,000	100,949
LGI Homes, Inc., 4.00%, 07/15/2029(b)		113,000	88,596
Mattamy Group Corp. (Canada),
5.25%, 12/15/2027(b)		148,000	132,345
4.63%, 03/01/2030(b)		38,000	31,530
New Home Co., Inc. (The), 7.25%, 10/15/2025(b)		100,000	92,611
			692,014
Hotel & Resort REITs–0.52%
Service Properties Trust,
4.65%, 03/15/2024		30,000	29,332
4.35%, 10/01/2024		72,000	68,995
7.50%, 09/15/2025		100,000	99,220
4.95%, 02/15/2027		78,000	67,324
			264,871

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

11 Invesco High Yield Bond Factor Fund

	Principal Amount		Value
Hotels, Resorts & Cruise Lines–2.29%
Carnival Corp.,
7.63%, 03/01/2026(b)	$	159,000	$     142,919
5.75%, 03/01/2027(b)		397,000	327,057
6.00%, 05/01/2029(b)		217,000	169,260
10.50%, 06/01/2030(b)		50,000	48,469
Royal Caribbean Cruises Ltd.,
11.50%, 06/01/2025(b)		152,000	162,035
11.63%, 08/15/2027(b)		82,000	87,407
5.50%, 04/01/2028(b)		83,000	72,417
Travel + Leisure Co., Series J, 6.00%, 04/01/2027		174,000	167,486
			1,177,050
Housewares & Specialties–0.37%
Newell Brands, Inc.,
4.45%, 04/01/2026		147,000	139,141
5.63%, 04/01/2036		60,000	50,892
			190,033
Independent Power Producers & Energy Traders–0.25%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b)		200,000	128,062
Industrial Conglomerates–0.36%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,
6.25%, 05/15/2026		92,000	89,351
5.25%, 05/15/2027		101,000	93,547
			182,898
Industrial Machinery–0.29%
Chart Industries, Inc., 9.50%, 01/01/2031(b)		114,000	119,278
GrafTech Finance, Inc., 4.63%, 12/15/2028(b)		34,000	27,797
			147,075
Insurance Brokers–0.43%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027(b)		103,000	93,697
HUB International Ltd., 7.00%, 05/01/2026(b)		128,000	125,951
			219,648
Integrated Oil & Gas–1.38%
Occidental Petroleum Corp.,
5.88%, 09/01/2025		149,000	149,166
5.50%, 12/01/2025		90,000	89,291
5.55%, 03/15/2026		88,000	87,624
8.50%, 07/15/2027		357,000	383,399
			709,480
Integrated Telecommunication Services–3.57%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(b)		200,000	165,366
Altice France S.A. (France), 8.13%, 02/01/2027(b)		200,000	187,180
Avaya, Inc., 6.13%, 09/15/2028(b)(f)		94,000	23,356
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)		229,000	212,086

	Principal Amount		Value
Integrated Telecommunication Services–(continued)
Consolidated Communications, Inc., 6.50%, 10/01/2028(b)	$	273,000	$     199,973
Embarq Corp., 8.00%, 06/01/2036		132,000	56,939
Frontier North, Inc., Series G, 6.73%, 02/15/2028		120,000	110,251
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)		200,000	187,116
Level 3 Financing, Inc., 3.88%, 11/15/2029(b)		156,000	118,381
Ligado Networks LLC, 15.50% PIK Rate, 0.00% Cash Rate, 11/01/2023(b)(d)		47,635	13,695
Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b)		305,000	297,293
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)		323,000	264,338
			1,835,974
Interactive Home Entertainment–0.36%
Cinemark USA, Inc.,
8.75%, 05/01/2025(b)		100,000	102,115
5.25%, 07/15/2028(b)		100,000	84,115
			186,230
Interactive Media & Services–0.24%
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/2026(b)		94,000	4,554
Millennium Escrow Corp., 6.63%, 08/01/2026(b)		65,000	43,497
TripAdvisor, Inc., 7.00%, 07/15/2025(b)		76,000	76,176
			124,227
Internet & Direct Marketing Retail–0.64%
Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026(b)		65,000	33,222
QVC, Inc.,
4.45%, 02/15/2025		100,000	80,878
4.75%, 02/15/2027		73,000	46,818
5.45%, 08/15/2034		78,000	38,959
Rakuten Group, Inc. (Japan), 6.25%(b)(e)(g)		200,000	128,060
			327,937
Internet Services & Infrastructure–0.12%
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)		67,000	60,914
Investment Banking & Brokerage–0.26%
NFP Corp., 6.88%, 08/15/2028(b)		159,000	135,603
IT Consulting & Other Services–0.20%
Unisys Corp., 6.88%, 11/01/2027(b)		139,000	104,989
Leisure Facilities–0.34%
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)		125,000	133,863
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)		40,000	39,552
			173,415
Leisure Products–0.48%
Mattel, Inc., 3.38%, 04/01/2026(b)		200,000	183,743

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

12 Invesco High Yield Bond Factor Fund

	Principal Amount		Value
Leisure Products–(continued)
Vista Outdoor, Inc., 4.50%, 03/15/2029(b)	$	80,000	$       64,978
			248,721
Life Sciences Tools & Services–0.74%
IQVIA, Inc.,
5.00%, 10/15/2026(b)		200,000	191,210
5.00%, 05/15/2027(b)		200,000	190,502
			381,712
Marine–0.43%
NCL Corp. Ltd.,
5.88%, 03/15/2026(b)		64,000	55,435
5.88%, 02/15/2027(b)		69,000	64,064
Seaspan Corp. (Hong Kong), 5.50%, 08/01/2029(b)		138,000	104,047
			223,546
Metal & Glass Containers–1.31%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
5.25%, 04/30/2025(b)		200,000	193,550
4.13%, 08/15/2026(b)		203,000	184,929
Ball Corp.,
5.25%, 07/01/2025		103,000	101,455
4.88%, 03/15/2026		53,000	51,265
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)		46,000	40,011
Mauser Packaging Solutions Holding Co.,
7.25%, 04/15/2025(b)		69,000	67,784
9.25%, 04/15/2027(b)		34,000	31,998
			670,992
Mortgage REITs–0.49%
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)		96,000	78,177
Starwood Property Trust, Inc., 4.38%, 01/15/2027(b)		200,000	173,601
			251,778
Movies & Entertainment–1.70%
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025(b)		200,000	194,762
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029(b)		48,000	34,341
Live Nation Entertainment, Inc., 6.50%, 05/15/2027(b)		83,000	81,709
Netflix, Inc.,
5.88%, 02/15/2025		32,000	32,247
3.63%, 06/15/2025(b)		106,000	101,691
4.38%, 11/15/2026(c)		82,000	79,170
6.38%, 05/15/2029		95,000	98,811
5.38%, 11/15/2029(b)		63,000	62,069
Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027(b)		200,000	187,285
			872,085
Multi-line Insurance–0.32%
Acrisure LLC/Acrisure Finance, Inc., 4.25%, 02/15/2029(b)		200,000	163,001

	Principal Amount		Value
Multi-Utilities–0.58%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(e)	$	362,000	$     299,890
Office REITs–0.76%
Office Properties Income Trust,
4.50%, 02/01/2025		195,000	179,526
2.65%, 06/15/2026		55,000	43,576
2.40%, 02/01/2027		139,000	102,812
3.45%, 10/15/2031		100,000	66,835
			392,749
Office Services & Supplies–0.53%
ACCO Brands Corp., 4.25%, 03/15/2029(b)		117,000	96,017
Pitney Bowes, Inc.,
6.88%, 03/15/2027(b)		70,000	58,550
7.25%, 03/15/2029(b)		105,000	81,767
Steelcase, Inc., 5.13%, 01/18/2029		45,000	38,015
			274,349
Oil & Gas Drilling–1.16%
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)		130,000	125,492
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)		300,000	286,778
Rockies Express Pipeline LLC,
4.80%, 05/15/2030(b)		68,000	58,863
7.50%, 07/15/2038(b)		50,000	45,150
6.88%, 04/15/2040(b)		98,000	80,368
			596,651
Oil & Gas Equipment & Services–0.06%
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 04/01/2026		30,000	28,784
Oil & Gas Exploration & Production–3.56%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029(b)		100,000	87,104
CNX Resources Corp., 7.38%, 01/15/2031(b)		58,000	55,332
Comstock Resources, Inc.,
6.75%, 03/01/2029(b)		100,000	92,122
5.88%, 01/15/2030(b)		335,000	288,574
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)		84,000	81,149
Earthstone Energy Holdings LLC, 8.00%, 04/15/2027(b)		59,000	56,575
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)		154,000	134,688
Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 01/15/2027		124,000	121,397
Gulfport Energy Corp.,
8.00%, 05/17/2026		1,756	1,709
8.00%, 05/17/2026(b)		39,502	38,434
Gulfport Energy Operating Corp., 6.38%, 05/15/2025		135,000	254
Harbour Energy PLC (United Kingdom), 5.50%, 10/15/2026(b)		200,000	185,232
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(b)		159,000	147,886
5.75%, 02/01/2029(b)		73,000	66,143

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

13 Invesco High Yield Bond Factor Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Moss Creek Resources Holdings, Inc.,
7.50%, 01/15/2026(b)	$	62,000	$     55,796
10.50%, 05/15/2027(b)		94,000	88,462
Murphy Oil Corp., 6.13%, 12/01/2042		110,000	87,150
PDC Energy, Inc., 6.13%, 09/15/2024		66,000	65,446
Southwestern Energy Co., 5.70%, 01/23/2025		71,000	70,428
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)		32,000	26,270
Vital Energy, Inc., 10.13%, 01/15/2028		82,000	80,675
			1,830,826
Oil & Gas Refining & Marketing–1.18%
CVR Energy, Inc., 5.25%, 02/15/2025(b)		97,000	93,225
NuStar Logistics L.P.,
6.00%, 06/01/2026		56,000	53,269
5.63%, 04/28/2027		52,000	48,466
Parkland Corp. (Canada),
4.50%, 10/01/2029(b)		235,000	197,657
4.63%, 05/01/2030(b)		69,000	57,510
PBF Holding Co. LLC/PBF Finance Corp.,
7.25%, 06/15/2025		65,000	64,929
6.00%, 02/15/2028		100,000	93,392
			608,448
Oil & Gas Storage & Transportation–4.83%
Buckeye Partners L.P., 4.13%, 03/01/2025(b)		100,000	93,851
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 02/01/2029(b)		63,000	57,379
Delek Logistics Partners L.P./Delek Logistics Finance Corp.,
6.75%, 05/15/2025		200,000	193,861
7.13%, 06/01/2028(b)		106,000	93,378
eG Global Finance PLC (United Kingdom), 6.75%, 02/07/2025(b)		200,000	180,740
EQM Midstream Partners L.P., 4.00%, 08/01/2024		100,000	95,633
7.50%, 06/01/2027(b)		52,000	51,013
6.50%, 07/01/2027(b)		54,000	51,208
5.50%, 07/15/2028		148,000	132,239
7.50%, 06/01/2030(b)		29,000	27,666
4.75%, 01/15/2031(b)		110,000	89,488
6.50%, 07/15/2048		136,000	101,482
Holly Energy Partners L.P./Holly Energy Finance Corp.,
6.38%, 04/15/2027(b)		200,000	194,165
5.00%, 02/01/2028(b)		42,000	38,152
ITT Holdings LLC, 6.50%, 08/01/2029(b)		75,000	61,750
New Fortress Energy, Inc.,
6.75%, 09/15/2025(b)		160,000	150,213
6.50%, 09/30/2026(b)(c)		320,000	293,227
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b)		47,000	44,312
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/2026(b)		263,000	250,027
Sunoco L.P./Sunoco Finance Corp., 4.50%, 04/30/2030		51,000	44,242

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,
6.00%, 03/01/2027(b)	$	70,000	$       65,071
5.50%, 01/15/2028(b)		130,000	116,877
6.00%, 12/31/2030(b)		65,000	56,139
			2,482,113
Other Diversified Financial Services–3.12%
Albion Financing 1 S.a.r.l/Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b)		200,000	179,052
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)		200,000	169,095
Midcap Financial Issuer Trust,
6.50%, 05/01/2028(b)		200,000	172,825
5.63%, 01/15/2030(b)		200,000	157,480
PHH Mortgage Corp., 7.88%, 03/15/2026(b)		64,000	57,188
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 04/16/2029(b)		300,000	237,401
4.63%, 04/06/2031(b)		200,000	149,433
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)		34,000	29,937
Superior Plus L.P./Superior General Partner, Inc. (Canada), 4.50%, 03/15/2029(b)		200,000	173,928
United Wholesale Mortgage LLC,
5.50%, 11/15/2025(b)		99,000	92,083
5.75%, 06/15/2027(b)		38,000	33,492
5.50%, 04/15/2029(b)		182,000	150,851
			1,602,765
Packaged Foods & Meats–0.00%
Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027		1,000	951
Paper Packaging–0.61%
Berry Global, Inc., 4.50%, 02/15/2026(b)		91,000	87,360
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		61,000	58,317
LABL, Inc., 6.75%, 07/15/2026(b)		55,000	52,368
Sealed Air Corp., 5.50%, 09/15/2025(b)		115,000	113,275
			311,320
Paper Products–0.58%
Clearwater Paper Corp., 5.38%, 02/01/2025(b)		24,000	23,298
Domtar Corp., 6.75%, 10/01/2028(b)		111,000	100,017
Sylvamo Corp., 7.00%, 09/01/2029(b)		176,000	174,478
			297,793
Personal Products–0.45%
Coty, Inc., 5.00%, 04/15/2026(b)		38,000	36,189
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b)		204,000	196,542
			232,731
Pharmaceuticals–1.17%
1375209 BC Ltd. (Canada), 9.00%, 01/30/2028(b)		76,000	75,953

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

14 Invesco High Yield Bond Factor Fund

	Principal Amount		Value
Pharmaceuticals–(continued)
Bausch Health Cos., Inc.,
5.50%, 11/01/2025(b)	$	173,000	$     150,657
4.88%, 06/01/2028(b)		105,000	65,625
Elanco Animal Health, Inc., 6.65%, 08/28/2028		200,000	191,474
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029(b)		81,000	62,876
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)		70,000	56,126
			602,711
Publishing–0.07%
Gannett Holdings LLC, 6.00%, 11/01/2026(b)		43,000	36,173
Real Estate Services–0.39%
Realogy Group LLC/Realogy Co-Issuer Corp.,
5.75%, 01/15/2029(b)		200,000	143,891
5.25%, 04/15/2030(b)		79,000	54,204
			198,095
Reinsurance–0.29%
Enstar Finance LLC,
5.75%, 09/01/2040(e)		71,000	63,650
5.50%, 01/15/2042(e)		109,000	87,125
			150,775
Renewable Electricity–0.16%
Sunnova Energy Corp., 5.88%, 09/01/2026(b)		92,000	80,282
Restaurants–0.21%
Aramark Services, Inc., 6.38%, 05/01/2025(b)		109,000	108,421
Retail REITs–0.40%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC,
5.75%, 05/15/2026(b)		66,000	60,832
4.50%, 04/01/2027(b)		67,000	57,479
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b)		108,000	85,398
			203,709
Security & Alarm Services–0.66%
Brink’s Co. (The), 5.50%, 07/15/2025(b)		100,000	97,461
CoreCivic, Inc.,
8.25%, 04/15/2026		83,000	84,107
4.75%, 10/15/2027		75,000	65,122
Prime Security Services Borrower LLC/ Prime Finance, Inc., 5.75%, 04/15/2026(b)		96,000	92,872
			339,562
Specialized REITs–0.38%
Iron Mountain, Inc.,
5.25%, 07/15/2030(b)		121,000	105,650
5.63%, 07/15/2032(b)		37,000	32,054
SBA Communications Corp., 3.88%, 02/15/2027		61,000	55,260
			192,964

	Principal Amount		Value
Specialty Chemicals–1.01%
Avient Corp., 5.75%, 05/15/2025(b)	$	82,000	$       80,467
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		65,000	61,223
WR Grace Holdings LLC, 5.63%, 08/15/2029(b)		472,000	379,631
			521,321
Specialty Stores–1.27%
Bath & Body Works, Inc.,
9.38%, 07/01/2025(b)		50,000	52,929
6.63%, 10/01/2030(b)		62,000	58,814
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)		118,000	103,881
Michaels Cos., Inc. (The),
5.25%, 05/01/2028(b)		66,000	54,995
7.88%, 05/01/2029(b)		100,000	75,369
Staples, Inc., 7.50%, 04/15/2026(b)		346,000	308,328
			654,316
Steel–0.47%
Cleveland-Cliffs, Inc., 6.75%, 03/15/2026(b)		61,000	61,686
Infrabuild Australia Pty. Ltd. (Australia), 12.00%, 10/01/2024(b)		69,000	66,836
TMS International Corp., 6.25%, 04/15/2029(b)		100,000	78,611
United States Steel Corp., 6.88%, 03/01/2029		32,000	32,047
			239,180
Systems Software–0.65%
Gen Digital, Inc., 5.00%, 04/15/2025(b)		87,000	84,599
McAfee Corp., 7.38%, 02/15/2030(b)		154,000	122,231
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)		166,000	127,994
			334,824
Technology Hardware, Storage & Peripherals–1.28%
Seagate HDD Cayman,
4.88%, 06/01/2027		100,000	94,255
4.13%, 01/15/2031		34,000	28,240
9.63%, 12/01/2032(b)		171,065	187,212
Vericast Corp., 11.00%, 09/15/2026(b)		95,000	102,244
Xerox Corp., 6.75%, 12/15/2039		128,000	97,121
Xerox Holdings Corp.,
5.00%, 08/15/2025(b)		100,000	93,182
5.50%, 08/15/2028(b)		65,000	54,668
			656,922
Thrifts & Mortgage Finance–0.57%
Enact Holdings, Inc., 6.50%, 08/15/2025(b)		90,000	88,549
NMI Holdings, Inc., 7.38%, 06/01/2025(b)		82,000	81,674
PennyMac Financial Services, Inc., 5.75%, 09/15/2031(b)		38,000	30,318
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025(b)		100,000	90,113
			290,654
Tires & Rubber–0.12%
FXI Holdings, Inc., 12.25%, 11/15/2026(b)		68,000	59,715

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

15 Invesco High Yield Bond Factor Fund

	Principal Amount		Value
Tobacco–0.20%
Vector Group Ltd., 5.75%, 02/01/2029(b)	$	118,000	$	101,684
Trading Companies & Distributors–1.16%
Alta Equipment Group, Inc., 5.63%, 04/15/2026(b)		33,000		30,906
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b)		100,000		85,811
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(b)		100,000		89,419
United Rentals North America, Inc., 5.50%, 05/15/2027		400,000		392,480
				598,616
Wireless Telecommunication Services–0.63%
Sprint LLC,
7.13%, 06/15/2024		174,000		176,349
7.63%, 03/01/2026		142,000		147,595
				323,944
Total U.S. Dollar Denominated Bonds & Notes (Cost $51,503,388)				49,298,860
	Shares
Exchange-Traded Funds–1.82%
Invesco High Yield Bond Factor ETF (Cost $1,105,001)(h)		43,455		933,848
	Principal Amount
U.S. Treasury Securities–0.20%
U.S. Treasury Bills–0.20%
4.48% - 4.55%, 05/11/2023 (Cost $101,108)(i)(j)	$	102,000		101,064
	Shares
Common Stocks & Other Equity Interests–0.17%
Advertising–0.00%
Tenerity LLC, Wts., expiring 04/10/2024(k)		39		0
Apparel, Accessories & Luxury Goods–0.02%
Claire’s Holdings LLC		20		9,917
Coal & Consumable Fuels–0.05%
ACNR Holdings, Inc.		232		23,339
Oil & Gas Equipment & Services–0.10%
Superior Energy Services, Inc.		761		52,509
Total Common Stocks & Other Equity Interests (Cost $29,045)				85,765

	Principal Amount		Value
Variable Rate Senior Loan Interests–0.02%(l)(m)
Apparel, Accessories & Luxury Goods–0.02%
Claire’s Stores, Inc., Term Loan, 11.13% (1 mo. USD LIBOR + 6.50%), 12/18/2026 (Cost $10,703)	$	12,235	$	11,386
	Shares
Preferred Stocks–0.00%
Apparel, Accessories & Luxury Goods–0.00%
Claire’s Holdings LLC, Series A, Pfd. (Cost $3,125)(k)		5		1,275
Money Market Funds–0.53%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(h)(n)		96,155		96,155
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(h)(n)		68,659		68,673
Invesco Treasury Portfolio, Institutional Class, 4.50%(h)(n)		109,892		109,892
Total Money Market Funds (Cost $274,720)				274,720
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.67% (Cost $53,027,090)				50,706,918
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.21%
Invesco Private Government Fund, 4.58%(h)(n)(o)		462,179		462,179
Invesco Private Prime Fund, 4.83%(h)(n)(o)		1,188,223		1,188,461
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,650,640)				1,650,640
TOTAL INVESTMENTS IN SECURITIES–101.88% (Cost $54,677,730)				52,357,558
OTHER ASSETS LESS LIABILITIES–(1.88)%				(966,062	)
NET ASSETS–100.00%			$	51,391,496

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.

16 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 February 28, 2023 was $37,130,005, which represented 72.25% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

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

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

^(f)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

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

^(h)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2023.

	Value February 28, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value February 28, 2023		Dividend Income
Invesco High Yield Bond Factor ETF	$	1,059,867	$	-	$	(4,351	)	$	(121,668)	$	-	$	933,848	$	58,593
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		82,499		8,920,070		(8,906,414	)		-		-		96,155		223
Invesco Liquid Assets Portfolio, Institutional Class		57,351		6,371,478		(6,360,682	)		-		526		68,673		182
Invesco Treasury Portfolio, Institutional Class		94,285		10,194,366		(10,178,759	)		-		-		109,892		2,517
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		194,457		2,105,244		(1,837,522	)		-		-		462,179		3,080*
Invesco Private Prime Fund		453,733		4,754,815		(4,019,880	)		2		(209)		1,188,461		8,421*
Total	$	1,942,192	$	32,345,973	$	(31,307,608	)	$	(121,666)	$	317	$	2,859,208	$	73,016

* 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.

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

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

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

^(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 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.

⁽ⁿ⁾  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		27		June-2023	$	3,014,719	$	(4,852	)		$(4,852)
U.S. Treasury 10 Year Ultra Notes		7		June-2023		820,312		(875	)		(875)
U.S. Treasury Long Bonds		2		June-2023		250,438		(484	)		(484)
U.S. Treasury Ultra Bonds		2		June-2023		270,125		609			609
Subtotal–Long Futures Contracts								(5,602	)		(5,602)

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

17 Invesco High Yield Bond Factor 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 2 Year Notes		13		June-2023	$	(2,648,445	)	$	5,180			$ 5,180
U.S. Treasury 5 Year Notes		1		June-2023		(107,055	)		180			180
Subtotal-Short Futures Contracts									5,360			5,360
Total Futures Contracts								$	(242	)		$   (242)

Open Centrally Cleared Credit Default Swap Agreements

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

Markit CDX North America High Yield Index, Series 39, Version 1

Sell

5.00%

Quarterly

12/20/2027

4.956%

USD 685,000

$17,478

$9,484

$(7,994)

^(a)  Implied credit spreads represent the current level, as of February 28, 2023, 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

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

18 Invesco High Yield Bond Factor Fund

Statement of Assets and Liabilities

February 28, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $51,647,369)*	$	49,498,350
Investments in affiliates, at value (Cost $3,030,361)		2,859,208
Other investments:
Variation margin receivable – futures contracts		1,722
Variation margin receivable–centrally cleared swap agreements		17,559
Cash		557,012
Foreign currencies, at value and cost		8
Receivable for:
Investments sold		9,474
Fund shares sold		21,933
Dividends		2,743
Interest		906,178
Investments matured, at value (Cost $112,892)		9
Investment for trustee deferred compensation and retirement plans		21,746
Other assets		24,640
Total assets		53,920,582
Liabilities:
Payable for:
Investments purchased		585,920
Dividends		118,999
Fund shares reacquired		22,767
Collateral upon return of securities loaned		1,650,640
Accrued fees to affiliates		23,446
Accrued trustees’ and officers’ fees and benefits		1,416
Accrued other operating expenses		104,152
Trustee deferred compensation and retirement plans		21,746
Total liabilities		2,529,086
Net assets applicable to shares outstanding	$	51,391,496
Net assets consist of:
Shares of beneficial interest	$	61,256,888
Distributable earnings (loss)		(9,865,392	)
	$	51,391,496

Net Assets:
Class A	$	42,489,936
Class C	$	3,368,516
Class R	$	3,908,051
Class Y	$	1,588,889
Class R5	$	8,612
Class R6	$	27,492
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,472,116
Class C		433,849
Class R		503,078
Class Y		204,528
Class R5		1,109
Class R6		3,539
Class A:
Net asset value per share	$	7.76
Maximum offering price per share (Net asset value of $7.76 ÷ 95.75%)	$	8.10
Class C:
Net asset value and offering price per share	$	7.76
Class R:
Net asset value and offering price per share	$	7.77
Class Y:
Net asset value and offering price per share	$	7.77
Class R5:
Net asset value and offering price per share	$	7.77
Class R6:
Net asset value and offering price per share	$	7.77

* At February 28, 2023, securities with an aggregate value of $1,607,344 were on loan to brokers.

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

19 Invesco High Yield Bond Factor Fund

Statement of Operations

For the year ended February 28, 2023

Investment income:
Interest	$	2,046,126
Dividends from affiliates (includes net securities lending income of $ 1,197)		62,712
Total investment income		2,108,838
Expenses:
Advisory fees		114,882
Administrative services fees		4,208
Custodian fees		5,182
Distribution fees:
Class A		50,722
Class C		36,809
Class R		18,830
Transfer agent fees – A, C, R and Y		80,242
Transfer agent fees – R5		4
Transfer agent fees – R6		18
Trustees’ and officers’ fees and benefits		15,734
Registration and filing fees		73,151
Reports to shareholders		14,293
Professional services fees		100,909
Other		13,545
Total expenses		528,529
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(301,188	)
Net expenses		227,341
Net investment income		1,881,497
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(2,749,021	)
Affiliated investment securities		317
Futures contracts		(426,647	)
Swap agreements		(12,122	)
		(3,187,473	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,208,348	)
Affiliated investment securities		(121,666	)
Futures contracts		(34,301	)
Swap agreements		1,433
		(1,362,882	)
Net realized and unrealized gain (loss)		(4,550,355	)
Net increase (decrease) in net assets resulting from operations	$	(2,668,858	)

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

20 Invesco High Yield Bond Factor Fund

Statement of Changes in Net Assets

For the years ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	1,881,497		$	1,598,519
Net realized gain (loss)		(3,187,473	)		436,196
Change in net unrealized appreciation (depreciation)		(1,362,882	)		(2,007,572	)
Net increase (decrease) in net assets resulting from operations		(2,668,858	)		27,143
Distributions to shareholders from distributable earnings:
Class A		(1,336,149	)		(1,131,081	)
Class C		(191,611	)		(184,884	)
Class R		(222,446	)		(144,223	)
Class Y		(107,843	)		(119,542	)
Class R5		(560	)		(474	)
Class R6		(1,955	)		(2,667	)
Total distributions from distributable earnings		(1,860,564	)		(1,582,871	)
Share transactions–net:
Class A		22,630,868			(1,629,812	)
Class C		(525,914	)		(606,991	)
Class R		565,703			817,615
Class Y		(1,059,115	)		1,631,535
Class R6		(45,510	)		61,568
Net increase in net assets resulting from share transactions		21,566,032			273,915
Net increase (decrease) in net assets		17,036,610			(1,281,813	)
Net assets:
Beginning of year		34,354,886			35,636,699
End of year	$	51,391,496		$	34,354,886

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

21 Invesco High Yield Bond Factor Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 02/28/23		$8.85		$0.49		$(1.09	)		$(0.60	)		$(0.49	)		$ –			$(0.49	)		$7.76		(6.78	)%(d)		$42,490		0.63	%(d)		1.59	%(d)		6.16	%(d)		97	%
Year ended 02/28/22		9.24		0.41		(0.40	)		0.01			(0.40	)		–			(0.40	)		8.85		0.06	(d)		23,143		0.63	(d)		1.21	(d)		4.41	(d)		63
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
Class C
Year ended 02/28/23		8.84		0.44		(1.10	)		(0.66	)		(0.42	)		–			(0.42	)		7.76		(7.39	)		3,369		1.38			2.36			5.41			97
Year ended 02/28/22		9.23		0.34		(0.40	)		(0.06	)		(0.33	)		–			(0.33	)		8.84		(0.69	)		4,417		1.38			1.98			3.66			63
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
Class R
Year ended 02/28/23		8.85		0.47		(1.08	)		(0.61	)		(0.47	)		–			(0.47	)		7.77		(6.90	)		3,908		0.88			1.86			5.91			97
Year ended 02/28/22		9.24		0.38		(0.39	)		(0.01	)		(0.38	)		–			(0.38	)		8.85		(0.19	)		3,807		0.88			1.48			4.16			63
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
Class Y
Year ended 02/28/23		8.85		0.52		(1.09	)		(0.57	)		(0.51	)		–			(0.51	)		7.77		(6.43	)		1,589		0.38			1.36			6.41			97
Year ended 02/28/22		9.24		0.43		(0.39	)		0.04			(0.43	)		–			(0.43	)		8.85		0.31			2,899		0.38			0.98			4.66			63
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
Class R5
Year ended 02/28/23		8.85		0.51		(1.08	)		(0.57	)		(0.51	)		–			(0.51	)		7.77		(6.43	)		9		0.38			1.15			6.41			97
Year ended 02/28/22		9.24		0.43		(0.39	)		0.04			(0.43	)		–			(0.43	)		8.85		0.31			10		0.38			0.91			4.66			63
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
Year ended 02/28/23		8.85		0.53		(1.10	)		(0.57	)		(0.51	)		–			(0.51	)		7.77		(6.42	)		27		0.38			1.15			6.41			97
Year ended 02/28/22		9.24		0.42		(0.38	)		0.04			(0.43	)		–			(0.43	)		8.85		0.31			80		0.38			0.91			4.66			63
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

^(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% for Class A for the years ended February 28, 2023, 2022 and 2021.

^(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.

22 Invesco High Yield Bond Factor Fund

Notes to Financial Statements

February 28, 2023

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.

Prior to February 28, 2020, the Fund sought to gain exposure to Regulation S securities primarily through investments in a wholly-owned and controlled subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund could invest up to 25% of its total assets in the Subsidiary under its previous strategy. Effective February 28, 2020, the Fund no longer invests in Regulation S securities or the Subsidiary, and the Subsidiary was liquidated. For periods prior to February 28, 2020, the Financial Highlights report the operations of the Fund and the Subsidiary on a consolidated basis.

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

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

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

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

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

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued.

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

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

I. Securities 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. 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

24 Invesco High Yield Bond Factor Fund

securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended February 28, 2023, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying 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. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

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

25 Invesco High Yield Bond Factor Fund

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the 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 February 28, 2023, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

N. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

O. 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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

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

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

P. 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

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

For the year ended February 28, 2023, 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, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.64%, 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, 2023. During its term, the fee waiver agreement

26 Invesco High Yield Bond Factor Fund

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.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended February 28, 2023, the Adviser waived advisory fees of $114,882, reimbursed fund level expenses of $103,776 and reimbursed class level expenses of $56,446, $9,540, $9,727, $4,529, $4 and $18 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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 year ended February 28, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2023, IDI advised the Fund that IDI retained $6,674 in front-end sales commissions from the sale of Class A shares and $0 and $816 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–	$	49,298,860	$	–	$	49,298,860
Exchange-Traded Funds		933,848		–		–		933,848
U.S. Treasury Securities		–		101,064		–		101,064
Common Stocks & Other Equity Interests		–		85,765		–		85,765
Variable Rate Senior Loan Interests		–		11,386		–		11,386
Preferred Stocks		–		–		1,275		1,275
Money Market Funds		274,720		1,650,640		–		1,925,360
Total Investments in Securities		1,208,568		51,147,715		1,275		52,357,558
Other Investments - Assets*
Investments Matured		–		9		–		9
Futures Contracts		5,969		–		–		5,969
		5,969		9		–		5,978

27 Invesco High Yield Bond Factor Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(6,211	)	$	–		$	–	$	(6,211	)
Swap Agreements		–			(7,994	)		–		(7,994	)
		(6,211	)		(7,994	)		–		(14,205	)
Total Other Investments		(242	)		(7,985	)		–		(8,227	)
Total Investments	$	1,208,326		$	51,139,730		$	1,275	$	52,349,331

* Futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured 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 February 28, 2023:

	Value
	Interest
Derivative Assets	Rate Risk
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	5,969
Derivatives not subject to master netting agreements		(5,969	)
Total Derivative Assets subject to master netting agreements	$	–

	Value
	Credit			Interest
Derivative Liabilities	Risk			Rate Risk			Total
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	–		$	(6,211	)	$	(6,211	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(7,994	)		–			(7,994	)
Total Derivative Liabilities		(7,994	)		(6,211	)		(14,205	)
Derivatives not subject to master netting agreements		7,994			6,211			14,205
Total Derivative Liabilities subject to master netting agreements	$	–		$	–		$	–

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

Effect of Derivative Investments for the year ended February 28, 2023

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

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	-		$	(426,647	)	$	(426,647	)
Swap agreements		(12,122	)		-			(12,122	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		-			(34,301	)		(34,301	)
Swap agreements		1,433			-			1,433
Total	$	(10,689	)	$	(460,948	)	$	(471,637	)

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

	Futures Contracts	Swap Agreements
Average notional value	$6,203,309	$992,500

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,266.

28 Invesco High Yield Bond Factor Fund

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2023 and 2022:

	2023		2022
Ordinary income*	$	1,860,564	$	1,582,871

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	54,185
Net unrealized appreciation (depreciation) – investments		(2,456,295	)
Temporary book/tax differences		(19,919	)
Capital loss carryforward		(7,443,363	)
Shares of beneficial interest		61,256,888
Total net assets	$	51,391,496

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

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

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

The Fund has a capital loss carryforward as of February 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	2,231,502	$	5,211,861	$	7,443,363

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2023 was $51,000,660 and $29,878,479, 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	$	307,684
Aggregate unrealized (depreciation) of investments		(2,763,979	)
Net unrealized appreciation (depreciation) of investments	$	(2,456,295	)

Cost of investments for tax purposes is $54,805,626.

29 Invesco High Yield Bond Factor Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of defaulted bonds, amortization and accretion on debt securities and derivative instruments, on February 28, 2023, undistributed net investment income was increased by $11,043 and undistributed net realized gain (loss) was decreased by $11,043. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	February 28, 2023(a)						February 28, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		3,331,124		$	26,448,183			689,863		$	6,375,087
Class C		67,024			540,109			126,528			1,169,030
Class R		242,650			1,927,004			163,457			1,501,493
Class Y		32,713			273,433			256,496			2,387,754
Class R6		4,050			32,764			10,371			96,882
Issued as reinvestment of dividends:
Class A		127,509			1,008,023			99,297			916,194
Class C		18,765			148,395			15,850			146,223
Class R		27,459			216,679			15,519			143,078
Class Y		9,488			75,058			7,059			65,148
Class R6		215			1,738			281			2,577
Automatic conversion of Class C shares to Class A shares:
Class A		49,232			392,332			46,045			424,513
Class C		(49,234	)		(392,332	)		(46,056	)		(424,513	)
Reacquired:
Class A		(651,802	)		(5,217,670	)		(1,012,748	)		(9,345,606	)
Class C		(102,082	)		(822,086	)		(162,685	)		(1,497,731	)
Class R		(197,210	)		(1,577,980	)		(89,820	)		(826,956	)
Class Y		(165,205	)		(1,407,606	)		(90,213	)		(821,367	)
Class R6		(9,794	)		(80,012	)		(4,089	)		(37,891	)
Net increase in share activity		2,734,902		$	21,566,032			25,155		$	273,915

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 42% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially.

30 Invesco High Yield Bond Factor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco High Yield Bond Factor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco High Yield Bond Factor Fund (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended February 28, 2023, the nine months ended February 29, 2020 and the year ended May 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended February 28, 2023, the nine months ended February 29, 2020 and the period May 24, 2019 (commencement date) through May 31, 2019 for Class R5.

The financial statements of Oppenheimer Global High Yield Fund (subsequently renamed Invesco High Yield Bond Factor Fund) as of and for the year ended May 31, 2018 and the financial highlights for the year ended May 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated July 25, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent, portfolio company investees, agent banks and brokers; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

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

31 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 September 1, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,017.00	$3.15	$1,021.67	$3.16	0.63%
Class C	1,000.00	1,013.20	6.89	1,017.95	6.90	1.38
Class R	1,000.00	1,017.10	4.40	1,020.43	4.41	0.88
Class Y	1,000.00	1,019.60	1.90	1,022.91	1.91	0.38
Class R5	1,000.00	1,019.60	1.90	1,022.91	1.91	0.38
Class R6	1,000.00	1,019.60	1.90	1,022.91	1.91	0.38

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

32 Invesco High Yield Bond Factor Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.10	%
Qualified Business Income*	0.00	%
Business Interest Income*	98.41	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

33 Invesco High Yield Bond Factor Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	175	None

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

T-1 Invesco High Yield Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco High Yield Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco High Yield Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco High Yield Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco High Yield Bond Factor Fund

Trustees and Officers–(continued)

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

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

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

T-6 Invesco High Yield 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 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-AR-1                                         

Annual Report to Shareholders February 28, 2023

Invesco Income Fund

Nasdaq:

A: AGOVX ∎ C: AGVCX ∎ R: AGVRX ∎ Y: AGVYX ∎ Investor: AGIVX ∎ R5: AGOIX ∎ R6: AGVSX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
14	Financial Statements
17	Financial Highlights
18	Notes to Financial Statements
28	Report of Independent Registered Public Accounting Firm
29	Fund Expenses
30	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended February 28, 2023, Class A shares of Invesco Income Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Aggregate Bond Index, the Fund’s broad market benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 2/28/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-5.88	%
Class C Shares	-6.59
Class R Shares	-6.11
Class Y Shares	-5.63
Investor Class Shares	-5.78
Class R5 Shares	-5.55
Class R6 Shares	-5.49
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	-9.72
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

The beginning of the fiscal year was headlined by a historic rise in inflation along with global geopolitical and economic tensions. Inflation, as measured by the Consumer Price Index, reached 8.5%,¹ its highest level in over 40 years. In response, the US Federal Reserve (the Fed) shifted to tighter monetary policy, hiking its Fed funds rate by 0.25%,² its first increase since 2018. Geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges in COVID-19 cases in China exacerbated supply chain issues and aggravated inflation. During the first quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%.³

    In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation increased further to 9.1% and fixed income markets experienced significant negative performance as bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).⁴ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter of 2022 above their long-term historical average. The Fed continued its rapid tightening of

monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its Fed funds rate during the fiscal year: a 0.50% hike in May, three 0.75% hikes in June, July and November, the largest hikes since 1994, a 0.50% hike in December, and a 0.25% hike in January to a target Fed funds rate of 4.50% to 4.75%, the highest since 2006.2 At their January 2023 meeting, the Fed indicated that there were signs of inflation coming down, but not enough to counter the need for more interest rate increases. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 1.44% to 4.81% during the fiscal year, while 10-year Treasury rates increased from 1.83% to 3.92%.3 At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession. However, attractive yields and encouraging macroeconomic data show signs of a possible rebound for fixed income markets, in our opinion.

    During the fiscal year, structured credit securities such as commercial mortgage-backed securities (CMBS), non-agency residential mortgage-backed securities (RMBS) and asset-backed securities comprised the majority holdings of the Fund. Structured credit securities experienced spread widening during the fiscal year as broad market volatility caused by inflation concerns and rate hikes by an aggressive Fed weighed on spreads. Heavy issuance of structured securities and significant outflows from fixed income mutual funds created a notably negative technical environment which contributed to spread widening during 2022. Both issuance and fixed income mutual fund outflows have improved materially in January and February.

    Given this market backdrop, Class A shares of Invesco Income Fund, at NAV, generated a negative return but outperformed its broad-based index, the Bloomberg U.S. Aggregate Bond Index. During the fiscal year, the Fund’s duration, which was shorter than the index was a positive contributor to relative Fund performance. The Fund’s out-of-index exposure to RMBS and CMBS was a detractor for the fiscal year.

    We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. During the fiscal year, the Fund used active duration and yield curve positioning for risk management and for generating returns. Duration measures a portfolio’s price sensitivity to interest rate changes, with a shorter-duration portfolio tending to be less sensitive to these changes. Buying and selling US Treasury futures contracts was an important tool we used for the management of interest rate risk and to maintain our targeted portfolio duration. We are monitoring interest rates and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, markets may experience increased volatility, which may affect the value and/ or liquidity of certain of the Fund’s investments.

    We welcome new investors who joined the Fund during the fiscal year and thank you for your investment in Invesco Income Fund.

1 Source: US Bureau of Labor Statistics

2 Source: Federal Reserve of Economic Data

3 Source: US Department of the Treasury

4 Source: Bloomberg LP

Portfolio manager(s):

Philip Armstrong

Mario Clemente

Kevin Collins

Clint Dudley

David Lyle

Brian Norris

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The

2 Invesco Income Fund

information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Income Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 2/28/13

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does

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

4 Invesco Income Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (4/28/87)	4.08	%
10 Years	-0.42
5 Years	-1.38
1 Year	-9.85
Class C Shares
Inception (8/4/97)	2.68	%
10 Years	-0.58
5 Years	-1.28
1 Year	-7.49
Class R Shares
Inception (6/3/02)	2.00	%
10 Years	-0.24
5 Years	-0.80
1 Year	-6.11
Class Y Shares
Inception (10/3/08)	1.69	%
10 Years	0.27
5 Years	-0.30
1 Year	-5.63
Investor Class Shares
Inception (9/30/03)	2.04	%
10 Years	0.07
5 Years	-0.46
1 Year	-5.78
Class R5 Shares
Inception (4/29/05)	2.41	%
10 Years	0.37
5 Years	-0.21
1 Year	-5.55
Class R6 Shares
10 Years	0.22	%
5 Years	-0.19
1 Year	-5.49

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.

5 Invesco Income Fund

Supplemental Information

Invesco Income Fund’s investment objective is current income and, secondarily, capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

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

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

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

6 Invesco Income Fund

Fund Information

Portfolio Composition

By security type	% of total net assets
Asset-Backed Securities		69.81	%
Agency Credit Risk Transfer Notes		11.30
U.S. Government Sponsored Agency Mortgage-Backed Securities		7.91
Preferred Stocks		5.38
Commercial Paper		5.15
Certificate of Deposit		1.29
Security Types Each Less Than 1% of Portfolio		1.37
Money Market Funds Plus Other Assets Less Liabilities		(2.21	)

Top Five Debt Issuers*

	% of total net assets
1.  OBX Trust		6.39	%
2.  Toronto-Dominion Bank (The)		5.15
3.  Federal National Mortgage Association		4.82
4.  BBCMS Mortgage Trust		4.16
5.  Verus Securitization Trust		2.99

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

* Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2023.

7 Invesco Income Fund

Schedule of Investments

February 28, 2023

	Principal Amount		Value
Asset-Backed Securities–69.81%
AMSR Trust,
Series 2020-SFR5, Class D, 2.18%, 11/17/2037(a)	$	5,000,000	$	4,451,138
Series 2021-SFR4, Class D, 2.77%, 12/17/2038(a)		1,500,000		1,289,456
Series 2022-SFR3, CLass D, 4.00%, 10/17/2039(a)		3,380,000		2,998,019
Angel Oak Mortgage Trust,
Series 2019-5, Class B1, 3.96%, 10/25/2049(a)(b)		2,361,000		2,017,194
Series 2022-2, Class M1, 4.17%, 01/25/2067(a)(b)		5,893,000		4,365,055
Avis Budget Rental Car Funding (AESOP) LLC,
Series 2022-3A, Class C, 6.48%, 02/20/2027(a)		4,000,000		3,875,572
Series 2022-5A, Class B, 7.09%, 04/20/2027(a)		4,000,000		4,106,709
Series 2023-1A, Class B, 6.08%, 04/20/2029(a)		2,000,000		2,014,589
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class XA, IO, 0.75%, 09/15/2048(c)		15,063,359		232,958
Bank, Series 2018-BNK14, Class E, 3.00%, 09/15/2060(a)		5,750,000		3,321,693
BBCMS Mortgage Trust,
Series 2018-C2, Class C, 4.97%, 12/15/2051(b)		2,500,000		2,183,968
Series 2022-C17, Class A5, 4.44%, 09/15/2055		14,600,000		13,943,384
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 12A1, 3.91%, 01/25/2035(b)		252,541		233,707
Benchmark Mortgage Trust,
Series 2018-B3, Class C, 4.53%, 04/10/2051(b)		4,375,000		3,766,301
Series 2019-B14, Class C, 3.77%, 12/15/2062(b)		4,650,000		3,639,061
Series 2019-B15, Class C, 3.72%, 12/15/2072(b)		1,000,000		791,836
Series 2019-B9, Class C, 4.97%, 03/15/2052(b)		4,000,000		3,210,999
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016- 1A, Class B, 5.68%, 12/16/2041(a)(d)		4,454,389		2,948,105
BX Commercial Mortgage Trust, Series 2021-VOLT, Class D, 6.24% (1 mo. USD LIBOR + 1.65%), 09/15/2023(a)(e)		5,000,000		4,833,683
Cantor Commercial Real Estate Lending, Series 2019-CF1, Class 65D, 4.66%, 05/15/2052(a)(b)		4,517,000		4,079,575
CBAM LLC, Series 2021-15A, Class C, 7.04% (3 mo. USD LIBOR + 2.25%), 01/15/2036(a)(e)		5,000,000		4,734,820

	Principal Amount		Value
Chase Mortgage Finance Corp.,
Series 2016-SH1, Class M3, 3.75%, 04/25/2045(a)(b)	$	1,066,523	$	890,616
Series 2016-SH2, Class M3, 3.75%, 12/25/2045(a)(b)		1,493,759		1,289,652
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class D, 4.26%, 04/10/2023(a)(b)		4,885,000		4,814,661
COLT Mortgage Loan Trust, Series 2020-3, Class A3, 2.38%, 04/27/2065(a)(b)		510,858		478,367
Commercial Mortgage Trust, Series 2014-CR19, Class C, 4.70%, 08/10/2024(b)		4,578,800		4,353,719
Credit Suisse Mortgage Capital Trust,
Series 2022-ATH2, Class M1, 4.98%, 05/25/2067(a)(b)		4,000,000		3,491,386
Series 2022-ATH3, Class A3, 6.57%, 08/25/2067(a)(b)		4,641,709		4,575,838
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class E, 3.92%, 01/15/2049(a)(b)		3,000,000		1,915,103
DB Master Finance LLC, Series 2021-1A, Class A23, 2.79%, 11/20/2051(a)		1,125,750		907,460
Dryden 76 CLO Ltd., Series 2019- 76A, Class CR, 6.81% (3 mo. USD LIBOR + 2.00%), 10/20/2034(a)(e)		3,000,000		2,829,897
Ellington Financial Mortgage Trust, Series 2022-3, Class A1, 5.00%, 08/25/2067(a)(d)		3,823,278		3,726,771
Empower CLO Ltd., Series 2022-1A, Class A1, 6.16% (3 mo. Term SOFR + 2.20%), 10/20/2034(a)(e)		10,000,000		10,078,950
Fannie Mae Connecticut Avenue Securities, Series 2023-R01, Class 1M2, 8.24% (30 Day Average SOFR + 3.75%), 12/25/2042(a)(e)		3,275,000		3,349,587
FirstKey Homes Trust,
Series 2020-SFR2, Class D, 1.97%, 10/19/2037(a)		3,000,000		2,685,298
Series 2020-SFR2, Class E, 2.67%, 10/19/2037(a)		4,000,000		3,624,654
FIVE Mortgage Trust, Series 2023-V1, Class XA, IO, 0.83%, 02/10/2056(b)		62,908,000		2,192,910
Flagstar Mortgage Trust,
Series 2018-5, Class B1, 4.46%, 09/25/2048(a)(b)		1,542,988		1,371,844
Series 2018-5, Class B2, 4.46%, 09/25/2048(a)(b)		1,848,862		1,638,768
Series 2018-6RR, Class B2, 4.92%, 10/25/2048(a)(b)		2,720,211		2,493,549
Series 2018-6RR, Class B3, 4.92%, 10/25/2048(a)(b)		2,720,211		2,440,398
FRTKL, Series 2021-SFR1, Class E2, 2.52%, 09/17/2038(a)		3,250,000		2,751,917
Galton Funding Mortgage Trust, Series 2019-H1, Class B1, 3.89%, 10/25/2059(a)(b)		5,480,000		4,708,772

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

8 Invesco Income Fund

	Principal Amount		Value
GCAT Trust,
Series 2019-NQM3, Class B1, 3.95%, 11/25/2059(a)(b)	$	4,000,000	$	3,021,156
Series 2023-NQM2, Class M1, 6.90%, 11/25/2067(a)(b)		2,781,000		2,615,614
GS Mortgage Securities Corp. Trust, Series 2017-SLP, Class E, 4.59%, 10/10/2032(a)(b)		5,050,000		4,807,199
Series 2018-TWR, Class G, 8.76% (1 mo. USD LIBOR + 4.17%), 07/15/2023(a)(e)		3,000,000		2,159,250
GS Mortgage Securities Trust, Series 2017-GS6, Class C, 4.32%, 05/10/2050(b)		2,774,000		2,411,526
Hertz Vehicle Financing III LLC, Series 2023-1A, Class C, 6.91%, 06/25/2027(a)		2,500,000		2,496,876
Homeward Opportunities Fund Trust, Series 2022-1, Class M1, 5.08%, 07/25/2067(a)(d)		3,809,391		3,666,255
Series 2022-1, Class M1, 5.06%, 07/25/2067(a)(b)		2,878,000		2,525,172
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, 6.81% (1 mo. Term SOFR + 2.25%), 10/15/2039(a)(e)		2,240,000		2,250,357
Imperial Fund Mortgage Trust, Series 2022-NQM1, Class M1, 4.08%, 02/25/2067(a)(b)		7,053,000		5,106,368
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-PHH, Class E, 7.30% (1 mo. USD LIBOR + 2.71%), 06/15/2023(a)(e)		2,000,000		685,718
Series 2018-PHH, Class F, 7.90% (1 mo. USD LIBOR + 3.31%), 06/15/2023(a)(e)		2,000,000		393,628
JPMBB Commercial Mortgage Securities Trust, Series 2013-C12, Class C, 4.11%, 07/15/2045(b)		4,760,000		4,670,774
Life Mortgage Trust, Series 2021-BMR, Class D, 5.99% (1 mo. USD LIBOR + 1.40%), 03/15/2038(a)(e)		5,701,227		5,531,978
MACH 1 Cayman Ltd., Series 2019-1, Class B, 4.34%, 10/15/2039(a)		1,953,845		1,417,346
OBX Trust, Series 2022-NQM7, Class A1, 5.11%, 08/25/2062(a)(d)		5,888,184		5,775,169
Series 2022-NQM7, Class A3, 5.70%, 08/25/2062(a)(d)		1,215,022		1,172,840
Series 2022-NQM8, Class A1, 6.10%, 09/25/2062(a)(d)		14,513,134		14,355,515
Series 2023-NQM1, Class A3, 6.50%, 11/25/2062(a)(b)		3,471,930		3,425,195
Octagon Investment Partners 48 Ltd., Series 2020-3A, Class CR, 6.86% (3 mo. USD LIBOR + 2.05%), 10/20/2034(a)(e)		3,000,000		2,870,040
OHA Loan Funding Ltd., Series 2015-1A, Class CR3, 6.85% (3 mo. USD LIBOR + 2.05%), 01/19/2037(a)(e)		5,000,000		4,787,575
Progress Residential Trust, Series 2022-SFR5, Class D, 5.73%, 06/17/2039(a)		3,000,000		2,831,171

	Principal Amount		Value
Rad CLO 18 Ltd., Series 2023-18A, Class B, 1.00% (3 mo. Term SOFR + 2.55%), 04/15/2036(a)(e)(f)	$	2,500,000	$	2,500,000
Residential Mortgage Loan Trust, Series 2019-3, Class B1, 3.81%, 09/25/2059(a)(b)		3,276,000		2,993,378
Sapphire Aviation Finance II Ltd., Series 2020-1A, Class B, 4.34%, 03/15/2040(a)		3,039,185		2,181,524
Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M, 4.75%, 06/25/2057(a)(b)		3,000,000		2,773,156
SG Residential Mortgage Trust, Series 2022-1, Class M1, 3.98%, 03/27/2062(a)(b)		4,000,000		2,949,665
Sonic Capital LLC, Series 2021-1A, Class A2II, 2.64%, 08/20/2051(a)		1,350,592		1,042,019
STAR Trust, Series 2022-SFR3, Class D, 7.11% (1 mo. Term SOFR + 2.55%), 05/17/2024(a)(e)		2,000,000		2,004,477
Taco Bell Funding LLC, Series 2021- 1A, Class A23, 2.54%, 08/25/2051(a)		987,500		782,888
Textainer Marine Containers VII Ltd., Series 2020-1A, Class B, 4.94%, 08/21/2045(a)		2,752,723		2,583,411
TRK Trust, Series 2022-INV1, Class M1, 4.05%, 02/25/2057(a)(b)		8,000,000		6,175,968
Verus Securitization Trust,
Series 2020-INV1, Class A3, 3.89%, 03/25/2060(a)(b)		2,800,000		2,665,164
Series 2022-INV1, Class A3, 5.83%, 08/25/2067(a)(d)		4,818,836		4,702,173
Series 2022-INV2, Class A3, 6.79%, 10/25/2067(a)(d)		1,953,894		1,930,336
Series 2023-1, Class A3, 6.90%, 12/25/2067(a)(d)		2,237,624		2,228,340
Vista Point Securitization Trust, Series 2020-1, Class M1, 4.15%, 03/25/2065(a)(b)		2,100,000		1,910,077
Voya CLO Ltd., Series 2014-1A, Class CR2, 7.69% (3 mo. Term SOFR + 3.06%), 04/18/2031(a)(e)		1,300,000		1,147,940
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class D, 3.96%, 12/15/2024(a)(b)		6,000,000		5,136,588
Series 2017-RC1, Class D, 3.25%, 01/15/2060(a)		4,000,000		2,846,714
Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048(a)		1,135,250		1,047,317
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(a)		2,364,000		1,965,399
Total Asset-Backed Securities (Cost $301,632,585)				270,191,195

Agency Credit Risk Transfer Notes–11.30%
Fannie Mae Connecticut Avenue Securities, Series 2022-R04, Class 1M2, 7.58% (30 Day Average SOFR + 3.10%), 03/25/2042(a)(e)	1,285,000	1,300,188

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

9 Invesco Income Fund

	Principal Amount		Value
Freddie Mac,
Series 2021-DNA2, Class M2, STACR® , 6.78% (30 Day Average SOFR + 2.30%), 08/25/2033(a)(e)	$	6,630,000	$	6,648,976
Series 2021-DNA5, Class M2, STACR® , 6.13% (30 Day Average SOFR + 1.65%), 01/25/2034(a)(e)		729,545		726,777
Series 2021-HQA3, Class M2, STACR® , 6.58% (30 Day Average SOFR + 2.10%), 09/25/2041(a)(e)		4,250,000		3,871,957
Series 2022-DNA3, Class M1B, STACR® , 7.38% (30 Day Average SOFR + 2.90%), 04/25/2042(a)(e)		5,000,000		5,012,382
Series 2022-HQA2, Class M1, STACR® , 8.48% (30 Day Average SOFR + 4.00%), 07/25/2042(a)(e)		3,000,000		3,097,518
Series 2022-HQA3, Class M1, STACR® , 8.03% (30 Day Average SOFR + 3.55%), 08/25/2042(a)(e)		5,370,000		5,474,362
6.78% (30 Day Average SOFR + 2.30%), 08/25/2042(a)(e)		4,674,782		4,704,976
Series 2022-HQA3, Class M2, STACR® , 9.83% (30 Day Average SOFR + 5.35%), 08/25/2042(a)(e)		4,000,000		4,048,574
Series 2018-HRP2, Class M3, STACR® , 7.02% (1 mo. USD LIBOR + 2.40%), 02/25/2047(a)(e)		4,312,294		4,326,346
Series 2020-DNA5, Class M2, STACR® , 7.28% (30 Day Average SOFR + 2.80%), 10/25/2050(a)(e)		1,873,765		1,899,392
Freddie Mac Multifamily Connecticut Avenue Securities Trust,
Series 2019-01, Class M10, 7.87% (1 mo. USD LIBOR + 3.25%), 10/25/2049(a)(e)		1,256,731		1,205,348
Series 2019-01, Class B10, 10.12% (1 mo. USD LIBOR + 5.50%), 10/25/2049(a)(e)		1,500,000		1,436,540
Total Agency Credit Risk Transfer Notes (Cost $43,885,982)				43,753,336
U.S. Government Sponsored Agency Mortgage-Backed Securities–7.91%
Collateralized Mortgage Obligations–1.36%
Fannie Mae REMICs, IO, 2.50%, 08/25/2049(g)		13,944,892		1,883,649
Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN1, Class M2, 8.23%(30 Day Average SOFR + 3.75%), 01/25/2051(a)(e)		1,500,000		1,349,705
Freddie Mac REMICs, IO, 2.50%, 09/25/2048(g)		15,177,711		2,036,559
				5,269,913
Federal Home Loan Mortgage Corp. (FHLMC)–0.00%
9.00%, 04/01/2025		6,780		6,850
9.50%, 04/01/2025		1,809		1,808
6.50%, 06/01/2029 to 08/01/2032		2,118		2,188
7.00%, 03/01/2032 to 05/01/2032		706		709
				11,555

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–4.82%
6.00%, 04/01/2024	$	23	$	24
6.75%, 07/01/2024		6,112		6,271
6.95%, 07/01/2025 to 10/01/2025		8,027		8,007
6.50%, 01/01/2026 to 10/01/2036		2,946		3,033
7.00%, 06/01/2029		252		253
8.00%, 10/01/2029		15		15
TBA,
5.00%, 03/01/2053(h)		6,250,000		6,145,508
5.50%, 03/01/2053(h)		12,500,000		12,482,422
				18,645,533
Government National Mortgage Association (GNMA)–1.73%
8.00%, 03/15/2023 to 12/15/2030		241,094		251,176
7.00%, 06/15/2023 to 12/15/2036		238,008		237,492
6.50%, 07/15/2024 to 09/15/2032		13,303		13,291
6.95%, 07/20/2025 to 11/20/2026		28,315		28,420
8.50%, 01/15/2037		13,444		13,509
TBA, 5.00%, 03/01/2053(h)		6,200,000		6,127,344
				6,671,232
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $31,079,546)				30,598,233
	Shares
Preferred Stocks–5.38%
Mortgage REITs–5.38%
AG Mortgage Investment Trust, Inc., 8.00%, Series C, Pfd.(i)		98,843		1,859,237
Annaly Capital Management, Inc., 6.50%, Series G, Pfd.(i)		100,000		2,464,000
Chimera Investment Corp., 8.00%, Series B, Pfd.(i)		100,000		2,233,000
Chimera Investment Corp., 7.75%, Series C, Pfd.(i)		49,884		999,675
Dynex Capital, Inc., 6.90%, Series C, Pfd.(i)		100,000		2,262,000
MFA Financial, Inc., 6.50%, Series C, Pfd.(i)(j)		89,800		1,793,306
PennyMac Mortgage Investment Trust, 8.00%, Series B, Pfd.(i)		79,989		1,908,537
Redwood Trust, Inc., 10.00%, Pfd.(i)		113,381		2,845,863
Rithm Capital Corp., 7.13%, Series B, Pfd.(i)		100,000		2,286,000
Two Harbors Investment Corp., 7.25%, Series C, Pfd.(i)		99,791		2,165,465
Total Preferred Stocks (Cost $21,734,938)				20,817,083
	Principal Amount
Commercial Paper–5.15%
Diversified Banks–5.15%
Toronto-Dominion Bank (The) (Canada), 5.25%, 01/26/2024(a) (Cost $20,000,000)	$	20,000,000		19,947,599

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

10 Invesco Income Fund

	Principal Amount		Value
Certificates of Deposit–1.29%
Diversified Banks–1.29%
Barclays Bank PLC, 5.39% , 02/01/2024 (Cost $5,000,000)	$	5,000,000	$	4,988,857
U.S. Dollar Denominated Bonds & Notes–0.92%
Mortgage REITs–0.92%
Two Harbors Investment Corp., Conv., 6.25%, 01/15/2026 (Cost $3,528,226)		4,000,000		3,581,353
U.S. Treasury Securities–0.45%
U.S. Treasury Bills–0.45%
3.70%, 03/09/2023(k)(l)		312,000		311,748
4.48%, 05/11/2023(k)(l)		1,429,000		1,415,888
Total U.S. Treasury Securities (Cost $1,728,387)				1,727,636
	Shares
Money Market Funds–5.18%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(m)(n)		12,020,124		12,020,124
Invesco Treasury Portfolio, Institutional Class, 4.50%(m)(n)		8,013,416		8,013,416
Total Money Market Funds (Cost $20,033,540)				20,033,540
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-107.39% (Cost $448,623,204)				415,638,832

Investment Abbreviations:

Conv.	– Convertible
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
Pfd.	– Preferred
REIT	– Real Estate Investment Trust
REMICs	– Real Estate Mortgage Investment Conduits
SOFR	– Secured Overnight Financing Rate
STACR®	– Structured Agency Credit Risk
TBA	– To Be Announced
USD	– U.S. Dollar

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.03%
Invesco Private Government Fund, 4.58%(m)(n)(o)		28,353	$	28,353
Invesco Private Prime Fund, 4.83%(m)(n)(o)		70,374		70,388
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $98,736)				98,741
TOTAL INVESTMENTS IN SECURITIES–107.42% (Cost $448,721,940)				415,737,573
OTHER ASSETS LESS LIABILITIES–(7.42)%				(28,707,598	)
NET ASSETS–100.00%			$	387,029,975

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

11 Invesco Income Fund

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 February 28, 2023 was $293,610,692, which represented 75.86% 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 February 28, 2023.

^(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 February 28, 2023.

^(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 February 28, 2023.

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

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

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

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

^(j)  All or a portion of this security was out on loan at February 28, 2023.

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

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

^(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 fiscal year ended February 28, 2023.

	Value February 28, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$    17,855,736	$	160,660,614	$	(166,496,226	)	$	-	$	-		$    12,020,124		$    319,987
Invesco Treasury Portfolio, Institutional Class		11,903,824		107,107,077		(110,997,485	)		-		-		8,013,416		209,433
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		1,986,688		(1,958,335	)		-		-		28,353		1,030*
Invesco Private Prime Fund		-		5,019,250		(4,948,960	)		5		93		70,388		2,817*
Total		$    29,759,560	$	274,773,629	$	(284,401,006	)	$	5	$	93		$    20,132,281		$    533,267

* 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.

⁽ⁿ⁾  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		101		June-2023	$	20,576,383	$	(61,547	)	$	(61,547	)
U.S. Treasury 5 Year Notes		166		June-2023		17,771,078		(50,578	)		(50,578	)
U.S. Treasury 10 Year Notes		228		June-2023		25,457,625		(40,969	)		(40,969	)
Total Futures Contracts							$	(153,094	)	$	(153,094	)

Open Over-The-Counter Credit Default Swap Agreements(a)
Counterparty	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 (Depreciation)
Credit Risk
JP Morgan Securities LLC	Markit CMBX North America A Index, Series 8, Version 1		Buy		(2.00)%		Monthly		10/17/2057		3.515	%		USD    10,000,000		$ 137,149		$	224,198			$  87,049
Credit Risk
JP Morgan Securities LLC	Markit CMBX North America A Index, Series 13, Version 1		Sell		2.00		Monthly		12/16/2072		3.578			USD    10,000,000		(778,031	)		(813,557	)		(35,526	)
Total Open Over-The-Counter Credit Default Swap Agreements																$(640,882	)	$	(589,359	)		$  51,523

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

12 Invesco Income Fund

^(a)  Over-The-Counter swap agreements are collateralized by cash held with Counterparties in the amount of $600,000.

^(b)  Implied credit spreads represent the current level, as of February 28, 2023, 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

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

13 Invesco Income Fund

Statement of Assets and Liabilities

February 28, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $428,589,664)*	$	395,605,292
Investments in affiliated money market funds, at value (Cost $20,132,276)		20,132,281
Other investments:
Variation margin receivable – futures contracts		7,046
Swaps receivable – OTC		2,222
Unrealized appreciation on swap agreements – OTC		87,049
Premiums paid on swap agreements – OTC		137,149
Deposits with brokers:
Cash collateral – OTC Derivatives		600,000
Cash		20,922
Foreign currencies, at value (Cost $962)		859
Receivable for:
Investments sold		426,998
TBA sales commitment		37,429,384
Fund shares sold		105,909
Dividends		265,508
Interest		1,502,322
Investment for trustee deferred compensation and retirement plans		139,659
Other assets		52,126
Total assets		456,514,726
Liabilities:
Other investments:
Premiums received on swap agreements – OTC		778,031
Swaps payable – OTC		2,222
Unrealized depreciation on swap agreements–OTC		35,526
Payable for:
Investments purchased		4,999,956
TBA sales commitment		62,868,533
Dividends		146,174
Fund shares reacquired		134,052
Collateral upon return of securities loaned		98,736
Accrued fees to affiliates		185,870
Accrued trustees’ and officers’ fees and benefits		1,688
Accrued other operating expenses		83,424
Trustee deferred compensation and retirement plans		150,539
Total liabilities		69,484,751
Net assets applicable to shares outstanding	$	387,029,975

Net assets consist of:
Shares of beneficial interest	$	490,732,761
Distributable earnings (loss)		(103,702,786	)
	$	387,029,975
Net Assets:
Class A	$	257,447,081
Class C	$	4,957,216
Class R	$	3,945,301
Class Y	$	5,058,711
Investor Class	$	15,087,730
Class R5	$	351,193
Class R6	$	100,182,743
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		36,788,447
Class C		707,946
Class R		563,383
Class Y		721,987
Investor Class		2,153,668
Class R5		50,147
Class R6		14,333,339
Class A:
Net asset value per share	$	7.00
Maximum offering price per share (Net asset value of $7.00 ÷ 95.75%)	$	7.31
Class C:
Net asset value and offering price per share	$	7.00
Class R:
Net asset value and offering price per share	$	7.00
Class Y:
Net asset value and offering price per share	$	7.01
Investor Class:
Net asset value and offering price per share	$	7.01
Class R5:
Net asset value and offering price per share	$	7.00
Class R6:
Net asset value and offering price per share	$	6.99

* At February 28, 2023, security with a value of $97,853 was on loan to brokers.

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

14 Invesco Income Fund

Statement of Operations

For the year ended February 28, 2023

Investment income:
Interest	$	17,684,965
Dividends		2,165,632
Dividends from affiliated money market funds (includes net securities lending income of $14,284)		543,704
Total investment income		20,394,301
Expenses:
Advisory fees		1,862,675
Administrative services fees		59,935
Custodian fees		14,794
Distribution fees:
Class A		683,292
Class C		56,161
Class R		19,441
Investor Class		31,708
Transfer agent fees – A, C, R, Y and Investor		611,364
Transfer agent fees – R5		374
Transfer agent fees – R6		30,745
Trustees’ and officers’ fees and benefits		18,330
Registration and filing fees		91,386
Reports to shareholders		23,998
Professional services fees		62,092
Other		19,573
Total expenses		3,585,868
Less: Fees waived and/or expense offset arrangement(s)		(34,456	)
Net expenses		3,551,412
Net investment income		16,842,889
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(32,435,828	)
Affiliated investment securities		93
Futures contracts		9,431,291
Swap agreements		(442,594	)
		(23,447,038	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(21,242,903	)
Affiliated investment securities		5
Foreign currencies		(52	)
Futures contracts		445,389
Swap agreements		236,058
		(20,561,503	)
Net realized and unrealized gain (loss)		(44,008,541	)
Net increase (decrease) in net assets resulting from operations	$	(27,165,652	)

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

15 Invesco Income Fund

Statement of Changes in Net Assets

For the years ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	16,842,889		$	15,231,621
Net realized gain (loss)		(23,447,038	)		2,576,637
Change in net unrealized appreciation (depreciation)		(20,561,503	)		(16,093,815	)
Net increase (decrease) in net assets resulting from operations		(27,165,652	)		1,714,443
Distributions to shareholders from distributable earnings:
Class A		(9,742,879	)		(9,324,418	)
Class C		(156,152	)		(139,919	)
Class R		(130,061	)		(110,349	)
Class Y		(242,753	)		(1,057,242	)
Investor Class		(580,655	)		(557,785	)
Class R5		(14,622	)		(13,740	)
Class R6		(4,350,364	)		(5,839,584	)
Total distributions from distributable earnings		(15,217,486	)		(17,043,037	)
Share transactions–net:
Class A		(18,038,362	)		(24,264,150	)
Class C		(1,044,520	)		1,304,560
Class R		279,234			335,353
Class Y		(1,916,171	)		(41,290,606	)
Investor Class		(897,800	)		(1,442,967	)
Class R5		(15,750	)		28,957
Class R6		(50,279,105	)		(60,422,394	)
Net increase (decrease) in net assets resulting from share transactions		(71,912,474	)		(125,751,247	)
Net increase (decrease) in net assets		(114,295,612	)		(141,079,841	)
Net assets:
Beginning of year		501,325,587			642,405,428
End of year	$	387,029,975		$	501,325,587

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

16 Invesco Income Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 02/28/23		$	7.71		$	0.28			$	(0.73	)		$	(0.45	)		$	(0.26	)		$	–			$	(0.26	)		$	7.00		(5.88	)%		$	257,447		0.96	%		0.97	%		3.95	%		199	%
Year ended 02/28/22			7.94			0.20				(0.20	)			0.00				(0.23	)			–				(0.23	)			7.71		(0.06	)			303,030		0.91			0.91			2.56			220
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	(d)			(0.13	)			0.14				(0.28	)			–				(0.28	)			8.51		1.66				424,003		1.01			1.08			3.12	(d)		119	(d)
Class C
Year ended 02/28/23			7.71			0.23				(0.74	)			(0.51	)			(0.20	)			–				(0.20	)			7.00		(6.59	)			4,957		1.71			1.72			3.20			199
Year ended 02/28/22			7.94			0.14				(0.20	)			(0.06	)			(0.17	)			–				(0.17	)			7.71		(0.81	)			6,586		1.66			1.66			1.81			220
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	(d)			(0.13	)			0.07				(0.22	)			–				(0.22	)			8.50		0.78				9,862		1.76			1.83			2.37	(d)		119	(d)
Class R
Year ended 02/28/23			7.72			0.27				(0.75	)			(0.48	)			(0.24	)			–				(0.24	)			7.00		(6.23	)			3,945		1.21			1.22			3.70			199
Year ended 02/28/22			7.95			0.18				(0.20	)			(0.02	)			(0.21	)			–				(0.21	)			7.72		(0.27	)			4,043		1.16			1.16			2.31			220
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	(d)			(0.13	)			0.12				(0.26	)			–				(0.26	)			8.52		1.41				5,557		1.26			1.33			2.87	(d)		119	(d)
Class Y
Year ended 02/28/23			7.72			0.30				(0.73	)			(0.43	)			(0.28	)			–				(0.28	)			7.01		(5.63	)			5,059		0.71			0.72			4.20			199
Year ended 02/28/22			7.95			0.23				(0.21	)			0.02				(0.25	)			–				(0.25	)			7.72		0.19				7,659		0.66			0.66			2.81			220
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	(d)			(0.14	)			0.15				(0.30	)			–				(0.30	)			8.52		1.80				9,674		0.76			0.83			3.37	(d)		119	(d)
Investor Class
Year ended 02/28/23			7.72			0.29				(0.74	)			(0.45	)			(0.26	)			–				(0.26	)			7.01		(5.78	)(e)			15,088		0.91	(e)		0.92	(e)		4.00	(e)		199
Year ended 02/28/22			7.95			0.21				(0.21	)			0.00				(0.23	)			–				(0.23	)			7.72		0.01	(e)			17,588		0.83	(e)		0.83	(e)		2.64	(e)		220
Year ended 02/28/21			8.69			0.24				(0.67	)			(0.43	)			(0.30	)			(0.01	)			(0.31	)			7.95		(4.55	)(e)			19,552		0.89	(e)		0.89	(e)		3.24	(e)		276
Year ended 02/29/20			8.52			0.36				0.21				0.57				(0.40	)			–				(0.40	)			8.69		6.81	(e)			24,787		0.93	(e)		0.93	(e)		4.15	(e)		97
Year ended 02/28/19			8.66			0.27	(d)			(0.13	)			0.14				(0.28	)			–				(0.28	)			8.52		1.71	(e)			25,692		0.95	(e)		1.02	(e)		3.18	(d)(e)		119	(d)
Class R5
Year ended 02/28/23			7.72			0.31				(0.75	)			(0.44	)			(0.28	)			–				(0.28	)			7.00		(5.67	)			351		0.61			0.62			4.30			199
Year ended 02/28/22			7.94			0.23				(0.19	)			0.04				(0.26	)			–				(0.26	)			7.72		0.41				405		0.54			0.54			2.93			220
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	(d)			(0.14	)			0.16				(0.31	)			–				(0.31	)			8.51		1.87				946		0.70			0.73			3.43	(d)		119	(d)
Class R6
Year ended 02/28/23			7.70			0.31				(0.73	)			(0.42	)			(0.29	)			–				(0.29	)			6.99		(5.49	)			100,183		0.54			0.55			4.37			199
Year ended 02/28/22			7.93			0.24				(0.21	)			0.03				(0.26	)			–				(0.26	)			7.70		0.36				162,015		0.49			0.49			2.98			220
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	(d)			(0.14	)			0.16				(0.31	)			–				(0.31	)			8.51		1.88				42		0.69			0.70			3.44	(d)		119	(d)

^(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)  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.

^(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 0.20%, 0.17%, 0.17%, 0.19% and 0.19% for the years ended February 28, 2023, February 28, 2022, February 28, 2021, February 29, 2020 and February 28, 2019, respectively.

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

17 Invesco Income Fund

Notes to Financial Statements

February 28, 2023

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.

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

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

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

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

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

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

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

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

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

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

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

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

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

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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

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

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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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended February 28, 2023, the Fund paid the Adviser $1,581 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

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

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

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

M. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

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

20 Invesco Income Fund

specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the 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 February 28, 2023, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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.

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.

P. LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity.

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Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

22 Invesco Income Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 200 million		0.500%
Next $300 million		0.400%
Next $500 million		0.350%
Next $19.5 billion		0.300%
Over $20.5 billion		0.240%

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.45%.

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, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. 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, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended February 28, 2023, the Adviser waived advisory fees of $25,003.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares 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 year ended February 28, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2023, IDI advised the Fund that IDI retained $13,553 in front-end sales commissions from the sale of Class A shares and $2,650 and $19,207 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

23 Invesco Income Fund

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
Asset-Backed Securities	$	–		$	267,691,195		$	2,500,000	$	270,191,195
Agency Credit Risk Transfer Notes		–			43,753,336			–		43,753,336
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			30,598,233			–		30,598,233
Preferred Stocks		20,817,083			–			–		20,817,083
Commercial Paper		–			19,947,599			–		19,947,599
Certificate of Deposit		–			4,988,857			–		4,988,857
U.S. Dollar Denominated Bonds & Notes		–			3,581,353			–		3,581,353
U.S. Treasury Securities		–			1,727,636			–		1,727,636
Money Market Funds		20,033,540			98,741			–		20,132,281
Total Investments in Securities		40,850,623			372,386,950			2,500,000		415,737,573
Other Investments - Assets*
Swap Agreements		–			87,049			–		87,049
Other Investments - Liabilities*
Futures Contracts		(153,094	)		–			–		(153,094	)
Swap Agreements		–			(35,526	)		–		(35,526	)
		(153,094	)		(35,526	)		–		(188,620	)
Total Other Investments		(153,094	)		51,523			–		(101,571	)
Total Investments	$	40,697,529		$	372,438,473		$	2,500,000	$	415,636,002

* Unrealized appreciation (depreciation).

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 February 28, 2023:

							Value
Derivative Assets							Credit Risk
Unrealized appreciation on swap agreements – OTC							$	87,049
Derivatives not subject to master netting agreements								–
Total Derivative Assets subject to master netting agreements							$	87,049
	Value
Derivative Liabilities	Credit Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	–		$	(153,094	)	$	(153,094	)
Unrealized depreciation on swap agreements – OTC		(35,526	)		–			(35,526	)
Total Derivative Liabilities		(35,526	)		(153,094	)		(188,620	)
Derivatives not subject to master netting agreements		–			153,094			153,094
Total Derivative Liabilities subject to master netting agreements	$	(35,526	)	$	–		$	(35,526	)

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

24 Invesco Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2023.

	Financial Derivative Assets	Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Swap Agreements	Swap Agreements			Net Value of Derivatives		Non-Cash	Cash	Net Amount
JP Morgan Securities LLC	$89,271	$	(37,748	)	$	51,523	$–	$–	$	51,523

Effect of Derivative Investments for the year ended February 28, 2023

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

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Interest Rate Risk		Total
Realized Gain (Loss):
Futures contracts	$	—		$	9,431,291	$	9,431,291
Swap agreements		(442,594	)		—		(442,594	)
Change in Net Unrealized Appreciation:
Futures contracts		—			445,389		445,389
Swap agreements		236,058			—		236,058
Total	$	(206,536	)	$	9,876,680	$	9,670,144

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

	Futures Contracts		Swap Agreements
Average notional value	$	107,410,140	$	30,000,000

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 year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $9,453.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2023 and 2022:

	2023		2022
Ordinary income*	$	15,217,486	$	17,043,037

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

25 Invesco Income Fund

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	2,335,669
Net unrealized appreciation (depreciation) – investments		(33,124,640	)
Net unrealized appreciation (depreciation) – foreign currencies		(104	)
Temporary book/tax differences		(98,680	)
Capital loss carryforward		(72,815,031	)
Shares of beneficial interest		490,732,761
Total net assets	$	387,029,975

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

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

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

The Fund has a capital loss carryforward as of February 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	19,388,950	$	53,426,081	$	72,815,031

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2023 was $151,335,735 and $229,821,643, 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	$	1,560,279
Aggregate unrealized (depreciation) of investments		(34,684,919	)
Net unrealized appreciation (depreciation) of investments	$	(33,124,640)

Cost of investments for tax purposes is $448,119,760.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of lower-rated debt securities, derivative instruments and dollar rolls, on February 28, 2023, undistributed net investment income was increased by $330,659 and undistributed net realized gain (loss) was decreased by $330,659. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended				Year ended
	February 28, 2023(a)				February 28, 2022
	Shares		Amount		Shares		Amount
Sold:
Class A		1,650,488	$	11,952,066		2,000,705	$	15,883,291
Class C		163,624		1,184,738		460,079		3,662,748
Class R		80,967		577,200		131,792		1,047,079
Class Y		160,947		1,176,369		896,090		7,142,843
Investor Class		76,512		549,996		159,687		1,271,948
Class R5		3,684		26,168		11,542		91,956
Class R6		603,498		4,328,771		1,360,830		10,809,981

26 Invesco Income Fund

	Summary of Share Activity
	Year ended						Year ended
	February 28, 2023(a)						February 28, 2022
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		1,194,001		$	8,506,563			1,026,350		$	8,139,244
Class C		18,877			134,576			15,638			124,019
Class R		18,229			129,727			13,892			110,198
Class Y		24,736			176,715			93,717			745,863
Investor Class		76,585			546,315			65,950			523,837
Class R5		1,916			13,661			1,676			13,301
Class R6		609,691			4,350,042			737,062			5,839,296
Automatic conversion of Class C shares to Class A shares:
Class A		90,243			649,052			91,478			725,785
Class C		(90,177	)		(649,052	)		(91,436	)		(725,785	)
Reacquired:
Class A		(5,450,902	)		(39,146,043	)		(6,175,388	)		(49,012,470	)
Class C		(238,070	)		(1,714,782	)		(221,508	)		(1,756,422	)
Class R		(59,800	)		(427,693	)		(103,913	)		(821,924	)
Class Y		(455,789	)		(3,269,255	)		(6,232,419	)		(49,179,312	)
Investor Class		(277,022	)		(1,994,111	)		(406,988	)		(3,238,752	)
Class R5		(7,890	)		(55,579	)		(9,620	)		(76,300	)
Class R6		(7,916,614	)		(58,957,918	)		(9,709,952	)		(77,071,671	)
Net increase (decrease) in share activity		(9,722,266	)	$	(71,912,474	)		(15,884,736	)	$	(125,751,247	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 10% 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, 20% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

27 Invesco Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Income Fund (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

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

28 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 September 1, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$987.20	$4.78	$1,019.98	$4.86	0.97%
Class C	1,000.00	983.50	8.46	1,016.27	8.60	1.72
Class R	1,000.00	985.90	6.01	1,018.74	6.11	1.22
Class Y	1,000.00	988.40	3.55	1,021.22	3.61	0.72
Investor Class	1,000.00	987.70	4.73	1,020.03	4.81	0.96
Class R5	1,000.00	987.50	3.01	1,021.77	3.06	0.61
Class R6	1,000.00	989.20	2.66	1,022.12	2.71	0.54

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

29 Invesco Income Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.65	%
Qualified Business Income*	9.78	%
Business Interest Income*	87.06	%

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

30 Invesco Income Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	175	None

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

T-1 Invesco Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School – Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers—(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Income Fund

Trustees and Officers–(continued)

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

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

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

T-6 Invesco Income Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Annual Report to Shareholders February 28, 2023

Invesco Intermediate Bond Factor Fund

Nasdaq:

A: OFIAX ∎ C: OFICX ∎ R: OFINX ∎ Y: OFIYX ∎ R5: IOTEX ∎ R6: OFIIX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
17	Financial Statements
20	Financial Highlights
21	Notes to Financial Statements
29	Report of Independent Registered Public Accounting Firm
30	Fund Expenses
31	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended February 28, 2023, Class A shares of Invesco Intermediate Bond Factor Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Aggregate Bond Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 2/28/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-9.62	%
Class C Shares	-10.31
Class R Shares	-9.75
Class Y Shares	-9.30
Class R5 Shares	-9.30
Class R6 Shares	-9.30
Bloomberg U.S. Aggregate Bond Indexq	-9.72
Source(s): qRIMES Technologies Corp.

Market conditions and your Fund

The beginning of the fiscal year was headlined by a historic rise in inflation along with global geopolitical and economic tensions. Inflation, as measured by the Consumer Price Index, reached 8.5%,¹ its highest level in over 40 years. In response, the US Federal Reserve (the Fed) shifted to tighter monetary policy, hiking its Fed funds rate by 0.25%,² its first increase since 2018. Geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges in COVID-19 cases in China exacerbated supply chain issues and aggravated inflation. During the first quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%.³

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation increased further to 9.1% and fixed income markets experienced significant negative performance as bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).⁴ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter of 2022 above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat

inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its Fed funds rate during the fiscal year: a 0.50% hike in May, three 0.75% hikes in June, July and November, the largest hikes since 1994, a 0.50% hike in December, and a 0.25% hike in January to a target Fed funds rate of 4.50% to 4.75%, the highest since 2006.² At their January 2023 meeting, the Fed indicated that there were signs of inflation coming down, but not enough to counter the need for more interest rate increases. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 1.44% to 4.81% during the fiscal year, while 10-year Treasury rates increased from 1.83% to 3.92%.³ At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession. However, attractive yields and encouraging macroeconomic data show signs of a possible rebound for fixed income markets, in our opinion.

The Invesco Intermediate Bond Factor Fund (The Fund) changed strategies on February 28, 2020 to utilize a systematic, quantitative, factor-based approach to investing. The Fund, at NAV, outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index).

Since its strategy change the Fund attempts to outperform its benchmark and peers by overweighting the higher-yielding component of the fixed income market (i.e. corporate bonds), allocating away from treasuries and mortgages relative to the broad market. Within corporates, the investment team targets bonds from the Bloomberg U.S. Corporate Bond Index that tend to have higher returns over a cycle. These bonds have the following positive characteristics:

∎ Carry bonds are the highest spread bonds in a universe.

  ∎ Value bonds are those with the highest spread relative to other securities with similar credit ratings and sectors.

  ∎ Low volatility bonds are those with lower duration and higher credit quality in a universe.

  Since the 2020 strategy change, value and low volatility bonds contributed to the outperformance relative to the benchmark and carry bonds slightly detracted from relative performance, in-line with expectations given the environment in the 2022 fiscal year. Overall, bonds with attractive factor characteristics positively impacted the Fund’s relative performance.

  Please note that we implemented our strategy using derivative instruments, including futures, forwards and swaps. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks.

  Part of the Fund’s strategy to manage credit, interest rate and currency risk during the fiscal year entailed purchasing and selling credit, interest rate and currency derivatives. Generally, derivative exposure is used to mitigate active risk relative to the benchmark. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and we believe this strategy was effective in managing the currency positioning within the Fund. Interest rate exposure was managed utilizing interest rate futures.

  The investment team does not attempt to time the credit market, interest rates, sectors or factors, and therefore maintains its allocations. Over time, we believe this has the potential to deliver positive relative performance over a market cycle.

  We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

2 Invesco Intermediate Bond Factor Fund

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

1 Source: US Bureau of Labor Statistics

2 Source: Federal Reserve of Economic Data

3 Source: US Department of the Treasury

4 Source: Bloomberg LP

Portfolio manager(s):

Noelle Corum

James Ong

Jay Raol

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

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

3                    Invesco Intermediate Bond Factor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 2/28/13

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does

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

4 Invesco Intermediate Bond Factor Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (8/2/10)	2.58	%
10 Years	1.08
5 Years	-0.61
1 Year	-13.43
Class C Shares
Inception (8/2/10)	2.40	%
10 Years	0.89
5 Years	-0.53
1 Year	-11.18
Class R Shares
Inception (8/2/10)	2.63	%
10 Years	1.24
5 Years	-0.04
1 Year	-9.75
Class Y Shares
Inception (8/2/10)	3.17	%
10 Years	1.79
5 Years	0.55
1 Year	-9.30
Class R5 Shares
10 Years	1.61	%
5 Years	0.44
1 Year	-9.30
Class R6 Shares
Inception (11/28/12)	1.95	%
10 Years	1.90
5 Years	0.56
1 Year	-9.30

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 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.

5 Invesco Intermediate Bond Factor Fund

Supplemental Information

Invesco Intermediate Bond Factor Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

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

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

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

6 Invesco Intermediate Bond Factor Fund

Fund Information

Portfolio Composition

By security type	% of total investments
U.S. Dollar Denominated Bonds & Notes		40.92	%
U.S. Treasury Securities		33.92
U.S. Government Sponsored Agency Mortgage- Backed Securities		22.92
Security types each less than 1% of portfolio		0.13
Money Market Funds		2.11

Top Five Debt Issuers*

		% of total net assets
1.	U.S. Treasury		41.79	%
2.	Federal National Mortgage Association		25.53
3.	Federal Home Loan Mortgage Corp.		2.51
4.	Altria Group, Inc.		1.24
5.	HSBC Holdings PLC		1.10

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

* Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2023.

7 Invesco Intermediate Bond Factor Fund

Schedule of Investments^(a)

February 28, 2023

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-50.42%
Advertising-0.10%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024	$	200,000	$	194,159
Aerospace & Defense-0.86%
Boeing Co. (The), 3.20%, 03/01/2029		400,000		352,183
3.90%, 05/01/2049		470,000		339,415
5.93%, 05/01/2060		480,000		449,122
Lockheed Martin Corp., 5.90%, 11/15/2063		200,000		221,124
Raytheon Technologies Corp., 3.50%, 03/15/2027		292,000		276,551
				1,638,395
Air Freight & Logistics-0.24%
FedEx Corp., 5.25%, 05/15/2050(b)		500,000		464,422
Airlines-0.65%
American Airlines Pass-Through Trust, Series 2021-1, Class A, 2.88%, 07/11/2034		462,265		382,316
Southwest Airlines Co.,
3.00%, 11/15/2026		500,000		460,421
5.13%, 06/15/2027		125,000		123,313
Spirit Airlines Pass-Through Trust, Series 2015-1A, 4.10%, 10/01/2029		87,447		81,647
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027		188,633		187,606
				1,235,303
Apparel Retail-0.33%
Ross Stores, Inc., 1.88%, 04/15/2031		500,000		391,752
TJX Cos., Inc. (The), 3.88%, 04/15/2030		250,000		235,365
				627,117
Apparel, Accessories & Luxury Goods-0.14%
Ralph Lauren Corp., 2.95%, 06/15/2030		300,000		262,026
Application Software-0.11%
Autodesk, Inc., 2.85%, 01/15/2030		250,000		214,902
Asset Management & Custody Banks-0.23%
Affiliated Managers Group, Inc., 4.25%, 02/15/2024		106,000		104,447
BlackRock, Inc., 2.10%, 02/25/2032		275,000		220,204
FS KKR Capital Corp., 4.13%, 02/01/2025		119,000		113,650
				438,301
Automobile Manufacturers-1.03%
American Honda Finance Corp., 3.50%, 02/15/2028		848,000		794,188

	Principal Amount		Value
Automobile Manufacturers-(continued)
General Motors Co.,
6.60%, 04/01/2036	$	100,000	$	99,992
5.15%, 04/01/2038		49,000		42,523
6.25%, 10/02/2043		403,000		380,151
6.75%, 04/01/2046		259,000		255,656
5.95%, 04/01/2049		44,000		39,547
Toyota Motor Corp. (Japan), 1.34%, 03/25/2026		400,000		359,089
				1,971,146
Biotechnology-0.61%
Amgen, Inc.,
3.63%, 05/22/2024		425,000		415,702
2.60%, 08/19/2026		500,000		459,585
2.20%, 02/21/2027		17,000		15,242
Gilead Sciences, Inc., 1.20%, 10/01/2027		310,000		262,035
				1,152,564
Broadcasting-0.34%
Discovery Communications LLC,
3.95%, 03/20/2028		200,000		182,773
4.13%, 05/15/2029		289,000		259,134
Paramount Global, 4.20%, 05/19/2032		250,000		206,008
				647,915
Building Products-0.04%
Owens Corning, 7.00%, 12/01/2036		62,000		67,834
Cable & Satellite-0.88%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.,
4.20%, 03/15/2028		375,000		344,897
5.05%, 03/30/2029		419,000		391,586
5.13%, 07/01/2049		50,000		38,513
Grupo Televisa S.A.B. (Mexico), 4.63%, 01/30/2026		450,000		438,899
Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033		35,000		39,350
Time Warner Cable LLC,
7.30%, 07/01/2038		106,000		106,364
4.50%, 09/15/2042		420,000		313,850
				1,673,459
Communications Equipment-0.01%
Juniper Networks, Inc., 5.95%, 03/15/2041		14,000		13,669
Motorola Solutions, Inc., 5.50%, 09/01/2044		14,000		12,866
				26,535
Computer & Electronics Retail-0.11%
Dell International LLC/EMC Corp.,
8.10%, 07/15/2036		29,000		32,436
3.38%, 12/15/2041(c)		200,000		132,769
8.35%, 07/15/2046		35,000		39,771
				204,976

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

8 Invesco Intermediate Bond Factor Fund

	Principal Amount		Value
Construction Machinery & Heavy Trucks-0.42%
Caterpillar Financial Services Corp., 3.25%, 12/01/2024	$	437,000	$	424,580
nVent Finance S.a.r.l. (United Kingdom), 4.55%, 04/15/2028		400,000		370,740
				795,320
Consumer Finance-0.59%
Ally Financial, Inc., 8.00%, 11/01/2031		218,000		236,272
American Express Co.,
3.40%, 02/22/2024		350,000		342,891
3.00%, 10/30/2024		75,000		72,299
Capital One Financial Corp., 3.75%, 03/09/2027		400,000		375,357
Synchrony Financial, 3.95%, 12/01/2027		100,000		91,032
				1,117,851
Data Processing & Outsourced Services-0.41%
PayPal Holdings, Inc., 5.05%, 06/01/2052		300,000		273,486
Visa, Inc., 4.15%, 12/14/2035		275,000		259,033
Western Union Co. (The), 6.20%, 11/17/2036		250,000		246,531
				779,050
Distillers & Vintners-0.45%
Diageo Capital PLC (United Kingdom),
2.13%, 10/24/2024		574,000		545,685
3.88%, 05/18/2028		330,000		314,594
				860,279
Diversified Banks-9.61%
Australia and New Zealand Banking Group Ltd. (Australia), 3.70%, 11/16/2025		400,000		384,997
Banco Santander S.A. (Spain),
4.25%, 04/11/2027		400,000		379,899
4.38%, 04/12/2028		200,000		188,167
3.31%, 06/27/2029		400,000		354,938
2.96%, 03/25/2031		600,000		490,328
Bank of America Corp.,
4.45%, 03/03/2026		430,000		418,313
1.32%, 06/19/2026(d)		405,000		367,551
2.48%, 09/21/2036(d)		489,000		366,622
6.11%, 01/29/2037		325,000		334,575
7.75%, 05/14/2038		275,000		325,108
Barclays Bank PLC, 3.75%, 05/15/2024		240,000		235,041
Barclays PLC (United Kingdom),
2.28%, 11/24/2027(d)		525,000		462,178
3.56%, 09/23/2035(d)		800,000		638,439
3.33%, 11/24/2042(d)		470,000		335,764
BPCE S.A. (France), 4.50%, 03/15/2025(c)		195,000		188,565
Citigroup, Inc.,
4.04%, 06/01/2024(d)		300,000		298,818
3.67%, 07/24/2028(d)		100,000		92,681
8.13%, 07/15/2039		200,000		253,709
5.88%, 01/30/2042		200,000		208,441

	Principal Amount		Value
Diversified Banks-(continued)
Cooperatieve Rabobank U.A. (Netherlands),
3.75%, 07/21/2026	$	300,000	$	281,587
5.25%, 05/24/2041		125,000		130,580
HSBC Bank USA N.A., 5.88%, 11/01/2034		700,000		685,650
HSBC Holdings PLC (United Kingdom),
4.25%, 03/14/2024		454,000		447,309
3.95%, 05/18/2024(d)		300,000		298,688
4.29%, 09/12/2026(d)		325,000		313,030
4.38%, 11/23/2026		200,000		192,133
2.25%, 11/22/2027(d)		400,000		352,082
4.58%, 06/19/2029(d)		165,000		155,112
6.80%, 06/01/2038		325,000		334,010
ING Groep N.V. (Netherlands), 4.05%, 04/09/2029		250,000		231,784
JPMorgan Chase & Co.,
3.80%, 07/23/2024(d)		258,000		256,166
3.88%, 09/10/2024		502,000		490,219
7.75%, 07/15/2025		250,000		262,776
2.08%, 04/22/2026(d)		325,000		301,930
4.13%, 12/15/2026		125,000		120,696
5.72%, 09/14/2033(d)		475,000		472,291
KeyBank N.A., 3.40%, 05/20/2026		230,000		215,036
Lloyds Banking Group PLC (United Kingdom),
4.45%, 05/08/2025		755,000		736,548
3.87%, 07/09/2025(d)		201,000		195,870
3.75%, 01/11/2027		375,000		349,867
Mitsubishi UFJ Financial Group, Inc. (Japan),
3.96%, 03/02/2028		225,000		211,967
4.05%, 09/11/2028		225,000		215,768
National Australia Bank Ltd. (Australia),
3.38%, 01/14/2026		300,000		285,897
2.50%, 07/12/2026		250,000		229,910
NatWest Group PLC (United Kingdom),
4.80%, 04/05/2026		200,000		194,900
5.52%, 09/30/2028(d)		650,000		644,177
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.35%, 01/15/2025		200,000		188,693
3.45%, 01/11/2027		475,000		443,196
2.14%, 09/23/2030		450,000		354,394
Toronto-Dominion Bank (The) (Canada), 1.25%, 09/10/2026		100,000		87,159
U.S. Bancorp,
Series W, 3.10%, 04/27/2026		160,000		150,268
2.49%, 11/03/2036(d)		600,000		462,533
Wells Fargo & Co., 4.10%, 06/03/2026		450,000		432,227
Wells Fargo Bank N.A., 6.60%, 01/15/2038		300,000		327,258
Westpac Banking Corp. (Australia),
2.85%, 05/13/2026		451,000		420,621
2.70%, 08/19/2026		400,000		370,001
3.35%, 03/08/2027		150,000		141,082
				18,307,549
Diversified Capital Markets-0.77%
Credit Suisse AG (Switzerland), 1.25%, 08/07/2026		350,000		286,218

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

9 Invesco Intermediate Bond Factor Fund

	Principal Amount		Value
Diversified Capital Markets-(continued)
Credit Suisse Group AG (Switzerland), 4.55%, 04/17/2026	$	425,000	$	379,947
Deutsche Bank AG (Germany),
4.16%, 05/13/2025		150,000		146,269
6.12%, 07/14/2026(d)		300,000		299,353
3.04%, 05/28/2032(d)		450,000		354,807
				1,466,594
Diversified Chemicals-0.20%
Celanese US Holdings LLC,
6.05%, 03/15/2025		250,000		249,169
6.38%, 07/15/2032		100,000		97,112
Dow Chemical Co. (The), 9.40%, 05/15/2039		32,000		42,409
				388,690
Diversified Support Services-0.13%
Cintas Corp. No. 2, 3.70%, 04/01/2027		250,000		238,852
Education Services-0.01%
California Institute of Technology, 4.70%, 11/01/2111		27,000		23,862
Electric Utilities-3.66%
AEP Texas, Inc., 3.95%, 06/01/2028(c)		806,000		758,412
Appalachian Power Co., 7.00%, 04/01/2038		250,000		282,280
Consolidated Edison Co. of New York, Inc.,
4.50%, 05/15/2058		200,000		166,405
3.70%, 11/15/2059		1,500,000		1,089,533
Edison International,
5.75%, 06/15/2027		150,000		150,805
4.13%, 03/15/2028		228,000		212,777
Eversource Energy, Series M, 3.30%, 01/15/2028		200,000		184,184
MidAmerican Energy Co., 3.65%, 04/15/2029		180,000		166,988
NextEra Energy Capital Holdings, Inc.,
3.50%, 04/01/2029		250,000		226,222
5.65%, 05/01/2079(d)		235,000		218,550
Oglethorpe Power Corp., 5.95%, 11/01/2039		374,000		369,919
Pacific Gas and Electric Co.,
4.55%, 07/01/2030		450,000		406,817
4.20%, 06/01/2041		400,000		301,194
PacifiCorp, 6.00%, 01/15/2039		200,000		209,270
Pinnacle West Capital Corp., 1.30%, 06/15/2025		200,000		181,352
Progress Energy, Inc., 7.75%, 03/01/2031		150,000		169,275
Southern California Edison Co.,
6.65%, 04/01/2029		500,000		525,018
6.00%, 01/15/2034		168,000		176,139
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026		250,000		223,705
Union Electric Co., 8.45%, 03/15/2039		400,000		520,468
Virginia Electric & Power Co., 8.88%, 11/15/2038		316,000		424,225
				6,963,538

	Principal Amount		Value
Electronic Components-0.05%
Corning, Inc., 5.85%, 11/15/2068	$	110,000	$	104,732
Gas Utilities-0.35%
Southern California Gas Co., 3.20%, 06/15/2025		250,000		238,772
Southwest Gas Corp., 4.05%, 03/15/2032		475,000		424,052
				662,824
Health Care Distributors-0.12%
McKesson Corp., 1.30%, 08/15/2026		250,000		219,515
Health Care Facilities-0.49%
Ascension Health, Series B, 2.53%, 11/15/2029		225,000		193,300
CommonSpirit Health, 1.55%, 10/01/2025		314,000		284,696
HCA, Inc.,
5.25%, 04/15/2025		197,000		195,137
5.25%, 06/15/2049		300,000		259,191
				932,324
Health Care REITs-0.40%
Healthpeak Properties Interim, Inc., 2.13%, 12/01/2028		300,000		253,900
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		615,000		485,416
Sabra Health Care L.P., 5.13%, 08/15/2026		28,000		26,510
				765,826
Health Care Services-0.56%
Adventist Health System, 3.63%, 03/01/2049		325,000		237,119
CHRISTUS Health, Series C, 4.34%, 07/01/2028		430,000		410,713
Cigna Group (The), 4.50%, 02/25/2026		200,000		195,539
Dignity Health, 5.27%, 11/01/2064		248,000		231,650
				1,075,021
Home Furnishings-0.06%
Mohawk Industries, Inc., 3.63%, 05/15/2030		125,000		109,211
Home Improvement Retail-0.10%
Lowe’s Cos., Inc., 3.13%, 09/15/2024		200,000		193,312
Hotel & Resort REITs-0.06%
Host Hotels & Resorts L.P., Series H, 3.38%, 12/15/2029		125,000		106,555
Hotels, Resorts & Cruise Lines-0.20%
Booking Holdings, Inc., 3.55%, 03/15/2028		399,000		374,482
Hypermarkets & Super Centers-0.21%
Walmart, Inc., 3.95%, 06/28/2038		450,000		408,636
Independent Power Producers & Energy Traders-0.12%
Enel Generacion Chile S.A. (Chile), 4.25%, 04/15/2024		226,000		219,953

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

10 Invesco Intermediate Bond Factor Fund

	Principal Amount		Value
Industrial Conglomerates-0.76%
3M Co.,
5.70%, 03/15/2037(b)	$	500,000	$	507,751
3.13%, 09/19/2046(b)		675,000		462,121
4.00%, 09/14/2048(b)		600,000		482,101
				1,451,973
Industrial Machinery-0.54%
Parker-Hannifin Corp., 3.25%, 03/01/2027		300,000		279,131
Stanley Black & Decker, Inc.,
4.25%, 11/15/2028		331,000		312,490
4.85%, 11/15/2048		500,000		433,145
				1,024,766
Insurance Brokers-0.29%
Aon Corp., 8.21%, 01/01/2027		100,000		105,594
Marsh & McLennan Cos., Inc., 3.88%, 03/15/2024		456,000		448,478
				554,072
Integrated Oil & Gas-0.91%
BP Capital Markets PLC (United Kingdom), 3.72%, 11/28/2028		325,000		306,327
Chevron USA, Inc., 3.85%, 01/15/2028		225,000		216,515
Exxon Mobil Corp., 3.48%, 03/19/2030		450,000		417,470
Shell International Finance B.V. (Netherlands),
2.38%, 11/07/2029		350,000		300,720
6.38%, 12/15/2038		450,000		500,105
				1,741,137
Integrated Telecommunication Services-1.02%
British Telecommunications PLC (United Kingdom),
5.13%, 12/04/2028		225,000		221,222
9.63%, 12/15/2030		250,000		302,694
Koninklijke KPN N.V. (Netherlands), 8.38%, 10/01/2030		175,000		204,683
TCI Communications, Inc., 7.13%, 02/15/2028		700,000		761,861
Verizon Communications, Inc., 0.85%, 11/20/2025		500,000		446,401
				1,936,861
Interactive Media & Services-0.76%
Baidu, Inc. (China),
4.38%, 05/14/2024		400,000		394,170
1.63%, 02/23/2027		250,000		217,024
4.38%, 03/29/2028		300,000		285,217
4.88%, 11/14/2028		200,000		193,916
2.38%, 08/23/2031		200,000		159,330
Weibo Corp. (China), 3.50%, 07/05/2024		200,000		192,702
				1,442,359

	Principal Amount		Value
Internet & Direct Marketing Retail-1.31%
Alibaba Group Holding Ltd. (China),
3.40%, 12/06/2027	$	330,000	$	303,277
2.13%, 02/09/2031(b)		525,000		419,214
4.50%, 11/28/2034		570,000		516,523
4.00%, 12/06/2037		400,000		331,418
4.20%, 12/06/2047		250,000		195,310
Amazon.com, Inc.,
3.25%, 05/12/2061		475,000		329,461
4.10%, 04/13/2062		475,000		393,438
				2,488,641
Investment Banking & Brokerage-2.51%
Brookfield Finance, Inc. (Canada),
4.00%, 04/01/2024		240,000		236,230
3.90%, 01/25/2028		240,000		223,737
Goldman Sachs Group, Inc. (The),
4.00%, 03/03/2024		1,077,000		1,061,318
3.50%, 11/16/2026		301,000		282,753
6.25%, 02/01/2041		275,000		294,657
Jefferies Financial Group, Inc., 6.25%, 01/15/2036		182,000		189,305
Morgan Stanley,
3.74%, 04/24/2024(d)		726,000		723,895
3.88%, 01/27/2026		415,000		400,287
Series F, 3.88%, 04/29/2024		538,000		529,662
Nomura Holdings, Inc. (Japan),
2.65%, 01/16/2025		200,000		189,251
1.65%, 07/14/2026		290,000		253,434
2.33%, 01/22/2027		200,000		176,923
2.71%, 01/22/2029		260,000		220,553
				4,782,005
IT Consulting & Other Services-0.50%
International Business Machines Corp.,
4.40%, 07/27/2032		275,000		257,742
7.13%, 12/01/2096		383,000		488,147
Kyndryl Holdings, Inc., 2.70%, 10/15/2028		250,000		204,792
				950,681
Leisure Products-0.31%
Brunswick Corp., 5.10%, 04/01/2052		250,000		182,033
Hasbro, Inc.,
6.35%, 03/15/2040		300,000		292,789
5.10%, 05/15/2044		147,000		123,678
				598,500
Life & Health Insurance-1.15%
Brighthouse Financial, Inc., 4.70%, 06/22/2047		236,000		183,946
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026		135,000		131,541
MetLife, Inc.,
3.60%, 04/10/2024		692,000		677,239
Series D, 5.88%(d)(e)		100,000		96,770
Prudential Financial, Inc.,
5.63%, 06/15/2043(d)		342,000		340,923
5.20%, 03/15/2044(d)		225,000		220,938
5.38%, 05/15/2045(d)		135,000		131,298
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027(c)		441,000		399,199

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

11 Invesco Intermediate Bond Factor Fund

	Principal Amount		Value
Life & Health Insurance-(continued)
Unum Group, 5.75%, 08/15/2042	$	13,000	$	12,199
				2,194,053
Life Sciences Tools & Services-0.09%
PerkinElmer, Inc., 3.30%, 09/15/2029		200,000		173,017
Managed Health Care-0.20%
UnitedHealth Group, Inc., 6.05%, 02/15/2063		350,000		383,508
Motorcycle Manufacturers-0.11%
Harley-Davidson, Inc., 4.63%, 07/28/2045		279,000		218,387
Movies & Entertainment-0.47%
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025		450,000		428,277
Warnermedia Holdings, Inc., 4.05%, 03/15/2029(c)		525,000		469,799
				898,076
Multi-line Insurance-0.24%
American International Group, Inc.,
3.90%, 04/01/2026		75,000		71,976
Series A-9, 5.75%, 04/01/2048(d)		20,000		19,350
Assured Guaranty US Holdings, Inc., 5.00%, 07/01/2024		176,000		175,318
AXA S.A. (France), 8.60%, 12/15/2030		150,000		185,763
				452,407
Multi-Utilities-0.14%
Black Hills Corp., 3.95%, 01/15/2026		277,000		265,988
Office REITs-0.27%
Boston Properties L.P.,
2.75%, 10/01/2026		190,000		171,645
3.40%, 06/21/2029		400,000		343,799
				515,444
Oil & Gas Equipment & Services-0.14%
Baker Hughes Holdings LLC, 5.13%, 09/15/2040		152,000		143,046
Halliburton Co., 7.45%, 09/15/2039		113,000		128,534
				271,580
Oil & Gas Exploration & Production-0.37%
Conoco Funding Co., 7.25%, 10/15/2031		200,000		226,594
ConocoPhillips Co., 6.95%, 04/15/2029		200,000		219,525
Marathon Oil Corp., 6.60%, 10/01/2037		250,000		249,343
				695,462
Oil & Gas Storage & Transportation-1.33%
Columbia Pipeline Group, Inc., 5.80%, 06/01/2045		143,000		142,025

	Principal Amount		Value
Oil & Gas Storage & Transportation-(continued)
Energy Transfer L.P.,
4.95%, 05/15/2028	$	51,000	$	49,161
5.30%, 04/15/2047		389,000		330,811
5.40%, 10/01/2047		167,000		143,839
5.00%, 05/15/2050		470,000		385,879
Enterprise Products Operating LLC,
3.75%, 02/15/2025		165,000		160,175
4.15%, 10/16/2028		250,000		236,585
Kinder Morgan Energy Partners L.P., 6.95%, 01/15/2038		131,000		139,810
ONEOK, Inc.,
3.40%, 09/01/2029		480,000		416,937
5.20%, 07/15/2048		150,000		128,012
Plains All American Pipeline L.P./PAA Finance Corp., 6.65%, 01/15/2037		100,000		99,845
Spectra Energy Partners L.P., 3.50%, 03/15/2025		175,000		168,416
Williams Cos., Inc. (The), 6.30%, 04/15/2040		136,000		139,770
				2,541,265
Other Diversified Financial Services-0.17%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.30%, 01/30/2032		150,000		120,108
Blackstone Holdings Finance Co. LLC, 3.15%, 10/02/2027(c)		125,000		113,025
ORIX Corp. (Japan), 3.70%, 07/18/2027		72,000		68,048
Voya Financial, Inc., 5.65%, 05/15/2053(d)		20,000		19,831
				321,012
Packaged Foods & Meats-0.28%
Conagra Brands, Inc., 7.00%, 10/01/2028		150,000		160,405
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.,
5.13%, 02/01/2028(c)		200,000		190,471
3.00%, 02/02/2029(c)		225,000		187,347
				538,223
Paper Products-0.23%
Georgia-Pacific LLC, 8.88%, 05/15/2031		200,000		244,438
Suzano Austria GmbH (Brazil), 6.00%, 01/15/2029		200,000		196,492
				440,930
Pharmaceuticals-1.13%
Bristol-Myers Squibb Co., 3.40%, 07/26/2029		250,000		229,537
Eli Lilly and Co., 4.88%, 02/27/2053		193,000		192,827
Johnson & Johnson,
1.30%, 09/01/2030		125,000		100,539
3.55%, 03/01/2036		300,000		265,527
2.45%, 09/01/2060		350,000		214,938
Mylan, Inc., 4.55%, 04/15/2028		225,000		209,918
Novartis Capital Corp. (Switzerland), 3.10%, 05/17/2027		450,000		423,085
Pharmacia LLC, 6.60%, 12/01/2028		175,000		191,023

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

12 Invesco Intermediate Bond Factor Fund

	Principal Amount		Value
Pharmaceuticals-(continued)
Viatris, Inc., 2.70%, 06/22/2030	$	400,000	$	317,334
				2,144,728
Property & Casualty Insurance-0.33%
Allstate Corp. (The), 3.28%, 12/15/2026		190,000		179,572
CNA Financial Corp., 3.45%, 08/15/2027		300,000		277,839
Stewart Information Services Corp., 3.60%, 11/15/2031		225,000		174,382
				631,793
Railroads-0.48%
Canadian Pacific Railway Co. (Canada), 6.13%, 09/15/2115		200,000		204,863
Norfolk Southern Corp., 4.10%, 05/15/2121		450,000		308,095
Union Pacific Corp.,
3.80%, 04/06/2071		300,000		219,814
3.85%, 02/14/2072		250,000		186,400
				919,172
Regional Banks-0.66%
Fifth Third Bancorp, 2.38%, 01/28/2025		235,000		222,024
Huntington Bancshares, Inc., 2.63%, 08/06/2024		230,000		221,277
PNC Financial Services Group, Inc. (The), 3.90%, 04/29/2024		270,000		265,623
Truist Bank,
4.05%, 11/03/2025		10,000		9,726
3.30%, 05/15/2026		115,000		107,804
Truist Financial Corp., 4.92%, 07/28/2033(d)		450,000		425,127
				1,251,581
Reinsurance-0.06%
Enstar Group Ltd., 3.10%, 09/01/2031		110,000		83,629
RenaissanceRe Finance, Inc. (Bermuda), 3.70%, 04/01/2025		34,000		32,857
				116,486
Residential REITs-0.12%
Mid-America Apartments L.P., 3.60%, 06/01/2027		100,000		94,606
Spirit Realty L.P., 3.20%, 02/15/2031		175,000		143,095
				237,701
Retail REITs-0.56%
Realty Income Corp.,
3.95%, 08/15/2027		250,000		238,295
2.20%, 06/15/2028		200,000		172,834
Simon Property Group L.P.,
2.25%, 01/15/2032		290,000		226,437
6.75%, 02/01/2040		244,000		271,919
4.25%, 10/01/2044		200,000		162,776
				1,072,261
Semiconductor Equipment-0.13%
KLA Corp., 5.25%, 07/15/2062		250,000		240,569

	Principal Amount		Value
Semiconductors-1.06%
Broadcom, Inc., 4.93%, 05/15/2037(c)	$	265,000	$	230,675
Intel Corp.,
2.45%, 11/15/2029		275,000		231,482
4.90%, 08/05/2052		500,000		443,757
4.95%, 03/25/2060(b)		460,000		403,658
5.05%, 08/05/2062		400,000		350,709
TSMC Arizona Corp. (Taiwan), 2.50%, 10/25/2031		250,000		207,319
Xilinx, Inc., 2.95%, 06/01/2024		150,000		145,761
				2,013,361
Specialized Finance-0.10%
National Rural Utilities Cooperative Finance Corp.,
8.00%, 03/01/2032		148,000		172,922
5.25%, 04/20/2046(d)		12,000		11,368
				184,290
Specialized REITs-0.21%
American Tower Corp., 3.95%, 03/15/2029		240,000		219,116
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029		200,000		189,367
				408,483
Specialty Chemicals-0.45%
DuPont de Nemours, Inc., 4.49%, 11/15/2025		610,000		599,876
PPG Industries, Inc., 2.40%, 08/15/2024		261,000		250,318
				850,194
Steel-0.26%
ArcelorMittal S.A. (Luxembourg),
7.00%, 10/15/2039		27,000		27,520
6.75%, 03/01/2041		225,000		222,055
Nucor Corp., 6.40%, 12/01/2037		219,000		238,867
				488,442
Systems Software-0.80%
Microsoft Corp.,
3.13%, 11/03/2025		425,000		407,421
3.04%, 03/17/2062		450,000		315,621
Oracle Corp.,
3.90%, 05/15/2035		400,000		332,575
3.85%, 04/01/2060		300,000		200,315
4.10%, 03/25/2061		375,000		261,087
				1,517,019
Technology Distributors-0.13%
CDW LLC/CDW Finance Corp., 4.13%, 05/01/2025		250,000		238,994
Technology Hardware, Storage & Peripherals-1.05%
Apple, Inc.,
3.25%, 02/23/2026		355,000		339,693
3.35%, 02/09/2027		500,000		476,753
1.20%, 02/08/2028		150,000		127,205
4.45%, 05/06/2044		476,000		454,052
2.85%, 08/05/2061		225,000		146,370
Hewlett Packard Enterprise Co., 6.35%, 10/15/2045		220,000		217,145

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

13 Invesco Intermediate Bond Factor Fund

	Principal Amount		Value
Technology Hardware, Storage & Peripherals-(continued)
HP, Inc., 6.00%, 09/15/2041	$	245,000	$	240,023
				2,001,241
Tobacco-3.15%
Altria Group, Inc.,
2.63%, 09/16/2026		225,000		206,291
4.80%, 02/14/2029		353,000		338,855
3.40%, 05/06/2030		460,000		396,744
2.45%, 02/04/2032		800,000		604,408
5.80%, 02/14/2039		200,000		184,487
4.50%, 05/02/2043		557,000		425,879
3.88%, 09/16/2046		225,000		150,994
5.95%, 02/14/2049		41,000		36,739
B.A.T Capital Corp. (United Kingdom),
3.56%, 08/15/2027		407,000		370,935
2.26%, 03/25/2028		350,000		293,445
4.74%, 03/16/2032		415,000		371,937
4.54%, 08/15/2047		172,000		123,647
BAT Capital Corp. (United Kingdom),
3.22%, 08/15/2024		200,000		192,847
4.76%, 09/06/2049		35,000		25,918
BAT International Finance PLC (United Kingdom), 4.45%, 03/16/2028		525,000		491,125
Philip Morris International, Inc.,
2.10%, 05/01/2030		250,000		202,510
1.75%, 11/01/2030		300,000		232,786
6.38%, 05/16/2038		280,000		295,909
4.50%, 03/20/2042		418,000		349,934
Reynolds American, Inc. (United Kingdom),
5.70%, 08/15/2035		256,000		233,124
5.85%, 08/15/2045		545,000		468,558
				5,997,072
Trading Companies & Distributors-0.24%
Air Lease Corp., 3.00%, 02/01/2030		560,000		465,390
Water Utilities-0.09%
American Water Capital Corp., 3.85%, 03/01/2024		174,000		171,216
Wireless Telecommunication Services-0.66%
America Movil S.A.B. de C.V. (Mexico), 6.38%, 03/01/2035		400,000		431,522
Vodafone Group PLC (United Kingdom), 4.88%, 06/19/2049		960,000		833,188
				1,264,710
Total U.S. Dollar Denominated Bonds & Notes (Cost $105,425,159)				96,028,080
U.S. Treasury Securities-41.79%
U.S. Treasury Bills-0.75%
3.70%, 03/09/2023(f)(g)		83,000		82,932
4.48% - 4.55%, 05/11/2023(f)(g)		1,350,000		1,337,613
				1,420,545
U.S. Treasury Bonds-2.11%
2.00%, 11/15/2041		900,000		650,901
2.38%, 11/15/2049		1,037,600		765,777
2.00%, 02/15/2050		2,700,000		1,827,826
1.88%, 02/15/2051		1,200,000		783,938
				4,028,442

	Principal Amount		Value
U.S. Treasury Notes-38.93%
1.50%, 02/29/2024	$	5,175,000	$	4,993,106
3.25%, 08/31/2024		8,000,000		7,794,844
4.50%, 11/30/2024		22,775,000		22,612,639
1.38%, 01/31/2025		8,521,000		7,988,937
1.13%, 02/28/2025		3,577,000		3,328,985
0.75%, 03/31/2026		2,900,000		2,595,500
1.50%, 08/15/2026		5,980,000		5,428,485
1.50%, 01/31/2027		7,000,000		6,291,797
3.88%, 11/30/2027		2,550,000		2,513,891
1.38%, 10/31/2028		3,150,000		2,713,307
1.38%, 11/15/2031		9,700,000		7,897,543
				74,159,034
Total U.S. Treasury Securities (Cost $84,577,853)				79,608,021
U.S. Government Sponsored Agency Mortgage-Backed Securities-28.24%
Collateralized Mortgage Obligations-0.19%
Fannie Mae REMICs, IO,
3.50%, 08/25/2035(h)		227,444		27,965
5.50%, 07/25/2046(h)		63,655		8,988
4.00%, 08/25/2047(h)		41,294		7,318
1.28% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047(h)(i)		544,763		34,589
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC03, Class X1, IO, 0.63%, 11/25/2024(j)		3,950,878		40,176
Series K734, Class X1, IO, 0.65%, 02/25/2026(j)		3,011,753		44,995
Series K735, Class X1, IO, 1.10%, 05/25/2026(j)		3,020,212		74,322
Series K093, Class X1, IO, 0.95%, 05/25/2029(j)		2,538,035		118,753
Freddie Mac REMICs, IO, 1.51%(6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(h)(i)		125,611		11,559
Freddie Mac STRIPS, IO, 3.00%, 12/15/2027(h)		48,257		2,205
				370,870
Federal Home Loan Mortgage Corp. (FHLMC)-2.51%
4.50%, 09/01/2049 to 01/01/2050		226,713		221,448
3.00%, 01/01/2050 to 05/01/2050		2,513,400		2,255,849
2.50%, 07/01/2050 to 08/01/2050		2,670,395		2,300,610
				4,777,907

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

14 Invesco Intermediate Bond Factor Fund

	Principal Amount		Value
Federal National Mortgage Association (FNMA)-25.53%
4.50%, 06/01/2049	$	105,637	$	103,719
3.00%, 10/01/2049 to 11/01/2051		2,054,114		1,820,163
2.50%, 03/01/2050 to 08/01/2051		1,780,578		1,520,728
2.00%, 03/01/2051 to 08/01/2051		2,437,557		1,994,254
TBA, 2.00%, 03/01/2038 to 03/01/2053(k)		7,682,000		6,334,279
2.50%, 03/01/2038 to 03/01/2053(k)		4,450,000		3,819,746
3.00%, 03/01/2038 to 03/01/2053(k)		12,492,000		11,190,074
3.50%, 03/01/2038 to 03/01/2053(k)		12,375,000		11,289,463
4.00%, 03/01/2053(k)		4,375,000		4,107,715
4.50%, 03/01/2053(k)		3,250,000		3,132,188
5.00%, 03/01/2053(k)		2,350,000		2,310,711
5.50%, 03/01/2053(k)		1,000,000		998,594
				48,621,634
Government National Mortgage Association (GNMA)-0.01%
IO, 1.61% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(h)(i)		284,755		22,908
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $57,009,135)				53,793,319
Asset-Backed Securities-0.16%
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		11,867		9,587
Bank, Series 2019-BNK16, Class XA, IO, 0.94%, 02/15/2052(j)		2,297,427		95,370

Investment Abbreviations:
Ctfs.	- Certificates
IO	- Interest Only
LIBOR	- London Interbank Offered Rate
REIT	- Real Estate Investment Trust
REMICs	- Real Estate Mortgage Investment Conduits
STRIPS	- Separately Traded Registered Interest and Principal Security
TBA	- To Be Announced
USD	- U.S. Dollar

	Principal Amount		Value
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.03%, 10/12/2050(j)	$	5,404,441	$	180,125
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2005-AR14, Class 1A4, 3.91%, 12/25/2035(l)		18,213		16,990
Total Asset-Backed Securities (Cost $367,640)				302,072
	Shares
Money Market Funds-1.28%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(m)(n)		850,764		850,764
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(m)(n)		607,452		607,573
Invesco Treasury Portfolio, Institutional Class, 4.50%(m)(n)		972,302		972,302
Total Money Market Funds (Cost $2,430,667)				2,430,639
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-121.89% (Cost $249,810,454)				232,162,131
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.31%
Invesco Private Government Fund, 4.58%(m)(n)(o)		701,288		701,288
Invesco Private Prime Fund, 4.83%(m)(n)(o)		1,802,953		1,803,313
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,504,689)				2,504,601
TOTAL INVESTMENTS IN SECURITIES-123.20% (Cost $252,315,143)				234,666,732
OTHER ASSETS LESS LIABILITIES–(23.20)%				(44,195,972	)
NET ASSETS-100.00%			$	190,470,760

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

15 Invesco Intermediate 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)  All or a portion of this security was out on loan at February 28, 2023.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $2,670,262, which represented 1.40% 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 the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

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

^(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 February 28, 2023.

^(j)  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 February 28, 2023.

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

^(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 February 28, 2023.

^(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 fiscal year ended February 28, 2023.

	Value February 28, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  4,218,297	$	22,732,847	$	(26,100,380	)		$    -		$      -		$   850,764		$  11,659
Invesco Liquid Assets Portfolio, Institutional Class		3,100,868		16,237,747		(18,730,835	)		1		(208)		607,573		10,457
Invesco Treasury Portfolio, Institutional Class		4,820,910		25,980,396		(29,829,004	)		-		-		972,302		15,931
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		600,824		2,567,325		(2,466,861	)		-		-		701,288		6,970*
Invesco Private Prime Fund		1,401,923		5,812,699		(5,411,213	)		112		(208)		1,803,313		18,744*
Total		$14,142,822	$	73,331,014	$	(82,538,293	)		$113		$(416)		$4,935,240		$  63,761

* 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.

⁽ⁿ⁾  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Australia 10 Year Bonds		16		March-2023	$	1,266,777		$	(53,691	)	$	(53,691)
Canada 10 Year Bonds		17		June-2023		1,513,492			747			747
Euro BONO		10		March-2023		1,405,789			(88,984	)		(88,984)
Long Gilt		9		June-2023		1,082,132			(10,465	)		(10,465)
U.S. Treasury Long Bonds		9		June-2023		1,126,969			(4,992	)		(4,992)
U.S. Treasury Ultra Bonds		5		June-2023		675,313			(2,656	)		(2,656)
Subtotal–Long Futures Contracts									(160,041	)		(160,041)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 2 Year Notes		117		June-2023		(23,836,008	)		46,617			46,617
U.S. Treasury 5 Year Notes		58		June-2023		(6,209,172	)		10,422			10,422
U.S. Treasury 10 Year Notes		17		June-2023		(1,898,156	)		1,859			1,859
U.S. Treasury 10 Year Ultra Notes		74		June-2023		(8,671,875	)		1,169			1,169
Subtotal–Short Futures Contracts									60,067			60,067
Total Futures Contracts								$	(99,974	)	$	(99,974)

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

16 Invesco Intermediate Bond Factor Fund

Statement of Assets and Liabilities

February 28, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $ 247,379,787)*	$	229,731,492
Investments in affiliated money market funds, at value (Cost $ 4,935,356)		4,935,240
Cash collateral – TBA commitments		281,278
Cash		654,939
Receivable for:
Fund shares sold		105,528
Dividends		7,625
Interest		1,757,506
Principal paydowns		5
Investment for trustee deferred compensation and retirement plans		31,811
Other assets		28,371
Total assets		237,533,795
Liabilities:
Other investments:
Variation margin payable – futures contracts		6,466
Payable for:
TBA sales commitment		44,237,828
Dividends		19,947
Fund shares reacquired		98,103
Collateral upon return of securities loaned		2,504,689
Accrued fees to affiliates		90,862
Accrued trustees’ and officers’ fees and benefits		1,516
Accrued other operating expenses		71,813
Trustee deferred compensation and retirement plans		31,811
Total liabilities		47,063,035
Net assets applicable to shares outstanding	$	190,470,760
Net assets consist of:
Shares of beneficial interest	$	222,641,650
Distributable earnings (loss)		(32,170,890	)
	$	190,470,760

Net Assets:
Class A	$	94,721,213
Class C	$	10,002,645
Class R	$	17,544,888
Class Y	$	56,121,183
Class R5	$	8,528
Class R6	$	12,072,303
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		10,404,639
Class C		1,098,671
Class R		1,925,737
Class Y		6,169,601
Class R5		937
Class R6		1,326,697
Class A:
Net asset value per share	$	9.10
Maximum offering price per share (Net asset value of $9.10 ÷ 95.75%)	$	9.50
Class C:
Net asset value and offering price per share	$	9.10
Class R:
Net asset value and offering price per share	$	9.11
Class Y:
Net asset value and offering price per share	$	9.10
Class R5:
Net asset value and offering price per share	$	9.10
Class R6:
Net asset value and offering price per share	$	9.10

^*  At February 28, 2023, securities with an aggregate value of $2,430,688 were on loan to brokers.

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

17 Invesco Intermediate Bond Factor Fund

Statement of Operations

For the year ended February 28, 2023

Investment income:
Interest (net of foreign withholding taxes of $4,417)	$	4,972,511
Dividends from affiliated money market funds (includes net securities lending income of $9,600)		47,647
Total investment income		5,020,158
Expenses:
Advisory fees		487,234
Administrative services fees		28,574
Custodian fees		36,775
Distribution fees:
Class A		248,689
Class C		114,407
Class R		87,390
Transfer agent fees – A, C, R and Y		354,161
Transfer agent fees – R5		3
Transfer agent fees – R6		5,047
Trustees’ and officers’ fees and benefits		16,986
Registration and filing fees		81,541
Reports to shareholders		4,553
Professional services fees		57,514
Other		26,069
Total expenses		1,548,943
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(557,031	)
Net expenses		991,912
Net investment income		4,028,246
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(12,707,540	)
Affiliated investment securities		(416	)
Foreign currencies		147,060
Forward foreign currency contracts		1,854,720
Futures contracts		33,541
		(10,672,635	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(12,565,912	)
Affiliated investment securities		113
Foreign currencies		2,490
Forward foreign currency contracts		(648,827	)
Futures contracts		(85,663	)
		(13,297,799	)
Net realized and unrealized gain (loss)		(23,970,434	)
Net increase (decrease) in net assets resulting from operations	$	(19,942,188	)

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

18 Invesco Intermediate Bond Factor Fund

Statement of Changes in Net Assets

For the years ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	4,028,246		$	2,241,634
Net realized gain (loss)		(10,672,635	)		240,177
Change in net unrealized appreciation (depreciation)		(13,297,799	)		(8,374,431	)
Net increase (decrease) in net assets resulting from operations		(19,942,188	)		(5,892,620	)
Distributions to shareholders from distributable earnings:
Class A		(2,540,281	)		(2,087,511	)
Class C		(217,700	)		(151,868	)
Class R		(412,463	)		(274,295	)
Class Y		(1,399,705	)		(388,273	)
Class R5		(240	)		(193	)
Class R6		(420,063	)		(266,034	)
Total distributions from distributable earnings		(4,990,452	)		(3,168,174	)
Return of capital:
Class A		(1,117,364	)		–
Class C		(95,757	)		–
Class R		(181,426	)		–
Class Y		(615,672	)		–
Class R5		(106	)		–
Class R6		(184,768	)		–
Total return of capital		(2,195,093	)		–
Total distributions		(7,185,545	)		(3,168,174	)
Share transactions–net:
Class A		(8,691,654	)		(9,215,388	)
Class C		(3,014,837	)		(3,582,815	)
Class R		1,014,066			27,745
Class Y		32,839,491			12,656,401
Class R6		(2,631,687	)		9,362,612
Net increase in net assets resulting from share transactions		19,515,379			9,248,555
Net increase (decrease) in net assets		(7,612,354	)		187,761
Net assets:
Beginning of year		198,083,114			197,895,353
End of year	$	190,470,760		$	198,083,114

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

19 Invesco Intermediate Bond Factor Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Year ended 02/28/23		$10.45		$0.20		$(1.20	)		$(1.00	)		$(0.24	)		$      –			$(0.11	)		$(0.35	)		$  9.10		(9.62	)%(e)		$94,721		0.52	%(e)		0.81	%(e)		2.06	%(e)		301	%
Year ended 02/28/22		10.93		0.13		(0.43	)		(0.30	)		(0.18	)		–			–			(0.18	)		10.45		(2.80	)(e)		118,156		0.52	(e)		0.71	(e)		1.18	(e)		207
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
Class C
Year ended 02/28/23		10.45		0.12		(1.20	)		(1.08	)		(0.19	)		–			(0.08	)		(0.27	)		9.10		(10.31	)		10,003		1.27			1.57			1.31			301
Year ended 02/28/22		10.93		0.05		(0.43	)		(0.38	)		(0.10	)		–			–			(0.10	)		10.45		(3.53	)		14,724		1.27			1.47			0.43			207
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
Class R
Year ended 02/28/23		10.45		0.17		(1.19	)		(1.02	)		(0.22	)		–			(0.10	)		(0.32	)		9.11		(9.75	)		17,545		0.77			1.07			1.81			301
Year ended 02/28/22		10.93		0.10		(0.43	)		(0.33	)		(0.15	)		–			–			(0.15	)		10.45		(3.04	)		18,987		0.77			0.97			0.93			207
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
Class Y
Year ended 02/28/23		10.44		0.22		(1.19	)		(0.97	)		(0.26	)		–			(0.11	)		(0.37	)		9.10		(9.30	)		56,121		0.27			0.57			2.31			301
Year ended 02/28/22		10.92		0.15		(0.42	)		(0.27	)		(0.21	)		–			–			(0.21	)		10.44		(2.56	)		29,184		0.27			0.47			1.43			207
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
Class R5
Year ended 02/28/23		10.44		0.22		(1.19	)		(0.97	)		(0.26	)		–			(0.11	)		(0.37	)		9.10		(9.30	)		9		0.27			0.41			2.31			301
Year ended 02/28/22		10.92		0.16		(0.43	)		(0.27	)		(0.21	)		–			–			(0.21	)		10.44		(2.56	)		10		0.27			0.37			1.43			207
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
Year ended 02/28/23		10.44		0.22		(1.19	)		(0.97	)		(0.26	)		–			(0.11	)		(0.37	)		9.10		(9.30	)		12,072		0.27			0.41			2.31			301
Year ended 02/28/22		10.92		0.16		(0.43	)		(0.27	)		(0.21	)		–			–			(0.21	)		10.44		(2.56	)		17,022		0.27			0.37			1.43			207
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

^(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% for the seven months ended February 29, 2020 and the years ended July 31, 2019 and 2018.

^(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 years ended February 28, 2023, 2022 and 2021.

^(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.

20 Invesco Intermediate Bond Factor Fund

Notes to Financial Statements

February 28, 2023

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.

Prior to February 28, 2020, the Fund sought to gain exposure to Regulation S securities primarily through investments in a wholly-owned and controlled subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund could invest up to 25% of its total assets in the Subsidiary under its previous strategy. Effective February 28, 2020, the Fund no longer invests in Regulation S securities or the Subsidiary, and the Subsidiary was liquidated. For periods prior to February 28, 2020, the Financial Highlights report the operations of the Fund and the Subsidiary on a consolidated basis.

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

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

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

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

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

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued.

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

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

I. Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower

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did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended February 28, 2023, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

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

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

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

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

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

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

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. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

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.

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Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate*
First $2 billion		0.250%
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 year ended February 28, 2023, 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. 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, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.52%, 1.27%, 0.77%, 0.27%, 0.27% and 0.27%, 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended February 28, 2023, the Adviser waived advisory fees of $192,226 and reimbursed class level expenses of $201,689, $22,505, $34,546, $95,420, $3 and $5,047 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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 year ended February 28, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2023, IDI advised the Fund that IDI retained $14,930 in front-end sales commissions from the sale of Class A shares and $42 and $242 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.

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NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	96,028,080		$–	$	96,028,080
U.S. Treasury Securities		–			79,608,021		–		79,608,021
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			53,793,319		–		53,793,319
Asset-Backed Securities		–			302,072		–		302,072
Money Market Funds		2,430,639			2,504,601		–		4,935,240
Total Investments in Securities		2,430,639			232,236,093		–		234,666,732
Other Investments - Assets*
Futures Contracts		60,814			–		–		60,814
Other Investments - Liabilities*
Futures Contracts		(160,788	)		–		–		(160,788	)
Total Other Investments		(99,974	)		–		–		(99,974	)
Total Investments	$	2,330,665		$	232,236,093		$–	$	234,566,758

* 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 February 28, 2023:

	Value
	Interest
Derivative Assets	Rate Risk
Unrealized appreciation on futures contracts - Exchange-Traded(a)	$	60,814
Derivatives not subject to master netting agreements		(60,814	)
Total Derivative Assets subject to master netting agreements	$	–

	Value
	Interest
Derivative Liabilities	Rate Risk
Unrealized depreciation on futures contracts - Exchange-Traded(a)	$	(160,788	)
Derivatives not subject to master netting agreements		160,788
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.

25 Invesco Intermediate Bond Factor Fund

Effect of Derivative Investments for the year ended February 28, 2023

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

	Location of Gain (Loss) on
	Statement of Operations
	Currency			Interest
	Risk			Rate Risk			Total
Realized Gain:
Forward foreign currency contracts	$	1,854,720		$	-		$	1,854,720
Futures contracts		-			33,541			33,541
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(648,827	)		-			(648,827	)
Futures contracts		-			(85,663	)		(85,663	)
Total	$	1,205,893		$	(52,122	)	$	1,153,771

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

	Forward
	Foreign Currency	Futures
	Contracts	Contracts
Average notional value	$41,062,173	$44,823,930

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,595.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2023 and 2022:

	2023		2022
Ordinary income*	$	4,990,452	$	3,168,174
Return of capital		2,195,093		–
Total distributions	$	7,185,545	$	3,168,174

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

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation (depreciation) - investments	$	(18,116,051	)
Net unrealized appreciation (depreciation) - foreign currencies		(92	)
Temporary book/tax differences		(29,854	)
Capital loss carryforward		(14,024,893	)
Shares of beneficial interest		222,641,650
Total net assets	$	190,470,760

26 Invesco Intermediate Bond Factor Fund

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

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

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

The Fund has a capital loss carryforward as of February 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$9,896,360	$4,128,533	$14,024,893

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2023 was $96,626,770 and $97,372,450, 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	$	444,780
Aggregate unrealized (depreciation) of investments		(18,560,831	)
Net unrealized appreciation (depreciation) of investments	$	(18,116,051	)

Cost of investments for tax purposes is $252,682,809.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dollar rolls, foreign currency transactions and return of capital distributions, on February 28, 2023, undistributed net investment income was increased by $3,502,592, undistributed net realized gain (loss) was decreased by $1,304,575 and shares of beneficial interest was decreased by $2,198,017. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	February 28, 2023(a)						February 28, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		1,393,961		$	13,222,023			1,988,918		$	21,596,160
Class C		151,291			1,438,425			292,538			3,179,090
Class R		516,455			4,931,361			667,931			7,274,119
Class Y		5,122,511			49,199,874			1,935,566			20,924,099
Class R6		726,158			6,955,903			1,217,759			13,202,683
Issued as reinvestment of dividends:
Class A		362,561			3,359,064			176,075			1,910,695
Class C		32,920			303,604			13,167			142,961
Class R		63,770			589,935			24,974			271,081
Class Y		207,546			1,913,584			30,166			326,072
Class R6		62,972			583,654			24,161			261,697
Automatic conversion of Class C shares to Class A shares:
Class A		162,412			1,551,352			168,348			1,823,223
Class C		(162,377	)		(1,551,352	)		(168,348	)		(1,823,223	)

27 Invesco Intermediate Bond Factor Fund

	Summary of Share Activity
	Year ended						Year ended
	February 28, 2023(a)						February 28, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(2,824,316	)	$	(26,824,093	)		(3,183,885	)	$	(34,545,466	)
Class C		(332,441	)		(3,205,514	)		(468,259	)		(5,081,643	)
Class R		(470,570	)		(4,507,230	)		(694,794	)		(7,517,455	)
Class Y		(1,956,399	)		(18,273,967	)		(795,681	)		(8,593,770	)
Class R6		(1,092,547	)		(10,171,244	)		(380,212	)		(4,101,768	)
Net increase in share activity		1,963,907		$	19,515,379			848,424		$	9,248,555

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 38% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

28 Invesco Intermediate Bond Factor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Intermediate Bond Factor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Intermediate Bond Factor Fund (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended February 28, 2023, the seven months ended February 29, 2020 and the year ended July 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended February 28, 2023, the seven months ended February 29, 2020 and the period May 24, 2019 (commencement date) through July 31, 2019 for Class R5.

The financial statements of Oppenheimer Intermediate Income Fund (subsequently renamed Invesco Intermediate Bond Factor Fund) as of and for the year ended July 31, 2018 and the financial highlights for the year ended July 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 26, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

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

29 Invesco 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 September 1, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$985.00	$2.56	$1,022.22	$2.61	0.52%
Class C	1,000.00	981.30	6.24	1,018.50	6.36	1.27
Class R	1,000.00	983.80	3.79	1,020.98	3.86	0.77
Class Y	1,000.00	987.30	1.33	1,023.46	1.35	0.27
Class R5	1,000.00	987.30	1.33	1,023.46	1.35	0.27
Class R6	1,000.00	987.30	1.33	1,023.46	1.35	0.27

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

30 Invesco Intermediate Bond Factor Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	26.10	%
Qualified Business Income*	0.00	%
Business Interest Income*	90.13	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

31 Invesco Intermediate Bond Factor Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	175	None

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

T-1 Invesco Intermediate Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Intermediate Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Intermediate Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Intermediate Bond Factor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Intermediate Bond Factor Fund

Trustees and Officers–(continued)

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

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

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1331 Spring Street, NW, Suite 2500

Atlanta, GA 30309

Counsel to the Independent Trustees

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801

T-6 Invesco Intermediate Bond Factor Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-05686 and 033-39519                   Invesco Distributors, Inc. O-INTI-AR-1                                         

  Annual Report to Shareholders   February 28, 2023

Invesco Real Estate Fund

Nasdaq:

A: IARAX ∎ C: IARCX ∎ R: IARRX ∎ Y: IARYX ∎ Investor: REINX ∎ R5: IARIX ∎ R6: IARFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
20	Report of Independent Registered Public Accounting Firm
21	Fund Expenses
22	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended February 28, 2023, Class A shares of Invesco Real Estate Fund (the Fund), at net asset value (NAV), outperformed the FTSE NAREIT All Equity REITs Index, the Fund’s style-specific benchmark.   Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 2/28/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-11.57	%
Class C Shares	-12.21
Class R Shares	-11.77
Class Y Shares	-11.34
Investor Class Shares	-11.57
Class R5 Shares	-11.22
Class R6 Shares	-11.16
S&P 500 Index▼ (Broad Market Index)	-7.69
FTSE NAREIT All Equity REITs Index▼ (Style-Specific Index)	-12.17
Lipper Real Estate Funds Index∎ (Peer Group Index)	-13.18
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

In 2022, the investment environment in the US evolved from one of low interest rates and robust capital access to an environment characterized with higher interest rates and tightening financial conditions as the US Federal Reserve (the Fed) increased focus on combating inflation. Equity values fell the most since the global financial crisis, bond values fell the most in 40 years and real estate values also experienced significant weakness. Listed real estate share prices saw declines, with the sector moving to a wider-than-average discount to underlying net asset value (NAV) by the end of the fiscal year.

    During the second quarter of 2022, there was increasing recession risk for the economy as growth estimates continued to trend downward. US REITs delivered negative absolute performance during this time period. Companies and property types associated with higher financial leverage, lower internal growth and higher-capital expenditures like office, malls and skilled nursing faced head-winds. With uncertain macro, policy and geopolitical outlooks clouding future economic growth, more defensive US REIT sectors outperformed. Triple net, manufacture housing and single-family rental REITs outperformed, while office, mall and lodging REITs underperformed.

    Tighter capital conditions in the third quarter of 2022 negatively impacted equity and debt markets, leading to price declines and REITs trading at persistent discounts to NAV. During the quarter, US REITs delivered negative absolute performance. Companies and property types associated with higher financial leverage, lower internal growth and higher capital expenditures like office, malls and skilled nursing faced more significant headwinds. Casino, life sciences and self-

storage REITs outperformed, while cold storage, office and data center REITs underperformed.

    In the last quarter of 2022, the US economy began slowing as tighter financial conditions gradually impacted aggregate demand. The chances of a near-term recession in the US increased. Tighter financial conditions were felt in the capital markets with higher cost of capital for most companies and more limited access to capital for weaker sponsors. This led to price declines and REITs trading at persistent discounts to NAV. During the quarter, US REITs delivered negative performance. Triple net REITs, malls and manufactured housing REITs outperformed, while lodging, single family rental and office REITs underperformed.

    The US economy continued to show resilience after recent interest rate increases in the current market environment. The labor market has not meaningfully weakened with worker shortages still evident in many industries. Such resilience, without signs yet that inflation is being tamed, led to renewed expectation for further interest rate rises in the coming month. US capital markets performance in February 2023, reflected this more hawkish sentiment. Year-to-date, government bond yields increased, and US REIT share prices declined. Year-end earnings reporting for US REITs was somewhat mixed. While trailing results were in-line to slightly above consensus estimates, the 2023 earnings guidance trended below expectations.

    Overall, the Fund outperformed its style-specific benchmark, the FTSE NAREIT All Equity REITs Index. Both market allocation and stock selection contributed to relative Fund performance during the fiscal year. From a real estate sector perspective, the largest contributors to relative Fund performance included underweight exposure to the office

sector as well as overweights to the infrastructure and specialty sectors. Key negative relative detractors included underweights to the regional malls sector and stock selection amongst health care REITs. Additionally, an underweight exposure and stock selection in the lodging sector detracted from relative Fund performance.

    Top individual contributors to the Fund’s absolute performance during the fiscal year included VICI Properties and Gaming and Leisure Properties. Both VICI Properties and Gaming and Leisure Properties specialize in gaming, hospitality, entertainment and casino properties. The overall specialty sector outperformed during the fiscal year as the sector offered defensive cash flows and attractive capital deployment opportunities.

    Top individual detractors from the Fund’s absolute performance included AvalonBay Communities and American Tower. Avalon-Bay Communities is a large owner of apartments in the US. During the fiscal year, the Fund’s overweight position to AvalonBay Communities detracted from Fund performance. The apartment sector continues to face some meaningful headwinds from economic deceleration, a weaker housing market and job losses. American Tower is an infrastructure REIT that owns, operates and develops multi-tenant communications real estate. American Tower, as with many infrastructure companies, underperformed through the fiscal year.

    With a changing macroeconomic and geopolitical backdrop as well as expected changes in monetary policy, the Fund seeks a balanced position, with exposure to companies we believe are able to capture near-term growth opportunities, companies with more defensive characteristics trading at attractive valuations and sectors with long-term structural growth characteristics. At the end of the fiscal year, the Fund positioning favors exposure to companies with more defensive growth characteristics and companies trading at attractive valuations. The Fund holds overweight positioning to the residential, industrial and health care sectors. The Fund holds underweight exposure to mall REITs, which face structural headwinds related to ecommerce and retail footprints that may need to be downsized. The portfolio also has underweight exposure to self-storage REITs, which are seeing slowing growth and trade at high relative valuations.

    The overall portfolio is biased toward companies with more favorable long-term growth prospects, generally supported by higher-quality assets, attractive fundamental prospects, lower-leveraged balance sheets and better environmental, social and governance characteristics. The unpredictable macro and geopolitical environments suggest caution in taking significant active factor and macro exposures. As such, we believe portfolio risk is

2 Invesco Real Estate Fund

still most likely to be allocated to stock or sector specific opportunities where there is a belief that attractive relative value exists.

    We thank you for your continued investment in Invesco Real Estate Fund.

Portfolio manager(s):

James Cowen

Grant Jackson

Chip McKinley

Darin Turner

Ping-Ying Wang

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

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

3 Invesco Real Estate Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 2/28/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

*The Fund’s oldest share class (Class C) does not have a sales charge. Therefore, the second oldest share class with a sales charge (Class A), is also included in the chart.

Past performance cannot guarantee future results.

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

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does

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

4 Invesco Real Estate Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (12/31/96)	8.02	%
10 Years	5.08
5 Years	4.16
1 Year	-16.43
Class C Shares
Inception (5/1/95)	9.11	%
10 Years	5.04
5 Years	4.55
1 Year	-13.01
Class R Shares
Inception (4/30/04)	7.67	%
10 Years	5.41
5 Years	5.08
1 Year	-11.77
Class Y Shares
Inception (10/3/08)	7.11	%
10 Years	5.94
5 Years	5.61
1 Year	-11.34
Investor Class Shares
Inception (9/30/03)	8.11	%
10 Years	5.69
5 Years	5.37
1 Year	-11.57
Class R5 Shares
Inception (4/30/04)	8.38	%
10 Years	6.07
5 Years	5.74
1 Year	-11.22
Class R6 Shares
Inception (9/24/12)	6.34	%
10 Years	6.16
5 Years	5.83
1 Year	-11.16

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

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

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

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

5 Invesco Real Estate Fund

Supplemental Information

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

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

∎ The 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.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

6 Invesco Real Estate Fund

Fund Information

Portfolio Composition

By property type	% of total net assets
Industrial		15.16	%
Infrastructure REITs		14.11
Apartments		9.85
Health Care		8.71
Data Centers		7.07
Free Standing		7.03
Specialty		6.22
Manufactured Homes		6.13
Shopping Centers		5.25
Self Storage		4.74
Single Family Homes		3.29
Lodging Resorts		3.20
Office		3.20
Money Market Funds Plus Other Assets Less Liabilities		6.04

Top 10 Equity Holdings*

		% of total net assets
1.	American Tower Corp.		8.34	%
2.	Prologis, Inc.		8.29
3.	UDR, Inc.		5.17
4.	AvalonBay Communities, Inc.		4.68
5.	Sun Communities, Inc.		4.31
6.	Realty Income Corp.		4.08
7.	Equinix, Inc.		3.91
8.	Rexford Industrial Realty, Inc.		3.85
9.	Healthpeak Properties, Inc.		3.71
10.	VICI Properties, Inc.		3.47

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

* Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2023.

7 Invesco Real Estate Fund

Schedule of Investments^(a)

February 28, 2023

	Shares		Value
Common Stocks & Other Equity Interests-93.96%
Apartments-9.85%
AvalonBay Communities, Inc.(b)		397,708	$	68,612,584
UDR, Inc.		1,767,382		75,714,645
				144,327,229
Data Centers-7.07%
Digital Realty Trust, Inc.(b)		444,566		46,337,114
Equinix, Inc.		83,277		57,317,061
				103,654,175
Free Standing-7.03%
Agree Realty Corp.		417,130		29,524,461
Essential Properties Realty Trust, Inc.(b)		530,597		13,668,179
Realty Income Corp.		935,128		59,801,436
				102,994,076
Health Care-8.71%
Healthcare Realty Trust, Inc.		1,629,914		31,783,323
Healthpeak Properties, Inc.		2,259,982		54,375,167
Ventas, Inc.		488,755		23,777,930
Welltower, Inc.		239,923		17,783,093
				127,719,513
Industrial-15.16%
Americold Realty Trust, Inc.		544,305		16,002,567
Prologis, Inc.		984,675		121,508,895
Rexford Industrial Realty, Inc.		933,547		56,442,252
Terreno Realty Corp.		455,540		28,339,143
				222,292,857
Infrastructure REITs-14.11%
American Tower Corp.		617,060		122,184,051
Crown Castle, Inc.		362,451		47,390,468
SBA Communications Corp., Class A		143,767		37,285,971
				206,860,490
Lodging Resorts-3.20%
Hilton Worldwide Holdings, Inc.		23,079		3,335,146
Host Hotels & Resorts, Inc.(b)		2,595,015		43,596,252
				46,931,398
Manufactured Homes-6.13%
Equity LifeStyle Properties, Inc.		387,627		26,556,326
Sun Communities, Inc.		441,855		63,247,124
				89,803,450
Office-3.20%
Alexandria Real Estate Equities, Inc.		160,648		24,061,858
Kilroy Realty Corp.		635,458		22,889,197
				46,951,055

Investment Abbreviations:

REIT - Real Estate Investment Trust

	Shares		Value
Self Storage-4.74%
CubeSmart(b)		675,257	$	31,730,326
Life Storage, Inc.		313,517		37,785,069
				69,515,395
Shopping Centers-5.25%
Brixmor Property Group, Inc.		1,658,803		37,555,300
Kimco Realty Corp.		1,909,861		39,362,235
				76,917,535
Single Family Homes-3.29%
American Homes 4 Rent, Class A		368,745		11,438,470
Invitation Homes, Inc.		1,178,376		36,836,034
				48,274,504
Specialty-6.22%
Gaming and Leisure Properties, Inc.		339,372		18,285,363
Lamar Advertising Co., Class A		110,778		11,582,948
Outfront Media, Inc.		597,112		10,419,605
VICI Properties, Inc.		1,518,587		50,918,222
				91,206,138
Total Common Stocks & Other Equity Interests (Cost $1,173,140,358)				1,377,447,815
Money Market Funds-1.91%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(c)(d)		9,693,116		9,693,116
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(c)(d)		7,249,196		7,250,646
Invesco Treasury Portfolio, Institutional Class, 4.50%(c)(d)		11,077,846		11,077,846
Total Money Market Funds (Cost $28,021,497)				28,021,608
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-95.87% (Cost $1,201,161,855)				1,405,469,423
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.94%
Invesco Private Government Fund, 4.58%(c)(d)(e)		16,194,534		16,194,534
Invesco Private Prime Fund, 4.83%(c)(d)(e)		41,634,761		41,643,087
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $57,841,459)				57,837,621
TOTAL INVESTMENTS IN SECURITIES-99.81% (Cost $1,259,003,314)				1,463,307,044
OTHER ASSETS LESS LIABILITIES-0.19%				2,746,921
NET ASSETS-100.00%			$	1,466,053,965

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

8 Invesco Real Estate Fund

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 February 28, 2023.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2023.

	Value February 28, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	5,425,636	$	110,474,005	$	(106,206,525	)	$	-		$	-	$	9,693,116	$	91,178
Invesco Liquid Assets Portfolio, Institutional Class		4,623,479		78,910,003		(76,283,640	)		(488	)		1,292		7,250,646		88,486
Invesco Treasury Portfolio, Institutional Class		6,200,726		126,256,005		(121,378,885	)		-			-		11,077,846		120,852
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		12,633,272		451,163,065		(447,601,803	)		-			-		16,194,534		509,327*
Invesco Private Prime Fund		29,477,637		995,151,365		(982,995,771	)		(783	)		10,639		41,643,087		1,423,262*
Total	$	58,360,750	$	1,761,954,443	$	(1,734,466,624	)	$	(1,271	)	$	11,931	$	85,859,229	$	2,233,105

* 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.

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(e)  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.

9 Invesco Real Estate Fund

Statement of Assets and Liabilities

February 28, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $1,173,140,358)*	$	1,377,447,815
Investments in affiliated money market funds, at value (Cost $85,862,956)		85,859,229
Foreign currencies, at value (Cost $261)		254
Receivable for:
Investments sold		1,713,307
Fund shares sold		62,965,010
Dividends		557,522
Investment for trustee deferred compensation and retirement plans		267,985
Other assets		65,751
Total assets		1,528,876,873
Liabilities:
Payable for:
Investments purchased		809,159
Fund shares reacquired		2,825,103
Collateral upon return of securities loaned		57,841,459
Accrued fees to affiliates		773,079
Accrued trustees’ and officers’ fees and benefits		17,675
Accrued other operating expenses		265,221
Trustee deferred compensation and retirement plans		291,212
Total liabilities		62,822,908
Net assets applicable to shares outstanding	$	1,466,053,965
Net assets consist of:
Shares of beneficial interest	$	1,280,494,937
Distributable earnings		185,559,028
	$	1,466,053,965

Net Assets:
Class A	$	649,570,290
Class C	$	24,619,153
Class R	$	92,226,475
Class Y	$	214,673,092
Investor Class	$	26,615,586
Class R5	$	198,456,219
Class R6	$	259,893,150
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		38,291,358
Class C		1,462,979
Class R		5,426,395
Class Y		12,664,289
Investor Class		1,575,136
Class R5		11,708,194
Class R6		15,337,393
Class A:
Net asset value per share	$	16.96
Maximum offering price per share (Net asset value of $16.96 ÷ 94.50%)	$	17.95
Class C:
Net asset value and offering price per share	$	16.83
Class R:
Net asset value and offering price per share	$	17.00
Class Y:
Net asset value and offering price per share	$	16.95
Investor Class:
Net asset value and offering price per share	$	16.90
Class R5:
Net asset value and offering price per share	$	16.95
Class R6:
Net asset value and offering price per share	$	16.95

* At February 28, 2023, securities with an aggregate value of $56,436,475 were on loan to brokers.

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

10 Invesco Real Estate Fund

Statement of Operations

For the year ended February 28, 2023

Investment income:
Dividends	$	41,925,057
Dividends from affiliated money market funds (includes net securities lending income of $105,933)		406,449
Total investment income		42,331,506
Expenses:
Advisory fees		12,181,785
Administrative services fees		242,314
Custodian fees		22,009
Distribution fees:
Class A		1,824,201
Class C		307,415
Class R		515,785
Investor Class		74,910
Transfer agent fees – A, C, R, Y and Investor		2,414,088
Transfer agent fees – R5		245,023
Transfer agent fees – R6		99,000
Trustees’ and officers’ fees and benefits		29,374
Registration and filing fees		126,638
Reports to shareholders		196,531
Professional services fees		75,462
Other		30,180
Total expenses		18,384,715
Less: Fees waived and/or expense offset arrangement(s)		(38,055	)
Net expenses		18,346,660
Net investment income		23,984,846
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		73,967,944
Affiliated investment securities		11,931
Foreign currencies		(5,135	)
		73,974,740
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(298,569,857	)
Affiliated investment securities		(1,271	)
Foreign currencies		57
		(298,571,071	)
Net realized and unrealized gain (loss)		(224,596,331	)
Net increase (decrease) in net assets resulting from operations	$	(200,611,485	)

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

11 Invesco Real Estate Fund

Statement of Changes in Net Assets

For the years ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	23,984,846		$	12,089,137
Net realized gain		73,974,740			239,255,576
Change in net unrealized appreciation (depreciation)		(298,571,071	)		113,833,169
Net increase (decrease) in net assets resulting from operations		(200,611,485	)		365,177,882
Distributions to shareholders from distributable earnings:
Class A		(63,813,594	)		(50,935,385	)
Class C		(2,335,990	)		(2,081,738	)
Class R		(8,702,788	)		(6,621,764	)
Class Y		(16,258,054	)		(19,059,695	)
Investor Class		(2,663,797	)		(1,848,651	)
Class R5		(21,069,142	)		(18,230,861	)
Class R6		(25,936,314	)		(23,020,346	)
Total distributions from distributable earnings		(140,779,679	)		(121,798,440	)
Return of capital:
Class A		–			(1,296,414	)
Class C		–			(52,984	)
Class R		–			(168,535	)
Class Y		–			(485,102	)
Investor Class		–			(47,051	)
Class R5		–			(464,007	)
Class R6		–			(585,907	)
Total return of capital		–			(3,100,000	)
Total distributions		(140,779,679	)		(124,898,440	)
Share transactions–net:
Class A		(29,946,300	)		(76,686,465	)
Class C		(6,487,528	)		(6,390,505	)
Class R		(1,149,097	)		(2,326,304	)
Class Y		(40,970,603	)		4,676,831
Investor Class		(129,000	)		2,011,607
Class R5		(35,023,233	)		5,285,773
Class R6		(20,569,170	)		(21,903,084	)
Net increase (decrease) in net assets resulting from share transactions		(134,274,931	)		(95,332,147	)
Net increase (decrease) in net assets		(475,666,095	)		144,947,295
Net assets:
Beginning of year		1,941,720,060			1,796,772,765
End of year	$	1,466,053,965		$	1,941,720,060

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

12 Invesco Real Estate Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			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 (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 02/28/23		$21.15		$ 0.25			$(2.67	)		$(2.42	)		$(0.17	)		$(1.60	)		$      –			$(1.77	)		$16.96		(11.57	)%		$649,570		1.24	%		1.24	%		1.30	%		42	%
Year ended 02/28/22		18.67		0.10			3.73			3.83			(0.21	)		(1.11	)		(0.03	)		(1.35	)		21.15		20.12			834,552		1.23			1.23			0.45			59
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
Class C
Year ended 02/28/23		20.99		0.11			(2.66	)		(2.55	)		(0.01	)		(1.60	)		–			(1.61	)		16.83		(12.21	)		24,619		1.99			1.99			0.55			42
Year ended 02/28/22		18.53		(0.07	)		3.71			3.64			(0.04	)		(1.11	)		(0.03	)		(1.18	)		20.99		19.25			37,459		1.98			1.98			(0.30	)		59
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
Class R
Year ended 02/28/23		21.18		0.21			(2.67	)		(2.46	)		(0.12	)		(1.60	)		–			(1.72	)		17.00		(11.73	)		92,226		1.49			1.49			1.05			42
Year ended 02/28/22		18.70		0.04			3.73			3.77			(0.15	)		(1.11	)		(0.03	)		(1.29	)		21.18		19.79			114,999		1.48			1.48			0.20			59
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
Class Y
Year ended 02/28/23		21.14		0.31			(2.68	)		(2.37	)		(0.22	)		(1.60	)		–			(1.82	)		16.95		(11.34	)		214,673		0.98			0.98			1.56			42
Year ended 02/28/22		18.66		0.15			3.73			3.88			(0.26	)		(1.11	)		(0.03	)		(1.40	)		21.14		20.43			296,638		0.98			0.98			0.70			59
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
Investor Class
Year ended 02/28/23		21.08		0.25			(2.66	)		(2.41	)		(0.17	)		(1.60	)		–			(1.77	)		16.90		(11.53	)		26,616		1.24			1.24			1.30			42
Year ended 02/28/22		18.61		0.11			3.71			3.82			(0.21	)		(1.11	)		(0.03	)		(1.35	)		21.08		20.17	(d)		33,026		1.16	(d)		1.16	(d)		0.52	(d)		59
Year ended 02/28/21		20.65		0.18			(0.89	)		(0.71	)		(0.28	)		(1.05	)		–			(1.33	)		18.61		(2.53	)(d)		27,546		1.23	(d)		1.23	(d)		1.03	(d)		156
Year ended 02/29/20		20.89		0.30			1.42			1.72			(0.35	)		(1.61	)		–			(1.96	)		20.65		8.06	(d)		37,537		1.22	(d)		1.22	(d)		1.34	(d)		59
Year ended 02/28/19		19.27		0.32			2.70			3.02			(0.28	)		(1.12	)		–			(1.40	)		20.89		16.05	(d)		32,447		1.23	(d)		1.23	(d)		1.58	(d)		47
Class R5
Year ended 02/28/23		21.14		0.33			(2.68	)		(2.35	)		(0.24	)		(1.60	)		–			(1.84	)		16.95		(11.22	)		198,456		0.87			0.87			1.67			42
Year ended 02/28/22		18.66		0.18			3.73			3.91			(0.29	)		(1.11	)		(0.03	)		(1.43	)		21.14		20.58			283,546		0.86			0.86			0.82			59
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
Class R6
Year ended 02/28/23		21.14		0.34			(2.68	)		(2.34	)		(0.25	)		(1.60	)		–			(1.85	)		16.95		(11.16	)		259,893		0.81			0.81			1.73			42
Year ended 02/28/22		18.66		0.20			3.72			3.92			(0.30	)		(1.11	)		(0.03	)		(1.44	)		21.14		20.67			341,500		0.78			0.78			0.90			59
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

^(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)  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 0.18%, 0.20%, 0.24% and 0.21% for the years ended February 28, 2022, February 28, 2021, February 29, 2020 and February 28, 2019, respectively.

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

13 Invesco Real Estate Fund

Notes to Financial Statements

February 28, 2023

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

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

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

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

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

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

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

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

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

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

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

14 Invesco Real Estate Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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

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

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

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

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

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

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

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

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

15 Invesco Real Estate Fund

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended February 28, 2023, the Fund paid the Adviser $4,765 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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

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

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

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

L. Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile

than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

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

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

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

For the year ended February 28, 2023, 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

16 Invesco Real Estate Fund

“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, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, 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”). 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. 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, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended February 28, 2023, the Adviser waived advisory fees of $15,650.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, 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 year ended February 28, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2023, IDI advised the Fund that IDI retained $58,922 in front-end sales commissions from the sale of Class A shares and $2,565 and $1,983 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,377,447,815	$	-	$	-	$	1,377,447,815
Money Market Funds		28,021,608		57,837,621		-		85,859,229
Total Investments	$	1,405,469,423	$	57,837,621	$	-	$	1,463,307,044

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $22,405.

17 Invesco 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–Distributions to Shareholders and Tax Components of Net Assets    

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2023 and 2022:

	2023		2022
Ordinary income*	$	16,382,289	$	14,213,175
Long-term capital gain		124,397,390		107,585,265
Return of capital		-		3,100,000
Total distributions	$	140,779,679	$	124,898,440

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	5,129,455
Undistributed long-term capital gain		652,565
Net unrealized appreciation - investments		179,995,367
Net unrealized appreciation - foreign currencies		48
Temporary book/tax differences		(218,407	)
Shares of beneficial interest		1,280,494,937
Total net assets	$	1,466,053,965

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

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

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

The Fund does not have a capital loss carryforward as of February 28, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2023 was $703,128,515 and $1,019,790,564, 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	$243,009,027
Aggregate unrealized (depreciation) of investments	(63,013,660	)
Net unrealized appreciation of investments	$179,995,367

Cost of investments for tax purposes is $1,283,311,677.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization and partnerships, on February 28, 2023, undistributed net investment income was decreased by $3,008,408, undistributed net realized gain (loss) was decreased by $5,412,202 and shares of beneficial interest was increased by $8,420,610. This reclassification had no effect on the net assets of the Fund.

18 Invesco Real Estate Fund

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	February 28, 2023(a)						February 28, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		2,939,654		$	57,742,659			4,599,639		$	101,285,343
Class C		235,423			4,692,865			370,164			8,176,178
Class R		809,505			15,796,444			1,139,728			25,110,708
Class Y		6,122,874			109,679,092			4,501,276			96,972,828
Investor Class		172,099			3,442,504			286,467			6,272,646
Class R5		2,487,901			49,310,693			4,256,177			94,533,039
Class R6		3,007,792			58,253,590			4,575,867			100,428,834
Issued as reinvestment of dividends:
Class A		3,519,965			60,744,769			2,220,547			49,862,674
Class C		131,442			2,231,838			91,442			2,050,259
Class R		504,326			8,696,733			301,053			6,783,408
Class Y		727,771			12,592,320			589,585			13,217,508
Investor Class		149,658			2,573,143			81,551			1,825,391
Class R5		1,216,303			21,065,979			834,764			18,689,560
Class R6		1,480,131			25,643,212			1,045,576			23,381,188
Automatic conversion of Class C shares to Class A shares:
Class A		228,226			4,418,620			297,883			6,499,848
Class C		(229,854	)		(4,418,620	)		(299,945	)		(6,499,848	)
Reacquired:
Class A		(7,855,616	)		(152,852,348	)		(10,733,231	)		(234,334,330	)
Class C		(458,976	)		(8,993,611	)		(468,088	)		(10,117,094	)
Class R		(1,315,993	)		(25,642,274	)		(1,556,998	)		(34,220,420	)
Class Y		(8,219,962	)		(163,242,015	)		(4,816,165	)		(105,513,505	)
Investor Class		(313,017	)		(6,144,647	)		(281,795	)		(6,086,430	)
Class R5		(5,407,637	)		(105,399,905	)		(4,920,442	)		(107,936,826	)
Class R6		(5,308,123	)		(104,465,972	)		(6,559,846	)		(145,713,106	)
Net increase (decrease) in share activity		(5,376,108	)	$	(134,274,931	)		(4,444,791	)	$	(95,332,147	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

19 Invesco Real Estate Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Real Estate Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Real Estate Fund (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

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

20 Invesco 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 September 1, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$932.40	$5.94	$1,018.65	$6.21	1.24%
Class C	1,000.00	929.10	9.57	1,014.88	9.99	2.00
Class R	1,000.00	931.30	7.18	1,017.36	7.50	1.50
Class Y	1,000.00	933.60	4.75	1,019.89	4.96	0.99
Investor Class	1,000.00	932.30	6.04	1,018.55	6.31	1.26
Class R5	1,000.00	934.30	4.22	1,020.43	4.41	0.88
Class R6	1,000.00	934.70	3.89	1,020.78	4.06	0.81

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

21 Invesco Real Estate Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$132,977,220
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	100.00	%
Business Interest Income*	0.00	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

22 Invesco Real Estate Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	175	None

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

T-1 Invesco Real Estate Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School-Texas A&M University Formerly: Dean of Mays Business School - Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Real Estate Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Real Estate Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Real Estate Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Real Estate Fund

Trustees and Officers–(continued)

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

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

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

T-6 Invesco Real Estate Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Annual Report to Shareholders February 28, 2023

Invesco Short Duration Inflation Protected Fund

Nasdaq:

A: LMTAX ∎ A2: SHTIX ∎ Y: LMTYX ∎ R5: ALMIX ∎ R6: SDPSX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
18	Report of Independent Registered Public Accounting Firm
19	Fund Expenses
20	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary For the fiscal year ended February 28, 2023, Class A shares of Invesco Short Duration Inflation Protected Fund (the Fund), at net asset value (NAV), underper-formed the ICE BofA 1-5 Year US Inflation-Linked Treasury Index, the Fund’s broad market/style-specific benchmark.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 2/28/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-4.66	%
Class A2 Shares	-4.56
Class Y Shares	-4.49
Class R5 Shares	-4.41
Class R6 Shares	-4.41
ICE BofA 1-5 Year US Inflation-Linked Treasury Index▼ (Broad Market/Style- Specific Index)	-4.24
Lipper Inflation Protected Bond Funds Index∎ (Peer Group Index)	-9.33
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

The beginning of the fiscal year was headlined by a historic rise in inflation along with global geopolitical and economic tensions. Inflation, as measured by the Consumer Price Index, reached 8.5%,¹ its highest level in over 40 years. In response, the US Federal Reserve (the Fed) shifted to tighter monetary policy, hiking its Fed funds rate by 0.25%,² its first increase since 2018. Geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges in COVID-19 cases in China exacerbated supply chain issues and aggravated inflation. During the first quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%.³

    In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation increased further to 9.1% and fixed income markets experienced significant negative performance as bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).⁴ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter of 2022 above their long-term historical average.

The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its Fed funds rate during the fiscal year: a 0.50% hike in May, three 0.75% hikes in June, July and November, the largest hikes since 1994, a 0.50% hike in December, and a 0.25% hike in January to a target Fed funds rate of 4.50% to 4.75%, the highest since 2006.2 At their January 2023 meeting, the Fed indicated that there were signs of inflation coming down, but not enough to counter the need for more interest rate increases. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 1.44% to 4.81% during the fiscal year, while 10-year Treasury rates increased from 1.83% to 3.92%.³ At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession. However, attractive yields and encouraging macroeconomic data show signs of a possible rebound for fixed income markets, in our opinion.

    Against this backdrop, shorter-term US Treasury inflation protected securities (TIPS) posted negative returns for the fiscal year as the ICE BofA 1–5 Year US Inflation-Linked Treasury Index returned -4.24%.⁴ Higher short-term yields stemming from a tightening monetary policy environment, coupled with decreased inflation expectations, contributed to negative returns. The fiscal year concluded with the yield curve steeply inverted. The average yield on the style-specific index increased 392 basis points and ended the fiscal year at 1.82%.⁴ Overall TIPS performed inline with their nominal US Treasury counterparts for the fiscal year. The difference between yields on a maturity-matched basis and nominal yields on US Treasuries and TIPS is a

measure of inflation expectations, also known as break even inflation (the amount of inflation needed for TIPS to break even with nominal Treasuries).

    We seek to replicate the risk and return characteristics of the Fund’s broad market/ style-specific index, the ICE BofA 1–5 Year US Inflation-Linked Treasury Index, by generally investing in the component securities of the index in their respective weightings. For the fiscal year, the Fund generated negative returns and underperformed its broad market/ style-specific benchmark. The Fund’s performance will typically lag its index due to fees.

    We wish to remind you that the Fund is subject to real interest rate risk, meaning the values of inflation-indexed securities generally fluctuate in response to changes in real interest rates. However, the Fund invests in shorter-duration inflation-indexed securities, which we believe tend to have less real interest rate risk. Inflation-indexed securities typically provide principal and interest payments that are adjusted over time to reflect a rise (inflation) or a drop (deflation) in the general price level for goods and services. However, at maturity, the value of TIPS cannot fall below their par value. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed securities. Conversely, if inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed securities. We believe the Fund’s income from its investments in inflation-indexed securities is likely to fluctuate considerably more than the income distributions of its investments in more traditional fixed income securities.

    We are monitoring real interest rates, and the market, as well as economic and geopolitical factors that may impact the direction, speed and magnitude of changes to real interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If real interest rates rise, inflation-indexed security markets may experience increased volatility, which may affect the value and/or liquidity of the Fund’s investments.

    Thank you for investing in Invesco Short Duration Inflation Protected Fund and for sharing our long-term investment horizon.

1 Source: US Bureau of Labor Statistics

2 Source: Federal Reserve of Economic Data

3 Source: US Department of the Treasury

4 Source: Bloomberg LP

Portfolio manager(s):

Robert Young

The views and opinions expressed in management’s discussion of Fund performance are those of

2 Invesco Short Duration Inflation Protected Fund

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

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

3 Invesco Short Duration Inflation Protected Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 2/28/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

*The Fund’s oldest share class (Class R5) does not have a sales charge. Therefore, the second-oldest share class, which has a sales charge (Class A2), is also included in the chart.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Short Duration Inflation Protected Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (10/31/02)	1.39	%
10 Years	0.93
5 Years	1.54
1 Year	-7.06
Class A2 Shares
Inception (12/15/87)	3.53	%
10 Years	1.16
5 Years	1.96
1 Year	-5.51
Class Y Shares
Inception (10/3/08)	1.23	%
10 Years	1.38
5 Years	2.29
1 Year	-4.49
Class R5 Shares
Inception (7/13/87)	3.77	%
10 Years	1.39
5 Years	2.30
1 Year	-4.41
Class R6 Shares
10 Years	1.39	%
5 Years	2.32
1 Year	-4.41

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.

5 Invesco Short Duration Inflation Protected Fund

Supplemental Information

Invesco Short Duration Inflation Protected Fund’s investment objective is to provide protection from the negative effects of unanticipated inflation.

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎ The 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.

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

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

6 Invesco Short Duration Inflation Protected Fund

Fund Information

Portfolio Composition

By U.S. Treasury Securities

Maturity Date	Coupon Rate			% of Total Net Assets
4/15/2024		0.50	%		4.61	%
7/15/2024		0.13			6.18
10/15/2024		0.13			4.89
1/15/2025		2.37			5.47
1/15/2025		0.25			6.15
4/15/2025		0.13			4.84
7/15/2025		0.37			6.13
10/15/2025		0.13			4.64
1/15/2026		0.62			6.30
1/15/2026		2.00			3.70
4/15/2026		0.13			5.28
7/15/2026		0.13			5.33
10/15/2026		0.13			4.85
1/15/2027		0.37			5.54
1/15/2027		2.37			3.04
4/15/2027		0.13			4.78
7/15/2027		0.37			5.23
10/15/2027		1.62			4.94
1/15/2028		0.50			5.45
1/15/2028		1.75			2.74
Money Market Funds Plus Other Assets Less Liabilities					(0.09	)

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

Data presented here are as of February 28, 2023.

7 Invesco Short Duration Inflation Protected Fund

Schedule of Investments

February 28, 2023

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–100.09%
U.S. Treasury Inflation – Indexed Bonds–2.74%(a)
U.S. Treasury Inflation - Indexed Bonds		1.75%		01/15/2028	$	16,814	$	16,859,341
U.S. Treasury Inflation – Indexed Notes–97.35%(a)
U.S. Treasury Inflation - Indexed Notes		0.50%		04/15/2024		28,818		28,327,537
U.S. Treasury Inflation - Indexed Notes		0.13%		07/15/2024		38,820		37,990,859
U.S. Treasury Inflation - Indexed Notes		0.13%		10/15/2024		30,898		30,067,246
U.S. Treasury Inflation - Indexed Notes		0.25 - 2.37%		01/15/2025		72,469		71,436,771
U.S. Treasury Inflation - Indexed Notes		0.13%		04/15/2025		31,009		29,791,593
U.S. Treasury Inflation - Indexed Notes		0.37%		07/15/2025		38,938		37,708,841
U.S. Treasury Inflation - Indexed Notes		0.13%		10/15/2025		29,755		28,518,352
U.S. Treasury Inflation - Indexed Notes		0.62 - 2.00%		01/15/2026		62,833		61,519,062
U.S. Treasury Inflation - Indexed Notes		0.13%		04/15/2026		34,289		32,447,878
U.S. Treasury Inflation - Indexed Notes		0.13%		07/15/2026		34,549		32,761,362
U.S. Treasury Inflation - Indexed Notes		0.13%		10/15/2026		31,567		29,815,571
U.S. Treasury Inflation - Indexed Notes		0.37 - 2.37%		01/15/2027		54,298		52,825,730
U.S. Treasury Inflation - Indexed Notes		0.13%		04/15/2027		31,415		29,370,665
U.S. Treasury Inflation - Indexed Notes		0.37%		07/15/2027		34,001		32,194,483
U.S. Treasury Inflation - Indexed Notes		1.62%		10/15/2027		30,402		30,399,465
U.S. Treasury Inflation - Indexed Notes		0.50%		01/15/2028		35,457		33,494,194
								598,669,609
Total U.S. Treasury Securities (Cost $650,028,507)								615,528,950
					Shares
Money Market Funds–0.00%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(b)(c)						5		5
Invesco Treasury Portfolio, Institutional Class, 4.50%(b)(c)						5		5
Total Money Market Funds (Cost $10)								10
TOTAL INVESTMENTS IN SECURITIES–100.09% (Cost $650,028,517)								615,528,960
OTHER ASSETS LESS LIABILITIES–(0.09)%								(577,978	)
NET ASSETS–100.00%							$	614,950,982

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 fiscal year ended February 28, 2023.

	Value February 28, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$516,175	$	41,022,153	$	(41,538,323	)		$-	$	-	$	5		$3,267
Invesco Liquid Assets Portfolio, Institutional Class		368,666		29,301,538		(29,670,259	)		-		55		-		2,427
Invesco Treasury Portfolio, Institutional Class		589,914		46,882,461		(47,472,370	)		-		-		5		3,606
Total		$1,474,755	$	117,206,152	$	(118,680,952	)		$-	$	55	$	10		$9,300

^(c)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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

8 Invesco Short Duration Inflation Protected Fund

Statement of Assets and Liabilities

February 28, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $ 650,028,507)		$615,528,950
Investments in affiliated money market funds, at value (Cost $ 10)		10
Receivable for:
Investments sold		2,891,313
Fund shares sold		752,470
Dividends		182
Interest		702,305
Investment for trustee deferred compensation and retirement plans		60,045
Other assets		74,887
Total assets		620,010,162
Liabilities:
Payable for:
Fund shares reacquired		1,828,685
Amount due custodian		2,919,584
Accrued fees to affiliates		104,281
Accrued trustees’ and officers’ fees and benefits		1,838
Accrued other operating expenses		137,363
Trustee deferred compensation and retirement plans		67,429
Total liabilities		5,059,180
Net assets applicable to shares outstanding		$614,950,982
Net assets consist of:
Shares of beneficial interest		$682,305,601
Distributable earnings (loss)		(67,354,619	)
	$614,950,982

Net Assets:
Class A	$	185,875,629
Class A2	$	11,739,068
Class Y	$	87,930,278
Class R5	$	33,938,659
Class R6	$	295,467,348
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		19,228,787
Class A2		1,213,116
Class Y		9,084,018
Class R5		3,507,510
Class R6		30,537,923
Class A:
Net asset value per share	$	9.67
Maximum offering price per share (Net asset value of $9.67 ÷ 97.50%)	$	9.92
Class A2:
Net asset value per share	$	9.68
Maximum offering price per share (Net asset value of $9.68 ÷ 99.00%)	$	9.78
Class Y:
Net asset value and offering price per share	$	9.68
Class R5:
Net asset value and offering price per share	$	9.68
Class R6:
Net asset value and offering price per share	$	9.68

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

9 Invesco Short Duration Inflation Protected Fund

Statement of Operations

For the year ended February 28, 2023

Investment income:
Treasury Inflation-Protected Securities inflation adjustments	$	36,849,567
Dividends from affiliated money market funds		9,300
Total investment income		36,858,867
Expenses:
Advisory fees		1,296,848
Administrative services fees		97,508
Custodian fees		22,357
Distribution fees:
Class A		459,199
Class A2		18,891
Transfer agent fees – A, A2, and Y		382,687
Transfer agent fees – R5		9,921
Transfer agent fees – R6		99,884
Trustees’ and officers’ fees and benefits		19,708
Registration and filing fees		142,440
Licensing fees		150,991
Reports to shareholders		18,966
Professional services fees		48,392
Other		15,002
Total expenses		2,782,794
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(296,773	)
Net expenses		2,486,021
Net investment income		34,372,846
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(14,165,840	)
Affiliated investment securities		55
		(14,165,785	)
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(51,960,467	)
Net realized and unrealized gain (loss)		(66,126,252	)
Net increase (decrease) in net assets resulting from operations	$	(31,753,406	)

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

10 Invesco Short Duration Inflation Protected Fund

Statement of Changes in Net Assets

For the years ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	34,372,846		$	31,008,510
Net realized gain (loss)		(14,165,785	)		3,855,794
Change in net unrealized appreciation (depreciation)		(51,960,467	)		(7,537,836	)
Net increase (decrease) in net assets resulting from operations		(31,753,406	)		27,326,468
Distributions to shareholders from distributable earnings:
Class A		(11,496,039	)		(4,781,414	)
Class A2		(794,469	)		(605,908	)
Class Y		(8,796,900	)		(2,935,679	)
Class R5		(1,989,543	)		(813,165	)
Class R6		(20,014,475	)		(15,207,317	)
Total distributions from distributable earnings		(43,091,426	)		(24,343,483	)
Return of capital:
Class A		(1,280,556	)		–
Class A2		(88,497	)		–
Class Y		(979,896	)		–
Class R5		(221,617	)		–
Class R6		(2,229,434	)		–
Total return of capital		(4,800,000	)		–
Total distributions		(47,891,426	)		(24,343,483	)
Share transactions–net:
Class A		80,815,291			51,098,411
Class A2		(543,605	)		(1,938,647	)
Class Y		3,843,453			67,294,355
Class R5		9,272,303			23,874,708
Class R6		9,682,922			(72,679,696	)
Net increase in net assets resulting from share transactions		103,070,364			67,649,131
Net increase in net assets		23,425,532			70,632,116
Net assets:
Beginning of year		591,525,450			520,893,334
End of year	$	614,950,982		$	591,525,450

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

11 Invesco Short Duration Inflation Protected Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 02/28/23		$10.87		$0.50		$(0.99	)		$(0.49	)		$(0.64	)		$(0.07	)		$(0.71	)		$  9.67		(4.66	)%		$185,876		0.55	%		0.64	%		4.95	%		52	%
Year ended 02/28/22		10.82		0.57		(0.07	)		0.50			(0.45	)		–			(0.45	)		10.87		4.65			126,718		0.55			0.61			5.23			53
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
Class A2
Year ended 02/28/23		10.88		0.51		(0.99	)		(0.48	)		(0.65	)		(0.07	)		(0.72	)		9.68		(4.56	)		11,739		0.45			0.54			5.05			52
Year ended 02/28/22		10.84		0.59		(0.09	)		0.50			(0.46	)		–			(0.46	)		10.88		4.66			13,778		0.45			0.51			5.33			53
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
Class Y
Year ended 02/28/23		10.89		0.53		(1.01	)		(0.48	)		(0.66	)		(0.07	)		(0.73	)		9.68		(4.49	)		87,930		0.30			0.39			5.20			52
Year ended 02/28/22		10.84		0.60		(0.07	)		0.53			(0.48	)		–			(0.48	)		10.89		4.91			100,465		0.30			0.36			5.48			53
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
Class R5
Year ended 02/28/23		10.88		0.53		(1.00	)		(0.47	)		(0.66	)		(0.07	)		(0.73	)		9.68		(4.41	)		33,939		0.30			0.30			5.20			52
Year ended 02/28/22		10.83		0.60		(0.07	)		0.53			(0.48	)		–			(0.48	)		10.88		4.91			28,283		0.30			0.34			5.48			53
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
Class R6
Year ended 02/28/23		10.88		0.53		(1.00	)		(0.47	)		(0.66	)		(0.07	)		(0.73	)		9.68		(4.41	)		295,467		0.30			0.30			5.20			52
Year ended 02/28/22		10.84		0.61		(0.09	)		0.52			(0.48	)		–			(0.48	)		10.88		4.84			322,282		0.28			0.28			5.50			53
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

^(a)  Calculated using average shares outstanding.

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

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

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

12 Invesco Short Duration Inflation Protected Fund

Notes to Financial Statements

February 28, 2023

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 normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

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

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

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.

13 Invesco Short Duration Inflation Protected Fund

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 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million		0.200%
Over $500 million		0.175%

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.19%.

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, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

The Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended February 28, 2023, the Adviser waived advisory fees of $952 and reimbursed class level expenses of $161,423, $10,969, $112,383, $1,282 and $7,796 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 year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class 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 year ended February 28, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

14 Invesco Short Duration Inflation Protected Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A and Class A2 shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2023, IDI advised the Fund that IDI retained $50,436 and $164 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively, and $57,207 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.

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	-	$	615,528,950		$-	$	615,528,950
Money Market Funds		10		-		-		10
Total Investments	$	10	$	615,528,950		$-	$	615,528,960

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,968.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2023 and 2022:

	2023		2022
Ordinary income*	$	43,091,426	$	24,343,483
Return of capital		4,800,000		-
Total distributions	$	47,891,426	$	24,343,483

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

15 Invesco Short Duration Inflation Protected Fund

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation (depreciation) — investments	$	(39,906,836	)
Temporary book/tax differences		(48,638	)
Late-Year ordinary loss deferral		(2,115,657	)
Capital loss carryforward		(25,283,488	)
Shares of beneficial interest		682,305,601
Total net assets	$	614,950,982

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

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

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

The Fund has a capital loss carryforward as of February 28, 2023, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term		Long-Term		Total
Not subject to expiration			$5,677,178		$19,606,310		$25,283,488

* 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 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 year ended February 28, 2023 was $400,351,613 and $342,715,120, 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	$	-
Aggregate unrealized (depreciation) of investments		(39,906,836	)
Net unrealized appreciation (depreciation) of investments	$	(39,906,836	)

Cost of investments for tax purposes is $655,435,796.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of return of capital distributions, on February 28, 2023, undistributed net investment income was increased by $4,801,491, undistributed net realized gain (loss) was decreased by $1,490 and shares of beneficial interest was decreased by $4,800,001. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended				Year ended
	February 28, 2023(a)				February 28, 2022
	Shares		Amount		Shares		Amount
Sold:
Class A		14,736,544	$	152,575,016		7,903,870	$	86,807,110
Class A2		19,570		203,617		11,088		121,581
Class Y		14,259,617		147,815,006		9,681,062		106,438,352
Class R5		1,267,334		12,941,421		2,344,506		25,790,989
Class R6		7,765,771		79,118,256		6,007,248		66,233,446

Issued as reinvestment of dividends:
Class A	1,115,619	11,223,286	395,658	4,281,458
Class A2	76,847	777,566	48,672	527,752
Class Y	775,662	7,832,507	226,566	2,452,625
Class R5	52,138	525,863	20,290	219,723
Class R6	2,166,556	21,906,862	1,398,568	15,171,414

16 Invesco Short Duration Inflation Protected Fund

	Summary of Share Activity
	Year ended						Year ended
	February 28, 2023(a)						February 28, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(8,278,100	)	$	(82,983,011	)		(3,672,740	)	$	(39,990,157	)
Class A2		(149,102	)		(1,524,788	)		(235,202	)		(2,587,980	)
Class Y		(15,178,050	)		(151,804,060	)		(3,772,445	)		(41,596,622	)
Class R5		(410,437	)		(4,194,981	)		(194,536	)		(2,136,004	)
Class R6		(9,005,170	)		(91,342,196	)		(13,881,330	)		(154,084,556	)
Net increase in share activity		9,214,799		$	103,070,364			6,281,275		$	67,649,131

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 Invesco Short Duration Inflation Protected Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Short Duration Inflation Protected Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Short Duration Inflation Protected Fund (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

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

18 Invesco 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 September 1, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$977.30	$2.70	$1,022.07	$2.76	0.55%
Class A2	1,000.00	977.80	2.21	1,022.56	2.26	0.45
Class Y	1,000.00	977.70	1.47	1,023.31	1.51	0.30
Class R5	1,000.00	978.60	1.52	1,023.26	1.56	0.31
Class R6	1,000.00	978.60	1.52	1,023.26	1.56	0.31

¹ The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

19 Invesco Short Duration Inflation Protected Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	100.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	100.00	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

20 Invesco Short Duration Inflation Protected Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	175	None

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

T-1 Invesco Short Duration Inflation Protected Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School – Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Short Duration Inflation Protected Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Short Duration Inflation Protected Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Short Duration Inflation Protected Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Short Duration Inflation Protected Fund

Trustees and Officers–(continued)

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

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

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

T-6 Invesco Short Duration Inflation Protected Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-05686 and 003-39519                  Invesco Distributors, Inc. SDIP-AR-1                                          

Annual Report to Shareholders February 28, 2023

Invesco Short Term Bond Fund

Nasdaq:

A: STBAX ∎ C: STBCX ∎ R: STBRX  ∎ Y: STBYX ∎ R5: ISTBX  ∎ R6: ISTFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
22	Financial Statements
25	Financial Highlights
26	Notes to Financial Statements
33	Report of Independent Registered Public Accounting Firm
34	Fund Expenses
35	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the fiscal year ended February 28, 2023, Class A shares of Invesco Short Term Bond Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Government and Credit 1-3 Year Index, the Fund’s style-specific benchmark.    Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 2/28/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-2.13%
Class C Shares	-2.47
Class R Shares	-2.46
Class Y Shares	-2.10
Class R5 Shares	-2.08
Class R6 Shares	-1.88
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	-9.72
Bloomberg U.S. Government and Credit 1-3 Year Index▼ (Style-Specific Index)	-2.51
Lipper Short Investment Grade Debt Funds Index∎ (Peer Group Index)	-1.87
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

The beginning of the fiscal year was headlined by a historic rise in inflation along with global geopolitical and economic tensions. Inflation, as measured by the Consumer Price Index, reached 8.5%,¹ its highest level in over 40 years. In response, the US Federal Reserve (the Fed) shifted to tighter monetary policy, hiking its Fed funds rate by 0.25%,² its first increase since 2018. Geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges in COVID-19 cases in China exacerbated supply chain issues and aggravated inflation. During the first quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%.³

    In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation increased further to 9.1% and fixed income markets experienced significant negative performance as bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).⁴ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter of 2022 above their long-term historical average.

The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its Fed funds rate during the fiscal year: a 0.50% hike in May, three 0.75% hikes in June, July and November, the largest hikes since 1994, a 0.50% hike in December, and a 0.25% hike in January to a target Fed funds rate of 4.50% to 4.75%, the highest since 2006.² At their January 2023 meeting, the Fed indicated that there were signs of inflation coming down, but not enough to counter the need for more interest rate increases. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 1.44% to 4.81% during the fiscal year, while 10-year Treasury rates increased from 1.83% to 3.92%.³ At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession. However, attractive yields and encouraging macroeconomic data show signs of a possible rebound for fixed income markets, in our opinion.

    The Fund, at NAV, generated negative returns for the fiscal year but outperformed its style-specific benchmark, the Bloomberg U.S. Government and Credit 1-3 Year Index.

    Positioning in corporate bonds was the primary contributor to Fund performance relative to the style-specific benchmark during the fiscal year. In particular, overweight allocation to and security selection in the banking, consumer cyclical and energy sub-sectors contributed most to the Fund’s relative performance. Security selection in finance companies, insurance and REITs sub-sectors detracted most from Fund performance. Additionally, an underweight to Treasuries and other government-related assets was additive to Fund performance due to a

flattening of the yield curve and elevated inflation. An overweight to securitized debt detracted from Fund performance.

    The Fund may use active duration and yield curve positioning for risk management and for generating excess return versus its style-specific benchmark. Duration measures a portfolio’s price sensitivity to interest rate changes. Yield curve positioning refers to actively emphasizing particular points (maturities) along the yield curve with favorable risk-return expectations. During the fiscal year, duration of the portfolio was maintained in-line with the style-specific benchmark, on average, and the timing of changes and the degree of variance from the Fund’s style-specific benchmark had a small negative effect on relative returns. We believe buying and selling US Treasury futures was an important tool used for the management of interest rate risk and to maintain our targeted portfolio duration during the fiscal year.

    Please note that our strategy may be implemented using derivative instruments, including futures, forward foreign currency contracts, swaps and options. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. We believe the risk may be greater in the current market environment because of interest rate volatility to combat inflation. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

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

1 Source: US Bureau of Labor Statistics

2 Source: Federal Reserve of Economic Data

3 Source: US Department of the Treasury

4 Source: Bloomberg LP

2 Invesco Short Term Bond Fund

Portfolio manager(s):

Matthew Brill

Chuck Burge

Michael Hyman

Todd Schomberg

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

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

3 Invesco Short Term Bond Fund

Your Fund’s Long–Term Performance

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

Fund and index data from 2/28/13

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

* The Fund’s oldest share class (Class C) does not have a sales charge. Therefore, the second oldest share class with a sales charge (Class A), is also included in the chart.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Short Term Bond Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)	1.54	%
10 Years	0.91
5 Years	0.50
1 Year	-4.52
Class C Shares
Inception (8/30/02)	1.68	%
10 Years	0.89
5 Years	0.66
1 Year	-2.95
Class R Shares
Inception (4/30/04)	1.38	%
10 Years	0.82
5 Years	0.66
1 Year	-2.46
Class Y Shares
Inception (10/3/08)	1.85	%
10 Years	1.31
5 Years	1.14
1 Year	-2.10
Class R5 Shares
Inception (4/30/04)	1.92	%
10 Years	1.37
5 Years	1.19
1 Year	-2.08
Class R6 Shares
Inception (9/24/12)	1.46	%
10 Years	1.43
5 Years	1.26
1 Year	-1.88

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

  Class A share performance reflects the maximum 2.50% sales charge and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 0.50% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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

5 Invesco Short Term Bond Fund

Supplemental Information

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

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

∎ The Bloomberg U.S. Government and Credit 1-3 Year 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.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Short Term Bond Fund

Fund Information

Portfolio Composition

By security type	% of total net assets
U.S. Dollar Denominated Bonds & Notes		67.93	%
Asset-Backed Securities		28.89
U.S. Treasury Securities		1.37
Security Types Each Less Than 1% of Portfolio		1.48
Money Market Funds Plus Other Assets Less Liabilities		0.33

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

* Excluding money market fund holdings, if any.

Data presented here are as of February 28, 2023.

Top Five Debt Issuers*

		% of total net assets
1.	Credit Suisse Mortgage Capital Trust	1.90%
2.	Citigroup, Inc.	1.82
3.	BX Trust	1.65
4.	Toyota Motor Credit Corp.	1.62
5.	JPMorgan Chase & Co.	1.56

7 Invesco Short Term Bond Fund

Schedule of Investments^(a)

February 28, 2023

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–67.93%
Advertising–0.15%
Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024	$	2,107,000	$    2,067,051
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024 1,424,000			1,382,002
			3,449,053
Aerospace & Defense–0.45%
Lockheed Martin Corp., 4.95%, 10/15/2025		3,657,000	3,664,483
Raytheon Technologies Corp., 5.00%, 02/27/2026		1,795,000	1,792,762
Textron, Inc., 4.30%, 03/01/2024		3,906,000	3,860,973
TransDigm, Inc., 6.75%, 08/15/2028(b)		874,000	870,722
			10,188,940
Agricultural & Farm Machinery–0.99%
Cargill, Inc., 4.88%, 10/10/2025(b)(c)		4,267,000	4,235,601
CNH Industrial Capital LLC, 3.95%, 05/23/2025		2,561,000	2,475,182
5.45%, 10/14/2025		5,684,000	5,688,770
John Deere Capital Corp., 4.55%, 10/11/2024(c)		5,266,000	5,229,277
4.90%, 03/03/2028		4,978,000	4,970,048
			22,598,878
Airlines–1.59%
American Airlines Pass-Through Trust, Series 2021-1, Class B, 3.95%, 07/11/2030 3,107,570			2,725,311
British Airways Pass-Through Trust (United Kingdom), Series 2019-1, Class A, 3.35%, 06/15/2029(b)		621,467	537,659
Delta Air Lines Pass-Through Trust, Series 2019-1, Class A, 3.40%, 04/25/2024		611,000	588,257
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)		23,995,441	23,320,122
United Airlines Pass-Through Trust, Series 2016-2, Class B, 3.65%, 10/07/2025 1,990,866			1,845,206
Series 2020-1, Class A, 5.88%, 10/15/2027		5,969,868	5,937,352
United Airlines, Inc., 4.38%, 04/15/2026(b)		1,404,000	1,322,680
			36,276,587
Apparel Retail–0.35%
Ross Stores, Inc., 4.60%, 04/15/2025		8,029,000	7,908,192
Application Software–0.04%
Open Text Corp. (Canada), 6.90%, 12/01/2027(b)		838,000	847,134
Asset Management & Custody Banks–1.31%
Apollo Management Holdings L.P., 4.95%, 01/14/2050(b)(d)		2,350,000	2,028,239

	Principal Amount		Value
Asset Management & Custody Banks–(continued)
Bank of New York Mellon Corp. (The), 5.22%, 11/21/2025(c)(d)	$	4,167,000	$    4,154,453
4.41%, 07/24/2026(d)		5,580,000	5,475,460
5.80%, 10/25/2028(c)(d)		4,242,000	4,348,366
Blackstone Secured Lending Fund, 2.75%, 09/16/2026		2,184,000	1,903,418
Northern Trust Corp., 4.00%, 05/10/2027(c)		5,752,000	5,575,095
State Street Corp., 4.86%, 01/26/2026(d)		3,988,000	3,953,399
5.75%, 11/04/2026(d)		2,383,000	2,417,002
			29,855,432
Automobile Manufacturers–6.47%
American Honda Finance Corp., 4.75%, 01/12/2026(c)		2,122,000	2,104,204
4.70%, 01/12/2028(c)		5,562,000	5,485,201
Daimler Truck Finance North America LLC (Germany), 5.20%, 01/17/2025(b)		6,697,000	6,657,284
5.15%, 01/16/2026(b)		4,388,000	4,340,748
Ford Motor Credit Co. LLC, 2.30%, 02/10/2025		29,538,000	27,175,927
7.53% (SOFR + 2.95%), 03/06/2026(e)		4,800,000	4,860,645
General Motors Financial Co., Inc., 5.80% (SOFR + 1.30%), 04/07/2025(e)		8,022,000	8,024,238
6.05%, 10/10/2025		8,783,000	8,857,232
5.00%, 04/09/2027		3,511,000	3,425,326
Hyundai Capital America, 5.75%, 04/06/2023(b)		7,029,000	7,028,085
5.88%, 04/07/2025(b)(c)		5,895,000	5,930,880
Kia Corp. (South Korea), 2.75%, 02/14/2027(b)		3,555,000	3,201,720
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/2024(b)		2,439,000	2,253,895
Nissan Motor Co. Ltd. (Japan), 3.04%, 09/15/2023(b)		2,079,000	2,043,693
PACCAR Financial Corp., 4.95%, 10/03/2025		5,906,000	5,897,091
4.60%, 01/10/2028		4,226,000	4,196,970
Toyota Motor Credit Corp., 4.40%, 09/20/2024		14,999,000	14,832,455
4.88% (SOFR + 0.56%), 01/10/2025(e)		8,250,000	8,265,930
4.55%, 09/20/2027(c)		9,283,000	9,137,171
4.63%, 01/12/2028(c)		4,786,000	4,726,755
Volkswagen Group of America Finance LLC (Germany), 5.53% (SOFR + 0.95%), 06/07/2024(b)(e) 7,471,000			7,479,831
4.35%, 06/08/2027(b)		1,540,000	1,478,466
			147,403,747
Automotive Retail–0.24%
Lithia Motors, Inc., 4.63%, 12/15/2027(b)		6,000,000	5,453,340

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

8 Invesco Short Term Bond Fund

	Principal Amount		Value
Biotechnology–0.53%
Amgen, Inc., 5.25%, 03/02/2025	$	5,833,000	$	5,821,037
5.15%, 03/02/2028		6,356,000		6,332,810
				12,153,847
Broadcasting–0.05%
Fox Corp., 4.03%, 01/25/2024		1,120,000		1,105,553
Cable & Satellite–0.27%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.50%, 02/01/2024		3,510,000		3,467,410
Comcast Corp., 5.25%, 11/07/2025(c)		1,210,000		1,216,466
Sirius XM Radio, Inc., 3.13%, 09/01/2026(b)		1,595,000		1,411,778
				6,095,654
Computer & Electronics Retail–0.37%
Dell International LLC/EMC Corp., 4.00%, 07/15/2024		6,621,000		6,490,105
5.85%, 07/15/2025		1,899,000		1,911,031
				8,401,136
Construction Machinery & Heavy Trucks–1.00%
Caterpillar Financial Services Corp., 4.90%, 01/17/2025(c)		15,000,000		14,942,189
Komatsu Finance America, Inc., 5.50%, 10/06/2027(b)		4,365,000		4,462,190
Wabtec Corp., 4.40%, 03/15/2024		3,511,000		3,460,300
				22,864,679
Construction Materials–0.17%
Vulcan Materials Co., 5.80%, 03/01/2026		3,960,000		3,960,923
Consumer Finance–0.80%
American Express Co., 3.95%, 08/01/2025		5,636,000		5,472,459
Capital One Financial Corp., 4.17%, 05/09/2025(d)		10,038,000		9,816,718
Synchrony Financial, 4.25%, 08/15/2024		3,019,000		2,947,769
				18,236,946
Copper–0.82%
Freeport-McMoRan, Inc., 4.55%, 11/14/2024		5,496,000		5,399,335
4.38%, 08/01/2028		14,243,000		13,234,355
				18,633,690
Data Processing & Outsourced Services–0.61%
Fidelity National Information Services, Inc., 4.50%, 07/15/2025		9,077,000		8,875,496
Fiserv, Inc., 3.80%, 10/01/2023		1,389,000		1,375,311
Global Payments, Inc., 4.00%, 06/01/2023		3,591,000		3,574,692
				13,825,499

	Principal Amount		Value
Distillers & Vintners–0.28%
Constellation Brands, Inc., 4.35%, 05/09/2027	$	6,647,000	$	6,427,486
Diversified Banks–15.79%
Australia and New Zealand Banking Group Ltd. (Australia), 5.09%, 12/08/2025		1,591,000		1,585,809
Banco Santander S.A. (Spain), 5.15%, 08/18/2025		7,000,000		6,916,761
Bank of America Corp., 3.86%, 07/23/2024(d)		1,702,000		1,689,616
5.08%, 01/20/2027(d)		8,680,000		8,591,710
Banque Federative du Credit Mutuel S.A. (France), 4.94%, 01/26/2026(b)(c)		7,000,000		6,905,288
Barclays PLC (United Kingdom), 5.30%, 08/09/2026(d)		14,243,000		14,037,279
BPCE S.A. (France), 5.98%, 01/18/2027(b)(d)		4,552,000		4,549,102
Citigroup, Inc., 4.14%, 05/24/2025(c)(d)		14,243,000		13,985,428
6.00% (3 mo. USD LIBOR + 1.25%), 07/01/2026(e)		14,536,000		14,719,336
5.61%, 09/29/2026(d)		9,234,000		9,237,453
Series V, 4.70%(d)(f)		3,790,000		3,467,850
Citizens Bank N.A., 4.12%, 05/23/2025(d)		14,243,000		13,908,323
6.06%, 10/24/2025(d)		9,016,000		9,070,230
Cooperatieve Rabobank U.A. (Netherlands), 5.00%, 01/13/2025(c) 9,883,000				9,858,763
Danske Bank A/S (Denmark), 5.80% (3 mo. USD LIBOR + 1.06%), 09/12/2023(b)(e)		5,898,000		5,903,925
6.47%, 01/09/2026(b)(c)(d)		2,910,000		2,929,867
Federation des caisses Desjardins du Quebec (Canada), 4.40%, 08/23/2025(b)(c)		14,000,000		13,629,316
5.28%, 01/23/2026(b)(d)		6,000,000		5,956,140
HSBC Holdings PLC (United Kingdom), 3.95%, 05/18/2024(d)		1,142,000		1,137,007
5.16% (SOFR + 0.58%), 11/22/2024(e)		1,518,000		1,504,130
4.18%, 12/09/2025(d)		14,243,000		13,862,366
7.34%, 11/03/2026(d)		10,000,000		10,425,995
HSBC USA, Inc., 3.75%, 05/24/2024		5,636,000		5,519,727
ING Groep N.V. (Netherlands), 5.48% (SOFR + 1.01%), 04/01/2027(c)(e)		4,979,000		4,883,561
6.50%(c)(d)(f)		7,693,000		7,374,433
JPMorgan Chase & Co., 5.55%, 12/15/2025(c)(d)		14,750,000		14,739,087
4.08%, 04/26/2026(d)		10,386,000		10,097,709
5.87% (SOFR + 1.32%), 04/26/2026(e)		5,905,000		5,968,913
Series HH, 4.60%(d)(f)		5,180,000		4,818,177
KeyBank N.A., 4.15%, 08/08/2025		7,358,000		7,179,203
4.70%, 01/26/2026(c)		2,137,000		2,106,893
Manufacturers & Traders Trust Co., 5.40%, 11/21/2025(c)		8,720,000		8,730,623
4.65%, 01/27/2026(c)		9,900,000		9,712,542

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

9 Invesco Short Term Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
Mitsubishi UFJ Financial Group, Inc. (Japan), 5.06%, 09/12/2025(d)	$	8,400,000	$	8,324,054
Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024(b)		6,172,000		6,082,833
National Australia Bank Ltd. (Australia), 4.97%, 01/12/2026(c)		6,533,000		6,511,201
Natwest Group PLC (United Kingdom), 5.85%, 03/02/2027(d)		1,006,000		1,006,921
NatWest Group PLC (United Kingdom), 7.47%, 11/10/2026(d)		3,601,000		3,743,586
5.52%, 09/30/2028(d)		1,900,000		1,882,979
Nordea Bank Abp (Finland), 3.60%, 06/06/2025(b)		4,306,000		4,137,806
4.75%, 09/22/2025(b)		15,000,000		14,796,453
5.38%, 09/22/2027(b)		3,672,000		3,664,867
6.63%(b)(d)(f)		3,278,000		3,190,422
Royal Bank of Canada (Canada), 4.88%, 01/12/2026(c)		10,000,000		9,913,871
Skandinaviska Enskilda Banken AB (Sweden), 3.70%, 06/09/2025(b)		7,259,000		6,990,783
Societe Generale S.A. (France), 6.45%, 01/12/2027(b)(d)		5,209,000		5,258,983
Sumitomo Mitsui Financial Group, Inc. (Japan), 5.46%, 01/13/2026		11,267,000		11,246,739
Svenska Handelsbanken AB (Sweden), 3.65%, 06/10/2025(b)(c)		3,663,000		3,525,587
U.S. Bancorp, 5.73%, 10/21/2026(c)(d)		8,167,000		8,270,625
Wells Fargo & Co., 4.54%, 08/15/2026(c)(d)		6,203,000		6,054,964
				359,605,236
Diversified Capital Markets–2.80%
Credit Suisse AG (Switzerland), 6.50%, 08/08/2023(b)(c)		1,871,000		1,833,853
4.75%, 08/09/2024(c)		15,000,000		14,451,284
7.95%, 01/09/2025(c)		8,126,000		8,210,224
3.70%, 02/21/2025		4,822,000		4,490,370
Credit Suisse Group AG (Switzerland), 6.37%, 07/15/2026(b)(d)		11,485,000		10,808,705
UBS Group AG (Switzerland), 4.49%, 05/12/2026(b)(d)		9,401,000		9,168,911
5.71%, 01/12/2027(b)(c)(d)		14,800,000		14,775,827
				63,739,174
Diversified Chemicals–0.39%
Celanese US Holdings LLC, 5.90%, 07/05/2024(c)		8,943,000		8,936,245
Diversified Metals & Mining–0.25%
BHP Billiton Finance (USA) Ltd. (Australia), 4.88%, 02/27/2026		5,764,000		5,728,478
Diversified REITs–0.90%
VICI Properties L.P., 4.38%, 05/15/2025		6,647,000		6,403,122

	Principal Amount		Value
Diversified REITs–(continued)
VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024(b)	$	14,243,000	$	14,155,051
				20,558,173
Education Services–0.22%
Grand Canyon University, 3.25%, 10/01/2023		5,117,000		5,053,038
Electric Utilities–1.95%
Duke Energy Corp., 5.00%, 12/08/2025(c)		5,660,000		5,626,453
5.00%, 12/08/2027		1,667,000		1,655,430
4.30%, 03/15/2028		2,826,000		2,700,855
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(b)		3,327,000		3,412,864
Mercury Chile Holdco LLC (Chile), 6.50%, 01/24/2027(b)		3,771,000		3,620,160
NextEra Energy Capital Holdings, Inc., 4.20%, 06/20/2024		6,647,000		6,538,524
6.05%, 03/01/2025		2,763,000		2,781,301
4.45%, 06/20/2025(c)		4,747,000		4,647,153
NextEra Energy Operating Partners L.P., 4.25%, 09/15/2024(b)		375,000		351,433
Southern Co. (The), 4.48%, 08/01/2024(g)		9,496,000		9,357,184
5.15%, 10/06/2025(c)		2,585,000		2,576,021
Series 21-A, 3.75%, 09/15/2051(d)		1,321,000		1,128,877
				44,396,255
Electrical Components & Equipment–0.61%
Regal Rexnord Corp., 6.05%, 02/15/2026(b)		8,485,000		8,421,420
6.05%, 04/15/2028(b)		5,645,000		5,522,610
				13,944,030
Electronic Components–0.23%
Tyco Electronics Group S.A., 4.50%, 02/13/2026		5,368,000		5,298,901
Financial Exchanges & Data–0.15%
Intercontinental Exchange, Inc., 4.00%, 09/15/2027		3,406,000		3,315,574
General Merchandise Stores–0.25%
Dollar General Corp., 4.25%, 09/20/2024		5,816,000		5,716,275
Health Care Equipment–0.11%
Becton, Dickinson and Co., 4.69%, 02/13/2028		2,516,000		2,460,741
Health Care Facilities–0.16%
HCA, Inc., 5.38%, 02/01/2025(c)		3,567,000		3,534,948
Homebuilding–0.49%
Lennar Corp., 4.88%, 12/15/2023		4,748,000		4,718,789
Meritage Homes Corp., 6.00%, 06/01/2025		6,000,000		5,976,667
Toll Brothers Finance Corp., 4.88%, 11/15/2025		477,000		470,864
				11,166,320

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

10 Invesco Short Term Bond Fund

	Principal Amount		Value
Hotels, Resorts & Cruise Lines–0.54%
Expedia Group, Inc., 4.63%, 08/01/2027	$	12,869,000	$     12,289,934
Industrial Machinery–0.14%
Weir Group PLC (The) (United Kingdom), 2.20%, 05/13/2026(b)		3,757,000	3,292,496
Integrated Oil & Gas–0.27%
BP Capital Markets PLC (United Kingdom), 4.38%(d)(f)		2,849,000	2,723,335
Occidental Petroleum Corp., 6.95%, 07/01/2024		3,305,000	3,341,545
			6,064,880
Integrated Telecommunication Services–0.16%
British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		3,571,000	3,544,124
Interactive Home Entertainment–0.06%
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027(c)		1,375,000	1,298,176
Interactive Media & Services–0.43%
Tencent Holdings Ltd. (China), 3.28%, 04/11/2024(b)		10,000,000	9,757,397
Internet & Direct Marketing Retail–0.25%
Prosus N.V. (China), 3.26%, 01/19/2027(b)		6,310,000	5,615,672
Internet Services & Infrastructure–0.10%
VeriSign, Inc., 5.25%, 04/01/2025		1,764,000	1,760,848
4.75%, 07/15/2027		554,000	537,466
			2,298,314
Investment Banking & Brokerage–1.41%
Goldman Sachs Group, Inc. (The), 5.70%, 11/01/2024		4,853,000	4,883,788
5.16% (SOFR + 0.79%), 12/09/2026(e)		9,326,000	9,158,209
5.18% (SOFR + 0.81%), 03/09/2027(c)(e)		7,855,000	7,751,600
5.20% (SOFR + 0.82%), 09/10/2027(e)		752,000	736,989
Morgan Stanley, 5.05%, 01/28/2027(c)(d)		4,511,000	4,461,079
National Securities Clearing Corp., 5.10%, 11/21/2027(b)		5,113,000	5,108,806
			32,100,471
IT Consulting & Other Services–0.43%
International Business Machines Corp., 4.50%, 02/06/2026		9,900,000	9,706,035
Life & Health Insurance–1.84%
Delaware Life Global Funding, Series 22-1, 3.31%, 03/10/2025(b)		6,041,000	5,643,865
Five Corners Funding Trust, 4.42%, 11/15/2023(b)		6,172,000	6,115,305
Jackson National Life Global Funding, 5.50%, 01/09/2026(b)		8,333,000	8,336,895

	Principal Amount		Value
Life & Health Insurance–(continued)
Northwestern Mutual Global Funding, 4.00%, 07/01/2025(b)	$	8,940,000	$       8,696,694
4.35%, 09/15/2027(b)(c)		5,593,000	5,435,175
Protective Life Global Funding, 5.37%, 01/06/2026(b)(c)		7,676,000	7,718,571
			41,946,505
Life Sciences Tools & Services–0.25%
Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027(c)		5,625,000	5,625,746
Managed Health Care–0.91%
Elevance Health, Inc., 5.35%, 10/15/2025		7,000,000	7,009,296
Humana, Inc., 5.70%, 03/13/2026		3,861,000	3,862,984
UnitedHealth Group, Inc., 5.00%, 10/15/2024(c)		5,735,000	5,731,880
5.15%, 10/15/2025		3,998,000	4,006,790
			20,610,950
Movies & Entertainment–1.25%
Netflix, Inc., 5.75%, 03/01/2024(c)		6,120,000	6,139,156
5.88%, 02/15/2025		5,000,000	5,038,625
4.38%, 11/15/2026(c)		10,000,000	9,654,850
Warnermedia Holdings, Inc., 3.53%, 03/15/2024(b)		2,496,000	2,440,137
3.64%, 03/15/2025(b)		1,561,000	1,489,347
3.79%, 03/15/2025(b)		3,757,000	3,593,739
			28,355,854
Multi-Utilities–0.83%
WEC Energy Group, Inc., 5.00%, 09/27/2025		6,044,000	5,993,020
4.75%, 01/09/2026		6,863,000	6,768,507
5.15%, 10/01/2027		2,095,000	2,085,537
4.75%, 01/15/2028		4,178,000	4,096,722
			18,943,786
Office REITs–0.68%
Brandywine Operating Partnership L.P., 7.55%, 03/15/2028(c)		5,599,000	5,494,640
Office Properties Income Trust, 4.25%, 05/15/2024		9,131,000	8,780,958
2.65%, 06/15/2026		1,485,000	1,176,560
			15,452,158
Oil & Gas Equipment & Services–0.10%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)		2,240,000	2,212,762
Oil & Gas Exploration & Production–1.24%
Apache Corp., 7.75%, 12/15/2029		2,027,000	2,099,726
Devon Energy Corp., 5.25%, 10/15/2027		8,657,000	8,562,367
5.88%, 06/15/2028		9,496,000	9,560,157
EQT Corp., 5.68%, 10/01/2025		5,855,000	5,784,741
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)		2,079,000	2,123,906
			28,130,897

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

11 Invesco Short Term Bond Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–3.08%
Enbridge, Inc. (Canada), 5.20% (SOFR + 0.63%), 02/16/2024(e)	$	3,714,000	$       3,706,742
Energy Transfer L.P., 4.25%, 03/15/2023		2,774,000	2,773,088
5.88%, 01/15/2024		3,596,000	3,600,033
5.50%, 06/01/2027		28,060,000	27,921,264
5.55%, 02/15/2028		1,114,000	1,110,747
Enterprise Products Operating LLC, 5.05%, 01/10/2026		4,041,000	4,034,292
Series D, 7.86% (3 mo. USD LIBOR + 2.99%), 08/16/2077(c)(e)		2,375,000	2,275,401
ONEOK Partners L.P., 4.90%, 03/15/2025		3,950,000	3,897,308
ONEOK, Inc., 5.85%, 01/15/2026(c)		3,528,000	3,556,772
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/2028		14,927,000	15,853,454
Williams Cos., Inc. (The), 5.40%, 03/02/2026		1,346,000	1,346,616
			70,075,717
Other Diversified Financial Services–1.17%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 1.65%, 10/29/2024		2,496,000	2,316,898
Equitable Holdings, Inc., 3.90%, 04/20/2023		1,128,000	1,125,102
OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026(b)		23,535,000	23,206,533
			26,648,533
Packaged Foods & Meats–0.59%
Conagra Brands, Inc., 4.30%, 05/01/2024		3,601,000	3,552,420
General Mills, Inc., 5.24%, 11/18/2025		10,000,000	9,944,390
			13,496,810
Paper Packaging–0.39%
Berry Global, Inc., 4.88%, 07/15/2026(b)		5,744,000	5,505,682
1.65%, 01/15/2027		2,981,000	2,560,174
Sealed Air Corp., 5.50%, 09/15/2025(b)		938,000	923,930
			8,989,786
Pharmaceuticals–0.56%
Eli Lilly and Co., 5.00%, 02/27/2026		5,049,000	5,036,332
Takeda Pharmaceutical Co. Ltd. (Japan), 4.40%, 11/26/2023		1,197,000	1,185,703
Zoetis, Inc., 5.40%, 11/14/2025		6,594,000	6,636,468
			12,858,503
Real Estate Development–0.20%
Agile Group Holdings Ltd. (China), 5.75%, 01/02/2025(b)		202,000	124,785
6.05%, 10/13/2025(b)		1,650,000	923,845
5.50%, 05/17/2026(b)		413,000	218,733

	Principal Amount		Value
Real Estate Development–(continued)
Country Garden Holdings Co. Ltd. (China), 5.40%, 05/27/2025(b)	$	400,000	$          284,469
Greentown China Holdings Ltd. (China), 4.70%, 04/29/2025(b)		987,000	920,378
Logan Group Co. Ltd. (China), 4.25%, 07/12/2025(b)		1,059,000	301,846
Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024(b)		1,257,000	1,069,895
Sino-Ocean Land Treasure IV Ltd. (China), 3.25%, 05/05/2026(b)		1,054,000	770,018
			4,613,969
Regional Banks–2.70%
Banque Federative du Credit Mutuel S.A. (France), 4.52%, 07/13/2025(b)		9,077,000	8,874,549
Citizens Financial Group, Inc., 4.30%, 12/03/2025		11,908,000	11,500,613
Fifth Third Bank N.A., 5.85%, 10/27/2025(d)		8,271,000	8,319,025
KeyCorp, 3.88%, 05/23/2025(d)		1,548,000	1,515,117
PNC Financial Services Group, Inc. (The), 5.67%, 10/28/2025(d)		5,038,000	5,059,411
4.76%, 01/26/2027(c)(d)		4,520,000	4,454,103
Santander UK Group Holdings PLC (United Kingdom), 6.83%, 11/21/2026(d)		4,095,000	4,167,226
Synovus Financial Corp., 5.20%, 08/11/2025		6,710,000	6,605,492
Truist Financial Corp., 4.26%, 07/28/2026(d)		7,457,000	7,271,939
4.12%, 06/06/2028(c)(d)		3,876,000	3,708,527
			61,476,002
Restaurants–0.33%
Aramark Services, Inc., 5.00%, 04/01/2025(b)		3,034,000	2,946,241
Starbucks Corp., 4.75%, 02/15/2026		4,500,000	4,458,476
			7,404,717
Retail REITs–0.29%
Kite Realty Group L.P., 4.00%, 10/01/2026		5,187,000	4,804,082
Realty Income Corp., 5.05%, 01/13/2026		1,807,000	1,790,681
			6,594,763
Semiconductor Equipment–0.16%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 4.40%, 06/01/2027		3,846,000	3,683,833
Semiconductors–0.64%
Marvell Technology, Inc., 4.20%, 06/22/2023		3,509,000	3,492,544
Microchip Technology, Inc., 4.33%, 06/01/2023		3,508,000	3,496,927
4.25%, 09/01/2025		7,910,000	7,662,245
			14,651,716

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

12 Invesco Short Term Bond Fund

	Principal Amount		Value
Sovereign Debt–0.38%
Bahamas Government International Bond (Bahamas), 9.00%, 06/16/2029(b)	$	2,274,000	$       2,075,396
Indonesia Government International Bond (Indonesia), 4.55%, 01/11/2028		3,830,000	3,767,052
Romanian Government International Bond (Romania), 6.63%, 02/17/2028(b)		2,640,000	2,702,370
			8,544,818
Specialized Finance–1.10%
Blackstone Private Credit Fund, 2.70%, 01/15/2025		1,721,000	1,604,982
7.05%, 09/29/2025(b)		2,812,000	2,823,853
IP Lending VII Ltd. (Bermuda), Series 2022-7A, Class SNR, 8.00%, 10/11/2027(b)(h)		8,658,000	8,658,000
National Rural Utilities Cooperative Finance Corp., 5.45%, 10/30/2025(c)		6,729,000	6,757,045
4.45%, 03/13/2026		5,328,000	5,219,868
			25,063,748
Specialty Chemicals–0.41%
Sasol Financing USA LLC (South Africa), 4.38%, 09/18/2026		7,859,000	7,070,192
Sherwin-Williams Co. (The), 4.25%, 08/08/2025		2,373,000	2,313,511
			9,383,703
Steel–0.32%
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027		5,038,000	5,169,966
POSCO (South Korea), 5.63%, 01/17/2026(b)		2,197,000	2,203,875
			7,373,841
Systems Software–0.25%
Oracle Corp., 5.80%, 11/10/2025(c)		3,828,000	3,874,514
4.50%, 05/06/2028(c)		1,944,000	1,870,360
			5,744,874
Technology Distributors–0.25%
Arrow Electronics, Inc., 6.13%, 03/01/2026		5,690,000	5,693,560
Tobacco–1.35%
Philip Morris International, Inc., 5.13%, 11/15/2024(c)		13,913,000	13,877,846
5.00%, 11/17/2025		6,078,000	6,044,825
4.88%, 02/13/2026		7,712,000	7,627,970
5.13%, 11/17/2027		3,200,000	3,187,022
			30,737,663
Trading Companies & Distributors–0.68%
Air Lease Corp., 1.88%, 08/15/2026		1,570,000	1,371,249
Aircastle Ltd., 5.00%, 04/01/2023		14,243,000	14,222,968
			15,594,217

	Principal Amount		Value
Trucking–0.89%
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.00%, 07/15/2025(b)	$	3,669,000	$       3,512,374
4.40%, 07/01/2027(b)		3,107,000	2,966,533
Ryder System, Inc., 4.63%, 06/01/2025		5,428,000	5,307,326
4.30%, 06/15/2027		2,100,000	2,018,889
Triton Container International Ltd. (Bermuda), 2.05%, 04/15/2026(b)		7,407,000	6,481,975
			20,287,097
Wireless Telecommunication Services–0.51%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025(b)		6,559,875	6,486,027
T-Mobile USA, Inc., 4.95%, 03/15/2028(c)		2,716,000	2,667,340
VEON Holdings B.V. (Netherlands), 4.00%, 04/09/2025(b)		3,001,000	2,535,845
			11,689,212
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,591,333,089)			1,546,993,343
Asset-Backed Securities–28.89%
American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025(b)		448,656	447,880
AmeriCredit Automobile Receivables Trust, Series 2018-3, Class C, 3.74%, 10/18/2024		391,246	390,968
Series 2019-2, Class C, 2.74%, 04/18/2025		901,347	892,946
Series 2019-2, Class D, 2.99%, 06/18/2025		3,700,000	3,613,120
Series 2019-3, Class D, 2.58%, 09/18/2025		1,830,000	1,771,838
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(i)		818,107	771,864
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(i)		2,665,200	2,447,939
Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(i)		1,509,717	1,376,845
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(i)		3,233,366	2,660,747
Series 2021-7, Class A1, 1.98%, 10/25/2066(b)(i)		11,372,876	9,289,858
Series 2022-1, Class A1, 2.88%, 12/25/2066(b)(g)		6,962,391	6,163,219
Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-5A, Class A, 6.12%, 04/20/2027(b)		19,000,000	19,319,702
Series 2023-1A, Class A, 5.25%, 04/20/2029(b)		2,033,000	2,015,953
Series 2023-2A, Class A, 5.20%, 10/20/2027(b)		2,425,000	2,395,270
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 6.00% (3 mo. USD LIBOR + 1.18%), 07/25/2034(b)(e)		11,812,000	11,625,063

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

13 Invesco Short Term Bond Fund

	Principal Amount		Value
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class A, 3.22%, 04/14/2033(b)	$	20,000,000	$      18,652,556
Banc of America Mortgage Trust, Series 2004-D, Class 2A2, 3.04%, 05/25/2034(i)		15,229	14,224
Bayview MSR Opportunity Master Fund Trust, Series 2021-4, Class A3, 3.00%, 10/25/2051(b)(i)		5,814,906	4,900,636
Series 2021-4, Class A4, 2.50%, 10/25/2051(b)(i)		5,814,049	4,718,705
Series 2021-4, Class A8, 2.50%, 10/25/2051(b)(i)		5,492,732	4,771,673
Series 2021-5, Class A1, 3.00%, 11/25/2051(b)(i)		6,256,520	5,303,665
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-6, Class 1A3, 3.86%, 08/25/2033(i)		20,019	18,922
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035(e)		103,591	96,516
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(e)		200,044	190,456
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.56%, 01/15/2051(j)		18,949,118	374,423
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(i)		1,416,113	1,326,850
BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 5.44% (1 mo. USD LIBOR + 0.85%), 11/15/2038(b)(e)		3,455,000	3,400,404
Series 2021-VOLT, Class A, 5.29% (1 mo. USD LIBOR + 0.70%), 09/15/2036(b)(e)		6,565,000	6,414,517
Series 2021-VOLT, Class B, 5.54% (1 mo. USD LIBOR + 0.95%), 09/15/2036(b)(e)		11,325,000	10,973,114
Series 2021-VOLT, Class C, 5.69% (1 mo. USD LIBOR + 1.10%), 09/15/2036(b)(e)		2,795,000	2,701,591
Series 2021-VOLT, Class D, 6.24% (1 mo. USD LIBOR + 1.65%), 09/15/2036(b)(e)		6,464,000	6,248,985
Series 2021-XL2, Class B, 5.59% (1 mo. USD LIBOR + 1.00%), 10/15/2038(b)(e)		2,312,154	2,244,157
BX Trust, Series 2021-LGCY, Class A, 5.09% (1 mo. USD LIBOR + 0.51%), 10/15/2036(b)(e)		25,000,000	24,308,755
Series 2022-CLS, Class A, 5.76%, 10/13/2027(b)		2,630,000	2,561,883
Series 2022-LBA6, Class A, 5.56% (1 mo. Term SOFR + 1.00%), 01/15/2039(b)(e)		5,550,000	5,459,823
Series 2022-LBA6, Class B, 5.86% (1 mo. Term SOFR + 1.30%), 01/15/2039(b)(e)		3,435,000	3,371,561
Series 2022-LBA6, Class C, 6.16% (1 mo. Term SOFR + 1.60%), 01/15/2039(b)(e)		1,835,000	1,792,532

	Principal Amount		Value
CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028	$	11,274,000	$     11,404,641
CCG Receivables Trust, Series 2019-2, Class B, 2.55%, 03/15/2027(b)		1,371,285	1,364,193
Series 2019-2, Class C, 2.89%, 03/15/2027(b)		695,000	690,662
CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 0.88%, 11/13/2050(j)		7,911,414	213,660
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 5.79% (3 mo. USD LIBOR + 0.98%), 04/20/2031(b)(e)		5,813,000	5,767,548
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(b)(i)		59,745	55,454
Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(b)(i)		1,749,481	1,567,695
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 4.00%, 01/25/2036(i)		244,314	214,132
CIFC Funding Ltd. (Cayman Islands), Series 2014-5A, Class A1R2, 5.99% (3 mo. USD LIBOR + 1.20%), 10/17/2031(b)(e)		2,390,000	2,379,259
Series 2016-1A, Class ARR, 5.90% (3 mo. USD LIBOR + 1.08%), 10/21/2031(b)(e)		2,424,000	2,393,421
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO, 0.98%, 11/10/2046(j)		10,037,805	32,401
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		214,341	211,503
Series 2017-C4, Class XA, IO, 1.03%, 10/12/2050(j)		20,258,340	675,190
Citigroup Mortgage Loan Trust, Series 2004-UST1, Class A4, 4.65%, 08/25/2034(i)		70,461	64,518
Series 2006-AR1, Class 1A1, 7.11% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(e)		430,411	413,886
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(b)(i)		5,905,108	4,792,609
COLT Mortgage Loan Trust, Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(i)		219,658	216,371
Series 2021-5, Class A1, 1.73%, 11/26/2066(b)(i)		8,625,019	7,152,469
Series 2022-1, Class A1, 2.28%, 12/27/2066(b)(i)		4,184,468	3,660,581
Series 2022-2, Class A1, 2.99%, 02/25/2067(b)(g)		4,216,622	3,772,759
Series 2022-5, Class A1, 4.55%, 04/25/2067(b)(i)		13,976,680	13,477,275
COMM Mortgage Trust, Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		241,297	236,649
Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-17, Class 1A8, 5.50%, 09/25/2035		187,492	170,206
Series 2005-J4, Class A7, 5.50%, 11/25/2035		301,964	248,309

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

14 Invesco Short Term Bond Fund

	Principal Amount		Value
Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065(b)(g)	$	624,473	$          611,817
Credit Suisse Mortgage Capital Trust, Series 2020-AFC1, Class A1, 2.24%, 02/25/2050(b)(i)		3,631,366	3,358,783
Series 2021-INV1, Class A4, 2.50%, 07/25/2056(b)(i)		13,737,888	12,029,916
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(i)		1,064,400	900,642
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(i)		4,540,001	3,832,474
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(b)(i)		5,656,035	5,185,852
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(b)(i)		2,955,000	2,542,179
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(b)(i)		6,171,624	5,942,702
Series 2022-NQM4, Class A1A, 4.82%, 06/25/2067(b)(g)		9,622,541	9,383,742
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18%, 10/15/2026		2,414,714	2,393,635
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 5.87% (3 mo. USD LIBOR + 1.08%), 01/15/2034(b)(e)		1,705,121	1,676,576
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(i)		344,677	334,454
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(i)		1,303,591	1,066,213
Series 2022-1, Class A1, 2.21%, 01/25/2067(b)(i)		3,956,061	3,374,770
Series 2022-3, Class A1, 5.00%, 08/25/2067(b)(g)		5,719,623	5,575,249
Exeter Automobile Receivables Trust, Series 2019-1A, Class D, 4.13%, 12/16/2024(b)		909,809	908,759
Series 2019-4A, Class D, 2.58%, 09/15/2025(b)		2,262,709	2,229,196
Flagstar Mortgage Trust, Series 2021-11IN, Class A6, 3.70%, 11/25/2051(b)(i)		9,500,722	8,236,035
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(b)(i)		2,037,169	1,768,725
FREMF Mortgage Trust, Series 2013-K28, Class C, 3.41%, 06/25/2046(b)(i)		442,055	440,431
Series 2013-K29, Class C, 3.50%, 05/25/2046(b)(i)		1,915,000	1,904,341
Series 2013-K30, Class C, 3.55%, 06/25/2045(b)(i)		917,000	909,819
Series 2017-K724, Class B, 5.26%, 12/25/2049(b)(i)		1,395,000	1,366,391
GCAT Trust, Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(b)(i)		1,975,597	1,848,356
Series 2020-NQM2, Class A1, 1.56%, 04/25/2065(b)(g)		818,975	741,510
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-9A, Class A, 5.88% (3 mo. USD LIBOR + 1.07%), 01/20/2033(b)(e)		6,000,000	5,932,986

	Principal Amount		Value
GoldenTree Loan Management US CLO 2 Ltd., Series 2017-2A, Class AR, 5.72% (3 mo. USD LIBOR + 0.91%), 11/20/2030(b)(e)	$	7,612,000	$       7,566,122
GoldenTree Loan Management US CLO 5 Ltd., Series 2019-5A, Class AR, 5.88% (3 mo. USD LIBOR + 1.07%), 10/20/2032(b)(e)		7,000,000	6,917,764
Golub Capital Partners CLO 35(B) Ltd., Series 2017-35A, Class AR, 6.00% (3 mo. USD LIBOR + 1.19%), 07/20/2029(b)(e)		7,861,177	7,808,475
GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, 5.29% (1 mo. Term SOFR + 0.73%), 08/15/2036(b)(e)		2,640,000	2,620,726
GS Mortgage Securities Trust, Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		152,253	150,991
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(b)(i)		4,986,891	4,316,415
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 3.65%, 07/25/2035(i)		44,334	40,867
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/2025(b)		1,584,000	1,470,927
Series 2021-1A, Class B, 1.56%, 12/26/2025(b)		700,000	648,828
Hilton Grand Vacations Trust, Series 2019 AA, Class A, 2.34%, 07/25/2033(b)		1,421,423	1,328,814
ICG US CLO Ltd., Series 2016-1A, Class A1RR, 6.05% (3 mo. USD LIBOR + 1.25%), 04/29/2034(b)(e)		3,000,000	2,950,647
IP Lending II Ltd., Series 2021-2A, Class SNR, 3.65%, 07/15/2025(b)(h)		5,000,000	4,825,000
IP Lending III Ltd., Series 2022-3A, Class SNR, 3.38%, 11/02/2026(b)(h)		3,978,000	3,401,190
IP Lending IV Ltd., Series 2022-4A, Class SNR, 6.05%, 04/28/2027(b)(h)		6,557,000	6,147,188
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class AS, 4.52%, 12/15/2046		2,335,000	2,300,929
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 4.00%, 07/25/2035(i)		140,452	135,772
JPMBB Commercial Mortgage Securities Trust, Series 2015- C27, Class XA, IO, 1.15%, 02/15/2048(j)		25,385,066	430,691
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 5.39% (1 mo. USD LIBOR + 0.80%), 05/15/2036(b)(e)		7,750,000	7,709,275
Series 2019-KNSQ, Class C, 5.64% (1 mo. USD LIBOR + 1.05%), 05/15/2036(b)(e)		4,250,000	4,204,388

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

15 Invesco Short Term Bond Fund

	Principal Amount		Value
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(i)	$	15,084	$              1,768
Life Mortgage Trust, Series 2021-BMR, Class A, 5.29% (1 mo. USD LIBOR + 0.70%), 03/15/2038(b)(e)		7,254,320	7,129,419
Series 2021-BMR, Class B, 5.47% (1 mo. USD LIBOR + 0.88%), 03/15/2038(b)(e)		3,519,033	3,426,625
Master Credit Card Trust II, Series 2020-1A, Class A, 1.99%, 09/21/2024(b)		15,000,000	14,951,812
Med Trust, Series 2021-MDLN, Class A, 5.54% (1 mo. USD LIBOR + 0.95%), 11/15/2038(b)(e)		4,122,752	4,027,866
Series 2021-MDLN, Class B, 6.04% (1 mo. USD LIBOR + 1.45%), 11/15/2038(b)(e)		6,665,199	6,526,555
Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A4, 2.50%, 08/25/2051(b)(i)		3,828,592	3,318,950
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(b)(i)		3,747,711	3,248,835
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.39%, 11/25/2035(i)		368,255	337,098
MFA Trust, Series 2021-AEI1, Class A3, 2.50%, 08/25/2051(b)(i)		4,271,361	3,466,653
Series 2021-AEI1, Class A4, 2.50%, 08/25/2051(b)(i)		5,144,531	4,447,709
Series 2021-INV2, Class A1, 1.91%, 11/25/2056(b)(i)		7,891,025	6,715,054
MMAF Equipment Finance LLC, Series 2020-A, Class A2, 0.74%, 04/09/2024(b)		831,514	825,432
Series 2020-A, Class A3, 0.97%, 04/09/2027(b)		5,800,000	5,403,862
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class AS, 3.46%, 05/15/2046		2,235,000	2,222,917
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.85%, 12/15/2050(j)		7,028,853	235,528
MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/2038(b)		1,445,716	1,353,412
MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/2036(b)		1,152,185	1,087,101
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 5.82% (3 mo. USD LIBOR + 1.02%), 04/19/2030(b)(e)		7,268,197	7,229,298
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(i)		694,961	639,140
Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(b)(i)		1,171,757	1,067,742
Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(b)(i)		3,962,464	3,556,407

	Principal Amount		Value
OBX Trust, Series 2019-EXP1, Class 1A3, 4.00%, 01/25/2059(b)(i)	$	146,349	$          139,402
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(b)(i)		4,906,265	4,108,068
Series 2022-NQM2, Class A1, 2.95%, 01/25/2062(b)(i)		6,014,741	5,431,164
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(b)(g)		3,883,552	3,572,072
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(b)(g)		3,610,000	3,083,714
Series 2022-NQM7, Class A1, 5.11%, 08/25/2062(b)(g)		3,532,910	3,465,101
Series 2022-NQM8, Class A1, 6.10%, 09/25/2062(b)(g)		8,538,560	8,445,828
Series 2023-NQM1, Class A1, 6.12%, 11/25/2062(b)(i)		3,868,722	3,841,928
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(b)(i)		4,397,351	3,812,257
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1AR, 5.75% (3 mo. USD LIBOR + 0.96%), 07/15/2030(b)(e)		5,145,000	5,100,619
Series 2020-8RA, Class A1, 6.01% (3 mo. USD LIBOR + 1.22%), 01/17/2032(b)(e)		9,602,000	9,513,354
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 6.01% (3 mo. USD LIBOR + 1.22%), 01/15/2033(b)(e)		8,832,000	8,767,385
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 6.07% (3 mo. USD LIBOR + 1.26%), 01/20/2033(b)(e)		7,550,413	7,486,959
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(b)(i)		5,873,390	4,798,042
PPM CLO 3 Ltd., Series 2019-3A, Class AR, 5.88% (3 mo. USD LIBOR + 1.09%), 04/17/2034(b)(e)		3,874,000	3,773,292
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(b)		389,454	388,635
PRKCM 2022-AFC2 Trust, Series 2021-AFC2, Class M1, 5.34%, 08/25/2057(b)(i)		6,181,880	6,054,130
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037(b)		4,989,125	4,615,812
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(b)		3,721,572	3,189,878
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(b)		8,686,248	8,398,468
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		3,116	2,433
Residential Mortgage Loan Trust, Series 2019-3, Class A1, 2.63%, 09/25/2059(b)(i)		204,882	200,957
Series 2020-1, Class A1, 2.38%, 01/26/2060(b)(i)		737,784	703,523
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(b)		3,316,862	3,067,196

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

16 Invesco Short Term Bond Fund

	Principal Amount		Value
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22%, 07/15/2025	$	1,066,189	$       1,060,536
Series 2019-3, Class D, 2.68%, 10/15/2025		772,781	768,876
Sequoia Mortgage Trust, Series 2013-3, Class A1, 2.00%, 03/25/2043(i)		494,155	408,891
Series 2013-6, Class A2, 3.00%, 05/25/2043(i)		674,089	590,788
Series 2013-7, Class A2, 3.00%, 06/25/2043(i)		418,373	364,588
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class A, 2.34%, 08/20/2036(b)		1,460,885	1,381,131
Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		4,544,692	3,727,617
STAR Trust, Series 2021-SFR1, Class A, 5.20% (1 mo. USD LIBOR + 0.60%), 04/17/2038(b)(e)		18,545,748	18,136,788
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(i)		101,708	97,080
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(i)		1,399,815	1,234,071
Series 2022-1, Class A1, 2.45%, 12/25/2066(b)(i)		5,186,396	4,414,340
Structured Asset Securities Corp. Pass-Through Ctfs., Series 2002-AL1, Class AIO, 3.45%, 02/25/2032(i)		427,493	23,106
Textainer Marine Containers Ltd., Series 2021-3A, Class A, 1.94%, 08/20/2046(b)		2,420,000	2,010,274
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		7,082,667	6,128,714
TICP CLO XV Ltd., Series 2020-15A, Class A, 6.09% (3 mo. USD LIBOR + 1.28%), 04/20/2033(b)(e)		7,162,000	7,113,055
Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 04/25/2057(b)(i)		445,867	441,156
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050(j)		11,851,302	376,914
Vendee Mortgage Trust, Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025(k)		456,451	2,962

	Principal Amount		Value
Verus Securitization Trust, Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(g)	$	1,250,099	$       1,185,167
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(i)		282,508	276,133
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(i)		2,677,884	2,177,044
Series 2021-2, Class A1, 1.03%, 02/25/2066(b)(i)		1,613,310	1,377,462
Series 2021-7, Class A1, 1.83%, 10/25/2066(b)(i)		5,757,785	4,855,736
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(i)		2,068,421	1,860,554
Series 2022-1, Class A1, 2.72%, 01/25/2067(b)(g)		3,903,839	3,479,494
Series 2022-7, Class A1, 5.15%, 07/25/2067(b)(g)		2,110,949	2,059,083
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(b)(g)		3,106,691	3,123,810
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		1,388,771	1,258,954
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 4.23%, 10/25/2033(i)		91,755	85,275
Series 2005-AR14, Class 1A4, 3.91%, 12/25/2035(i)		34,497	32,181
Series 2005-AR16, Class 1A1, 3.85%, 12/25/2035(i)		173,546	156,502
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 05/15/2048		19,143	19,102
Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050(j)		11,758,796	389,962
Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 06/15/2049(b)		6,370,000	5,969,096
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class XA, IO, 1.15%, 12/15/2045(b)(j)		163,370	15
Series 2013-C16, Class B, 4.99%, 09/15/2046(i)		4,500,000	4,359,475
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)		9,845,075	8,185,067
Total Asset-Backed Securities (Cost $706,883,529)			657,985,512
U.S. Treasury Securities–1.37%
U.S. Treasury Bills–0.44%
3.78% - 4.15%, 03/09/2023(l)(m)		2,061,000	2,059,269
4.48%, 05/11/2023(l)(m)		8,043,000	7,969,199
			10,028,468
U.S. Treasury Notes–0.93%
4.63%, 02/28/2025		6,010,500	5,991,483
4.00%, 02/15/2026		5,501,000	5,425,146
4.00%, 02/29/2028		9,773,800	9,702,024
			21,118,653
Total U.S. Treasury Securities (Cost $31,143,492)			31,147,121

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

17 Invesco Short Term Bond Fund

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.80%
Agency Credit Risk Transfer Notes–0.08%
Series 2023-R02, Class 1M1, 6.79% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(e)	$	1,866,762	$       1,880,448
Collateralized Mortgage Obligations–0.41%
Fannie Mae Interest STRIPS, IO, 7.50%, 05/25/2023 to 11/25/2029(k)		384,000	61,969
6.50%, 02/25/2032 to 07/25/2032(k)		235,661	37,708
6.00%, 12/25/2032 to 09/25/2035(k)		577,863	88,915
5.50%, 11/25/2033 to 06/25/2035(k)		464,912	76,699
PO, 0.00%, 09/25/2032(n)		18,843	16,234
Fannie Mae REMICs, 6.50%, 06/25/2023 to 11/25/2029		43,418	44,257
5.62% (1 mo. USD LIBOR + 1.00%), 04/25/2032(e)		34,530	35,132
5.10% (1 mo. USD LIBOR + 0.50%), 10/18/2032(e)		16,227	16,211
5.02% (1 mo. USD LIBOR + 0.40%), 11/25/2033 to 03/25/2042(e)		77,481	76,991
5.50%, 04/25/2035 to 07/25/2046(k)		2,628,964	1,937,031
7.64% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(e)		61,557	69,624
7.27% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(e)		239,268	259,710
5.00%, 04/25/2040		80,974	79,941
4.00%, 03/25/2041 to 08/25/2047(k)		854,182	173,953
5.07% (1 mo. USD LIBOR + 0.45%), 02/25/2047(e)		47,293	46,947
IO, 2.08% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 02/25/2035(e)(k)		580,963	40,570
3.00%, 11/25/2027(k)		664,277	28,798
3.30% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031 to 12/18/2031(e)(k)		126,735	10,451
3.28% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(e)(k)		26,544	2,364
3.33% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032 to 07/25/2032(e)(k)		140,225	10,094
3.40% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032(e)(k)		52,662	4,785
3.48% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032 to 04/25/2032(e)(k)		73,338	6,862
2.38% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(e)(k)		49,827	3,156
3.18% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(e)(k)		24,205	2,254
3.38% (8.00% - (1.00 x 1 mo. USD LIBOR)), 07/25/2032 to 09/25/2032(e)(k)		158,541	15,749

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
3.50% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032 to 08/25/2035(e)(k)	$	3,044,715	$          369,648
3.63% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033(e)(k)		135,020	16,860
7.00%, 04/25/2033(k)		665,510	116,161
1.43% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038(e)(k)		318,164	14,932
2.13% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 05/25/2035(e)(k)		211,503	6,773
1.98% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(e)(k)		126,615	6,306
1.92% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037(e)(k)		105,057	7,033
1.93% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(e)(k)		318,117	19,529
1.53% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(e)(k)		574,080	53,664
4.50%, 02/25/2043(k)		201,786	29,606
1.28% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047(e)(k)		4,658,334	295,778
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC02, Class X1, IO, 1.91%, 03/25/2024(j)		50,978,450	177,232
Series KC03, Class X1, IO, 0.63%, 11/25/2024(j)		35,614,820	362,164
Series K734, Class X1, IO, 0.65%, 02/25/2026(j)		27,213,692	406,567
Series K735, Class X1, IO, 1.10%, 05/25/2026(j)		26,687,857	656,737
Series K093, Class X1, IO, 0.95%, 05/25/2029(j)		22,237,552	1,040,482
Freddie Mac REMICs, 3.52% (COF 11 + 1.45%), 12/15/2023(e)		67,655	67,847
6.50%, 04/15/2028 to 06/15/2032		568,435	584,344
6.00%, 01/15/2029 to 04/15/2029		257,331	260,326
7.50%, 09/15/2029		36,486	38,057
8.00%, 03/15/2030		23,829	24,941
5.54% (1 mo. USD LIBOR + 0.95%), 08/15/2031 to 01/15/2032(e)		48,626	49,407
5.59% (1 mo. USD LIBOR + 1.00%), 12/15/2031 to 03/15/2032(e)		100,751	101,966
5.09% (1 mo. USD LIBOR + 0.50%), 01/15/2033(e)		2,175	2,179
5.00%, 08/15/2035		997,279	1,000,313
4.00%, 06/15/2038 to 03/15/2045(k)		324,677	74,424
IO, 1.41% (6.00% - (1.00 x 1 mo. USD LIBOR)), 03/15/2024 to 04/15/2038(e)(k)		81,504	2,465
3.00%, 06/15/2027 to 12/15/2027(k)		2,306,499	103,357
2.50%, 05/15/2028(k)		508,525	21,475

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

18 Invesco Short Term Bond Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
4.10% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028(e)(k)	$	7,913	$                   97
3.46% (8.05% - (1.00 x 1 mo. USD LIBOR)), 02/15/2029(e)(k)		117,893	7,366
3.16% (7.75% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029(e)(k)		107,770	4,801
3.51% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029 to 09/15/2029(e)(k)		70,034	3,853
2.11% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(e)(k)		348,717	15,154
2.16% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(e)(k)		69,914	3,248
2.13% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(e)(k)		223,923	10,638
1.56% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035(e)(k)		295,837	9,639
2.41% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(e)(k)		42,281	3,851
1.48% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(e)(k)		648,600	43,813
1.66% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(e)(k)		133,504	7,596
1.51% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(e)(k)		683,950	62,937
Freddie Mac STRIPS, IO, 3.00%, 12/15/2027(k)		971,708	50,352
3.27%, 12/15/2027(j)		249,629	11,409
6.50%, 02/01/2028(k)		10,256	1,051
7.00%, 09/01/2029(k)		95,029	12,977
7.50%, 12/15/2029(k)		39,907	5,921
6.00%, 12/15/2032(k)		39,025	4,953
			9,316,634
Federal Home Loan Mortgage Corp. (FHLMC)–0.07%
8.50%, 05/01/2024 to 08/17/2026		16,204	16,191
6.00%, 07/01/2024		43,299	43,885
7.00%, 10/25/2024 to 03/01/2035		559,272	569,283
9.00%, 01/01/2025 to 05/01/2025		1,250	1,265
6.50%, 07/01/2028 to 04/01/2034		52,157	53,739
7.50%, 01/01/2032 to 02/01/2032		300,908	311,269
5.00%, 07/01/2033 to 06/01/2034		166,167	166,704
5.50%, 09/01/2039		390,293	400,517
ARM, 5.65% (6 mo. USD LIBOR + 1.65%), 07/01/2036(e)		13,540	13,900
3.61% (1 yr. USD LIBOR + 2.20%), 02/01/2037(e)		3,457	3,418
4.45% (1 yr. USD LIBOR + 2.08%), 01/01/2038(e)		6,550	6,472
			1,586,643

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–0.19%
6.50%, 11/01/2023 to 10/01/2035	$	912,895	$          937,497
7.00%, 11/01/2025 to 08/01/2036		1,082,401	1,097,661
8.00%, 09/01/2026 to 07/01/2032		51,816	51,798
7.50%, 02/01/2027 to 08/01/2033		729,013	750,163
9.00%, 01/01/2030		21,315	21,323
8.50%, 05/01/2030 to 07/01/2030		59,741	60,715
6.00%, 06/01/2030 to 03/01/2037		1,223,922	1,264,728
5.50%, 02/01/2035 to 05/01/2036		166,387	170,061
ARM, 4.33% (1 yr. U.S. Treasury Yield Curve Rate + 2.22%), 11/01/2032(e)		15,402	15,156
3.71% (1 yr. U.S. Treasury Yield Curve Rate + 2.20%), 05/01/2035(e)		21,648	22,034
3.05% (1 yr. USD LIBOR + 1.70%), 03/01/2038(e)		5,278	5,254
			4,396,390
Government National Mortgage Association (GNMA)–0.05%
6.50%, 11/15/2023 to 02/15/2034		379,396	390,090
7.50%, 01/15/2024 to 11/15/2026		10,741	10,809
7.00%, 10/15/2026 to 01/20/2030		55,401	55,542
8.50%, 07/20/2027		17,732	17,870
8.00%, 08/15/2028		6,444	6,442
IO, 1.96% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(e)(k)		637,467	39,972
2.06% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(e)(k)		987,873	50,221
4.50%, 09/16/2047(k)		1,748,208	285,057
1.61% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(e)(k)		1,730,523	139,218
			995,221
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $21,764,224)			18,175,336

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

19 Invesco Short Term Bond Fund

	Principal Amount		Value
Agency Credit Risk Transfer Notes–0.68%
Fannie Mae Connecticut Avenue Securities, Series 2018-R07, Class 1M2, 7.02% (1 mo. USD LIBOR + 2.40%), 04/25/2031(b)(e)	$	210,246	$          210,569
Series 2019-R02, Class 1M2, 6.92% (1 mo. USD LIBOR + 2.30%), 08/25/2031(b)(e)		44,739	44,743
Series 2019-R03, Class 1M2, 6.77% (1 mo. USD LIBOR + 2.15%), 09/25/2031(b)(e)		54,029	54,036
Series 2022-R03, Class 1M1, 6.58% (30 Day Average SOFR + 2.10%), 03/25/2042(b)(e)		5,955,307	5,973,689
Series 2022-R04, Class 1M1, 6.48% (30 Day Average SOFR + 2.00%), 03/25/2042(b)(e)		3,117,003	3,129,486
Freddie Mac, Series 2013-DN2, Class M2, STACR® , 8.87% (1 mo. USD LIBOR + 4.25%), 11/25/2023(e)		1,203,691	1,229,520
Series 2014-DN3, Class M3, STACR® , 8.62% (1 mo. USD LIBOR + 4.00%), 08/25/2024(e)		437,589	443,457
Series 2022-HQA3, Class M1, STACR® , 6.78% (30 Day Average SOFR + 2.30%), 08/25/2042(b)(e)		2,711,994	2,729,511
Series 2022-DNA6, Class M1, STACR® , 6.63% (30 Day Average SOFR + 2.15%), 09/25/2042(b)(e)		1,521,986	1,528,594
Series 2018-HRP1, Class M2, STACR® , 6.27% (1 mo. USD LIBOR + 1.65%), 04/25/2043(b)(e)		108,066	108,072
Total Agency Credit Risk Transfer Notes (Cost $15,386,597)			15,451,677

	Shares		Value
Common Stocks & Other Equity Interests–0.00%
Agricultural Products–0.00%
Locus Agriculture Solutions, Inc., Wts., expiring 12/31/2032 (Cost $0)(h)(o)		44	$	0
Money Market Funds–0.38%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(p)(q)		3,017,432		3,017,433
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(p)(q)		2,154,742		2,155,172
Invesco Treasury Portfolio, Institutional Class, 4.50%(p)(q)		3,448,494		3,448,494
Total Money Market Funds (Cost $8,621,099)				8,621,099
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $2,375,132,030)				2,278,374,088
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.28%
Invesco Private Government Fund, 4.58%(p)(q)(r)		33,668,218		33,668,218
Invesco Private Prime Fund, 4.83%(p)(q)(r)		86,558,105		86,575,414
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $120,248,351)				120,243,632
TOTAL INVESTMENTS IN SECURITIES-105.33% (Cost $2,495,380,381)				2,398,617,720
OTHER ASSETS LESS LIABILITIES-(5.33)%				(121,386,418	)
NET ASSETS-100.00%			$	2,277,231,302

Investment Abbreviations:
ARM	- Adjustable Rate Mortgage
CLO	- Collateralized Loan Obligation
COF	- Cost of Funds
Ctfs.	- Certificates
IO	- Interest Only
LIBOR	- London Interbank Offered Rate
PO	- Principal Only
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
Wts.	- Warrants

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

20 Invesco Short Term Bond Fund

Notes to Schedule of Investments:

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

^(b) 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 February 28, 2023 was $1,044,100,325, which represented 45.85% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(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 February 28, 2023.

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

⁽ⁱ⁾  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 February 28, 2023.

^(j)  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 February 28, 2023.

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

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

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

⁽ⁿ⁾  Zero coupon bond issued at a discount.

^(o)  Non-income producing security.

^(p)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2023.

	Value February 28, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$    6,295,561	$	226,027,013	$	(229,305,141	)		$       -		$        -		$    3,017,433	$	100,694
Invesco Liquid Assets Portfolio, Institutional Class		4,723,759		161,447,867		(164,017,420	)		(159)		1,125		2,155,172		73,608
Invesco Treasury Portfolio, Institutional Class		7,194,927		258,316,587		(262,063,020	)		-		-		3,448,494		109,645
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		34,080,644		327,313,620		(327,726,046	)		-		-		33,668,218		774,229	*
Invesco Private Prime Fund		82,102,844		608,121,529		(603,656,374	)		(1,151)		8,566		86,575,414		2,121,161	*
Total		$134,397,735	$	1,581,226,616	$	(1,586,768,001	)		$(1,310)		$9,691		$128,864,731	$	3,179,337

* 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.

^(q)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(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 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		4,105		June-2023	$	836,297,537		$	(2,334,441	)		$(2,334,441	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 5 Year Notes		2,863		June-2023		(306,497,572	)		514,444			514,444
U.S. Treasury 10 Year Notes		566		June-2023		(63,197,437	)		61,273			61,273
U.S. Treasury 10 Year Ultra Notes		681		June-2023		(79,804,687	)		10,723			10,723
U.S. Treasury Long Bond		243		June-2023		(30,428,156	)		(7,594	)		(7,594	)
U.S. Treasury Ultra Bonds		61		June-2023		(8,238,813	)		(4,289	)		(4,289	)
Subtotal–Short Futures Contracts									574,557			574,557
Total Futures Contracts								$	(1,759,884	)		$(1,759,884	)

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

February 28, 2023

Assets:
Investments in unaffiliated securities, at value (Cost $2,366,510,931)*	$	2,269,752,989
Investments in affiliated money market funds, at value (Cost $128,869,450)		128,864,731
Cash		298
Foreign currencies, at value and cost		7
Receivable for:
Investments sold		55,417,023
Fund shares sold		1,712,819
Dividends		34,824
Interest		20,001,808
Investments matured, at value (Cost $2,244,938)		459,483
Principal paydowns		539
Investment for trustee deferred compensation and retirement plans		162,641
Other assets		97,640
Total assets		2,476,504,802
Liabilities:
Other investments:
Variation margin payable - futures contracts		140,248
Payable for:
Investments purchased		72,729,629
Dividends		1,071,696
Fund shares reacquired		3,832,638
Collateral upon return of securities loaned		120,248,351
Accrued fees to affiliates		766,844
Accrued trustees’ and officers’ fees and benefits		51,276
Accrued other operating expenses		252,386
Trustee deferred compensation and retirement plans		180,432
Total liabilities		199,273,500
Net assets applicable to shares outstanding	$	2,277,231,302
Net assets consist of:
Shares of beneficial interest	$	2,508,982,439
Distributable earnings (loss)		(231,751,137	)
	$	2,277,231,302

Net Assets:
Class A	$	1,217,101,759
Class C	$	120,754,594
Class R	$	42,348,348
Class Y	$	339,677,138
Class R5	$	939,871
Class R6	$	556,409,592

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		152,558,572
Class C		15,134,117
Class R		5,295,891
Class Y		42,558,385
Class R5		118,010
Class R6		69,672,460
Class A:
Net asset value per share	$	7.98
Maximum offering price per share (Net asset value of $7.98 ÷ 97.50%)	$	8.18
Class C:
Net asset value and offering price per share	$	7.98
Class R:
Net asset value and offering price per share	$	8.00
Class Y:
Net asset value and offering price per share	$	7.98
Class R5:
Net asset value and offering price per share	$	7.96
Class R6:
Net asset value and offering price per share	$	7.99

* At February 28, 2023, securities with an aggregate value of $117,020,421 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 year ended February 28, 2023

Investment income:
Interest (net of foreign withholding taxes of $(101))	$	86,474,312
Dividends		87,186
Dividends from affiliated money market funds (includes net securities lending income of $261,866)		545,813
Total investment income		87,107,311
Expenses:
Advisory fees		7,867,376
Administrative services fees		362,056
Custodian fees		209,427
Distribution fees:		1,913,474
Class A
Class C		949,344
Class R		216,983
Transfer agent fees – A, C, R and Y		2,552,330
Transfer agent fees – R5		811
Transfer agent fees – R6		180,000
Trustees’ and officers’ fees and benefits		37,627
Registration and filing fees		197,288
Reports to shareholders		121,000
Professional services fees		86,206
Other		47,312
Total expenses		14,741,234
Less: Fees waived and/or expense offset arrangement(s)		(254,644	)
Net expenses		14,486,590
Net investment income		72,620,721
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(85,195,087	)
Affiliated investment securities		9,691
Futures contracts		10,354,097
		(74,831,299	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(61,902,770	)
Affiliated investment securities		(1,310	)
Futures contracts		(343,631	)
		(62,247,711	)
Net realized and unrealized gain (loss)		(137,079,010	)
Net increase (decrease) in net assets resulting from operations	$	(64,458,289	)

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 years ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	72,620,721		$	47,334,436
Net realized gain (loss)		(74,831,299	)		1,322,076
Change in net unrealized appreciation (depreciation)		(62,247,711	)		(110,059,396	)
Net increase (decrease) in net assets resulting from operations		(64,458,289	)		(61,402,884	)
Distributions to shareholders from distributable earnings:
Class A		(33,457,982	)		(21,025,505	)
Class C		(3,163,475	)		(2,395,084	)
Class R		(977,661	)		(514,728	)
Class Y		(11,722,201	)		(9,796,714	)
Class R5		(23,202	)		(9,131	)
Class R6		(16,149,706	)		(10,914,927	)
Total distributions from distributable earnings		(65,494,227	)		(44,656,089	)
Share transactions–net:
Class A		(125,322,614	)		(67,886,583	)
Class C		(55,100,831	)		(45,892,566	)
Class R		(1,037,176	)		(3,226,692	)
Class Y		(217,447,636	)		(23,708,763	)
Class R5		271,169			202,520
Class R6		(14,098,052	)		(24,343,162	)
Net increase (decrease) in net assets resulting from share transactions		(412,735,140	)		(164,855,246	)
Net increase (decrease) in net assets		(542,687,656	)		(270,914,219	)
Net assets:
Beginning of year		2,819,918,958			3,090,833,177
End of year	$	2,277,231,302		$	2,819,918,958

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

24 Invesco Short Term Bond Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 02/28/23		$	8.37		$	0.23		$	(0.41	)		$	(0.18	)		$	(0.21	)		$	-			$	(0.21	)		$	7.98		(2.13	)%		$	1,217,102		0.64	%		0.64	%		2.85	%		155	%
Year ended 02/28/22			8.68			0.13			(0.32	)			(0.19	)			(0.12	)			-				(0.12	)			8.37		(2.20	)			1,407,707		0.62			0.62			1.49			141
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
Class C
Year ended 02/28/23			8.38			0.20			(0.42	)			(0.22	)			(0.18	)			-				(0.18	)			7.98		(2.59	)			120,755		0.99			1.14			2.50			155
Year ended 02/28/22			8.68			0.10			(0.31	)			(0.21	)			(0.09	)			-				(0.09	)			8.38		(2.41	)			183,817		0.97			1.12			1.14			141
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
Class R
Year ended 02/28/23			8.39			0.20			(0.41	)			(0.21	)			(0.18	)			-				(0.18	)			8.00		(2.46	)			42,348		0.99			0.99			2.50			155
Year ended 02/28/22			8.70			0.10			(0.32	)			(0.22	)			(0.09	)			-				(0.09	)			8.39		(2.54	)			45,537		0.97			0.97			1.14			141
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
Class Y
Year ended 02/28/23			8.38			0.24			(0.42	)			(0.18	)			(0.22	)			-				(0.22	)			7.98		(2.10	)			339,677		0.49			0.49			3.00			155
Year ended 02/28/22			8.68			0.14			(0.31	)			(0.17	)			(0.13	)			-				(0.13	)			8.38		(1.94	)			583,784		0.47			0.47			1.64			141
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
Class R5
Year ended 02/28/23			8.36			0.24			(0.42	)			(0.18	)			(0.22	)			-				(0.22	)			7.96		(2.08	)			940		0.46			0.46			3.03			155
Year ended 02/28/22			8.66			0.15			(0.31	)			(0.16	)			(0.14	)			-				(0.14	)			8.36		(1.89	)			705		0.41			0.41			1.70			141
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
Class R6
Year ended 02/28/23			8.38			0.25			(0.41	)			(0.16	)			(0.23	)			-				(0.23	)			7.99		(1.88	)			556,410		0.39			0.39			3.10			155
Year ended 02/28/22			8.69			0.15			(0.32	)			(0.17	)			(0.14	)			-				(0.14	)			8.38		(1.95	)			598,369		0.37			0.37			1.74			141
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

^(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 Bond Fund into the Fund.

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

February 28, 2023

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.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued.

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

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

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

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

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

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

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

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

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

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

26 Invesco Short Term Bond Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended February 28, 2023, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

J. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency

27 Invesco Short Term Bond Fund

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.

K. LIBOR Risk - The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund 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. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

N. 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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million	0.350%
Next $500 million	0.325%
Next $1.5 billion	0.300%
Next $2.5 billion	0.290%
Over $5 billion	0.280%

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.32%.

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, 2023 to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 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 (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 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended February 28, 2023, the Adviser waived advisory fees of $16,428.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services.

28 Invesco Short Term Bond Fund

IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI compensation at the annual rate of 0.15% of the Fund’s average daily net assets of Class A shares. The Fund pursuant to the Class C Plan and Class R Plan, pays IDI compensation at the annual rate of 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 charges, that may be paid by any class of shares of the Fund. IDI has contractually agreed, through at least June 30, 2023, 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 year ended February 28, 2023, 12b-1 fees incurred for Class C shares were $730,265 after fee waivers of $219,079.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2023, IDI advised the Fund that IDI retained $71,967 in front-end sales commissions from the sale of Class A shares and $138,358 and $8,738 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-			$1,538,335,343		$   8,658,000		$1,546,993,343
Asset-Backed Securities		-			643,612,134		14,373,378		657,985,512
U.S. Treasury Securities		-			31,147,121		-		31,147,121
U.S. Government Sponsored Agency Mortgage-Backed Securities		-			18,175,336		-		18,175,336
Agency Credit Risk Transfer Notes		-			15,451,677		-		15,451,677
Common Stocks & Other Equity Interests		-			-		-		-
Money Market Funds		8,621,099			120,243,632		-		128,864,731
Total Investments in Securities		8,621,099			2,366,965,243		23,031,378		2,398,617,720
Other Investments - Assets*
Investments Matured		-			459,483		-		459,483
Futures Contracts		586,440			-		-		586,440
		586,440			459,483		-		1,045,923
Other Investments - Liabilities*
Futures Contracts		(2,346,324	)		-		-		(2,346,324	)
Total Other Investments		(1,759,884	)		459,483		-		(1,300,401	)
Total Investments	$	6,861,215			$2,367,424,726		$23,031,378		$2,397,317,319

* Unrealized appreciation (depreciation).

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

29 Invesco Short Term Bond Fund

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended February 28, 2023:

	Value 02/28/22			Purchases at Cost			Proceeds from Sales			Accrued Discounts/ Premiums			Realized Gain			Change in Unrealized Appreciation (Depreciation)				Transfers into Level 3			Transfers out of Level 3			Value 02/28/23
Asset-Backed Securities		$	8,828,381		$	6,419,304		$	-		$	16,223		$	-		$	(890,530	)		$	-		$	-		$	14,373,378
U.S. Dollar Denominated Bonds & Notes			-			8,658,000			-			-			-			-				-			-			8,658,000
Total		$	8,828,381		$	15,077,304		$	-		$	16,223		$	-		$	(890,530	)		$	-		$	-		$	23,031,378

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a lower or higher value in Level 3 investments.

NOTE 4–Derivative Investments

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

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

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 February 28, 2023:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts -Exchange-Traded(a)	$	586,440
Derivatives not subject to master netting agreements		(586,440	)
Total Derivative Assets subject to master netting agreements	$	-

	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts -Exchange-Traded(a)	$	(2,346,324	)
Derivatives not subject to master netting agreements		2,346,324
Total Derivative Liabilities subject to master netting agreements	$	-

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

Effect of Derivative Investments for the year ended February 28, 2023

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

	Location of Gain (Loss) on     Statement of Operations
	Interest Rate Risk
Realized Gain:
Futures contracts		$10,354,097
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(343,631)
Total		$10,010,466

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

	Futures Contracts
Average notional value	$	1,550,647,372

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $19,137.

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

30 Invesco Short Term Bond Fund

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2023 and 2022:

	2023		2022
Ordinary income*	$	65,494,227	$	44,420,780
Long-term capital gain		–		235,309
Total distributions	$	65,494,227	$	44,656,089

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

Tax Components of Net Assets at Period-End:

	2023
Undistributed ordinary income	$	11,413,479
Net unrealized appreciation (depreciation) – investments		(99,773,211	)
Temporary book/tax differences		(199,480	)
Capital loss carryforward		(143,191,925	)
Shares of beneficial interest		2,508,982,439
Total net assets	$	2,277,231,302

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

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

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

The Fund has a capital loss carryforward as of February 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	72,961,136	$	70,230,789	$	143,191,925

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2023 was $1,824,008,265 and $2,190,629,313, 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	$	4,797,018
Aggregate unrealized (depreciation) of investments		(104,570,229	)
Net unrealized appreciation (depreciation) of investments	$	(99,773,211	)

Cost of investments for tax purposes is $2,497,090,530.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of paydowns, on February 28, 2023, undistributed net investment income was increased by $298,527 and undistributed net realized gain (loss) was decreased by $298,527. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

31 Invesco Short Term Bond Fund

NOTE 11–Share Information

	Summary of Share Activity
	Year ended February 28, 2023(a)				Year ended February 28, 2022
	Shares	Amount			Shares			Amount
Sold:
Class A	42,488,480	$	342,306,407			47,121,642		$	405,494,521
Class C	2,737,054		22,034,016			7,301,728			62,972,099
Class R	1,032,075		8,319,233			1,248,996			10,778,096
Class Y	25,563,137		206,364,251			36,676,908			315,378,024
Class R5	43,084		346,901			28,429			242,350
Class R6	16,638,358		134,051,329			16,074,685			138,582,798
Issued as reinvestment of dividends:
Class A	3,501,839		28,067,871			2,044,656			17,572,982
Class C	330,851		2,651,545			227,765			1,959,880
Class R	119,630		960,378			58,729			506,199
Class Y	925,460		7,425,057			688,982			5,923,725
Class R5	2,863		22,891			1,038			8,892
Class R6	1,943,918		15,601,771			1,234,546			10,623,341
Automatic conversion of Class C shares to Class A shares:
Class A	1,435,572		11,561,870			1,658,543			14,242,266
Class C	(1,435,392)		(11,561,870	)		(1,658,225	)		(14,242,266	)
Reacquired:
Class A	(62,977,850)		(507,258,762	)		(58,766,805	)		(505,196,352	)
Class C	(8,446,689)		(68,224,522	)		(11,240,934	)		(96,582,279	)
Class R	(1,280,787)		(10,316,787	)		(1,684,427	)		(14,510,987	)
Class Y	(53,607,181)		(431,236,944	)		(40,179,180	)		(345,010,512	)
Class R5	(12,223)		(98,623	)		(5,702	)		(48,722	)
Class R6	(20,292,015)		(163,751,152	)		(20,202,696	)		(173,549,301	)
Net increase (decrease) in share activity	(51,289,816)	$	(412,735,140	)		(19,371,322	)	$	(164,855,246	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

32 Invesco Short Term Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Short Term Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Short Term Bond Fund (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent, portfolio company investees and brokers; when replies were not received from portfolio company investees and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

33 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 September 1, 2022 through February 28, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning     Account Value   (09/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
		Ending   Account Value   (02/28/23)1	Expenses     Paid During    Period2	Ending   Account Value   (02/28/23)	Expenses     Paid During     Period2	Annualized     Expense    Ratio
Class A	$1,000.00	$1,007.80	$3.24	$1,021.57	$3.26	0.65%
Class C	1,000.00	1,006.00	4.97	1,019.84	5.01	1.00
Class R	1,000.00	1,006.10	4.97	1,019.84	5.01	1.00
Class Y	1,000.00	1,008.50	2.49	1,022.32	2.51	0.50
Class R5	1,000.00	1,007.40	2.34	1,022.46	2.36	0.47
Class R6	1,000.00	1,009.10	1.99	1,022.81	2.01	0.40

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

34 Invesco Short Term Bond Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

    The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

    The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Qualified Dividend Income*	2.18	%
Corporate Dividends Received Deduction*	1.08	%
U.S. Treasury Obligations*	2.05	%
Qualified Business Income*	0.00	%
Business Interest Income*	97.60	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

35 Invesco Short Term Bond Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and         Position(s)     Held with the Trust	Trustee and/or Officer             Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee     During Past 5 Years
Interested Trustee
Martin L. Flanagan1 - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business	188	None
		Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Short Term Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and         Position(s)     Held with the Trust	Trustee and/or Officer             Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee     During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	188	Formerly: enaible, Inc. (artificial intelligence technology) Director, ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	188	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	188	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	188	Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	188	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	188	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	188	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Short Term Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and         Position(s)     Held with the Trust	Trustee and/or Officer             Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee     During Past 5 Years
Independent Trustees-(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); and Member of the Board, Blue Ocean Acquisition Corp. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	188	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)Positive Planet US
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	188	None
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	188	Trustee and Board Vice Chair of Holdsworth Center Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of Dallas
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	188	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	188	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

T-3 Invesco Short Term Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and         Position(s)     Held with the Trust	Trustee and/or Officer             Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee     During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Short Term Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and         Position(s)     Held with the Trust	Trustee and/or Officer             Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee     During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Short Term Bond Fund

Trustees and Officers–(continued)

Name, Year of Birth and         Position(s)     Held with the Trust	Trustee and/or Officer             Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee     During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster — 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund

11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1331 Spring Street, NW, Suite 2500 Atlanta, GA 30309

Counsel to the Independent Trustees

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street Boston, MA 02110-2801

T-6 Invesco Short Term Bond Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-05686 and 033-39519 Invesco Distributors, Inc. STB-AR-1

Annual Report to Shareholders February 28, 2023

Invesco U.S. Government Money Portfolio

Nasdaq:

Invesco Cash Reserve: GMQXX ∎ C: GMCXX ∎ R: GMLXX ∎ Y: OMBXX ∎ R6: GMRXX

2	Management’s Discussion
3	Supplemental Information
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
15	Report of Independent Registered Public Accounting Firm
16	Fund Expenses
17	Tax Information
T-1	Trustees and Officers

Management’s Discussion of your Fund

About your Fund

This annual report for Invesco U.S. Government Money Portfolio covers the fiscal year ended February 28, 2023. As of that date, the Fund’s net assets totaled $1.3 billion. As of the same date, the Fund’s weighted average maturity was 29 days and the Fund’s weighted average life was 98 days.¹

Market conditions affecting money market funds

The beginning of the fiscal year was headlined by a historic rise in inflation along with global geopolitical and economic tensions. Inflation, as measured by the Consumer Price Index, reached 8.5%,² its highest level in over 40 years. In response, the US Federal Reserve (the Fed) shifted to tighter monetary policy, hiking its Fed funds rate by 0.25%,³ its first increase since 2018. Geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%.⁴

In the first quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation increased further to 9.1% and fixed income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).⁵ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter of 2022 above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its Fed funds rate during the fiscal year: a 0.50% hike in May, three 0.75% hikes in June, July

and November, the largest hikes since 1994, a 0.50% hike in December, and a 0.25% hike in January to a target Fed funds rate of 4.50 to 4.75%, the highest since 2006.3 At their January 2023 meeting, the Fed indicated that there are signs of inflation coming down, but not enough to counter the need for more interest rate increases. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 1.44% to 4.81% during the fiscal year, while 10-year Treasury rates increased from 1.83% to 4.01%.4 At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession. However, attractive yields and encouraging macroeconomic data show signs of a rebound for fixed income markets.

The Fund’s performance and yield were highly correlated with policy rate changes by the Fed during the fiscal year. Similarly, the Fund’s yield increased through the fiscal year as the Fed hiked policy rates eight times for a total of 450 basis points.³ The target range for the effective federal funds rate ended the fiscal year at 4.50% to 4.75%, up from 0.00% to 0.25% at the beginning of the fiscal year.³ To navigate these dynamics, the portfolio management team reduced the weighted average maturity of the Fund and increased portfolio allocation to US Treasury floating rate securities and repurchase agreements.

Thank you for investing in Invesco U.S. Government Money Portfolio.

1 Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

2 Source: US Bureau of Labor Statistics

3 Source: Federal Reserve of Economic Data

4 Source: US Department of the Treasury

5 Source: Bloomberg LP

Team managed by Invesco Advisers, Inc.

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The

information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

Portfolio Composition by Maturity* In days, as of 02/28/2023
1-7	49.6	%
8-30	5.7
31-60	8.2
61-90	8.4
91-180	8.5
181+	19.6

*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.

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.

2 Invesco U.S. Government Money Portfolio

Invesco U.S. Government Money Portfolio’s investment objective is to seek income consistent with stability of principal.

∎ Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

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

3 Invesco U.S. Government Money Portfolio

Schedule of Investments

February 28, 2023

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-39.69%
U.S. Treasury Bills-25.98%(a)
U.S. Treasury Bills		4.33%		03/02/2023	$	16,000	$	15,998,095
U.S. Treasury Bills		4.46%		03/07/2023		25,000		24,981,542
U.S. Treasury Bills		4.36%-4.50%		03/14/2023		22,000		21,965,362
U.S. Treasury Bills		4.55%		03/28/2023		5,000		4,983,069
U.S. Treasury Bills		4.50%-4.55%		04/04/2023		50,000		49,787,826
U.S. Treasury Bills		4.47%-4.63%		04/11/2023		37,000		36,808,894
U.S. Treasury Bills		4.49%		04/25/2023		20,000		19,864,792
U.S. Treasury Bills		4.65%		05/04/2023		30,000		29,754,933
U.S. Treasury Bills		4.64%		05/11/2023		25,000		24,773,687
U.S. Treasury Bills		4.68%		05/23/2023		13,000		12,861,828
U.S. Treasury Bills		4.70%		06/06/2023		26,000		25,675,993
U.S. Treasury Bills		4.77%		06/13/2023		30,000		29,592,667
U.S. Treasury Bills		3.01%		07/13/2023		6,000		5,934,764
U.S. Treasury Bills		4.12%		10/05/2023		7,000		6,832,352
U.S. Treasury Bills		4.73%		12/28/2023		4,000		3,848,497
U.S. Treasury Bills		4.68%-4.87%		01/25/2024		23,000		22,046,378
								335,710,679
U.S. Treasury Floating Rate Notes-13.71%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)		4.84%		04/30/2023		38,000		38,000,173
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)		4.84%		07/31/2023		21,000		21,000,089
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)		4.84%		10/31/2023		29,000		29,000,142
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)		4.79%		01/31/2024		5,000		4,999,208
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)(b)		4.73%		04/30/2024		28,500		28,477,906
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)		4.84%		07/31/2024		17,000		16,995,120
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)		4.95%		10/31/2024		28,500		28,467,268
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)		5.01%		01/31/2025		10,250		10,257,289
								177,197,195
Total U.S. Treasury Securities (Cost $512,907,874)								512,907,874
U.S. Government Sponsored Agency Securities-10.62%
Federal Farm Credit Bank (FFCB)-7.86%
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59%		03/10/2023		6,000		6,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59%		05/19/2023		3,000		3,000,000
Federal Farm Credit Bank (SOFR + 0.03%)(b)		4.58%		06/14/2023		3,500		3,500,000
Federal Farm Credit Bank (SOFR + 0.02%)(b)		4.57%		06/23/2023		7,000		6,999,906
Federal Farm Credit Bank (SOFR + 0.03%)(b)		4.58%		07/07/2023		4,000		4,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59%		09/20/2023		8,000		8,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60%		09/29/2023		3,000		3,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.50%		10/16/2023		2,000		2,000,000
Federal Farm Credit Bank (SOFR + 0.06%)(b)		4.61%		12/13/2023		3,000		3,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59%		12/15/2023		4,000		3,999,840
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59%		01/04/2024		3,000		3,000,000
Federal Farm Credit Bank (SOFR + 0.06%)(b)		4.61%		01/10/2024		4,000		4,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59%		01/25/2024		4,500		4,500,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59%		02/05/2024		7,000		7,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60%		02/20/2024		4,500		4,500,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60%		02/23/2024		1,000		1,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

4 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 + 0.05%)(b)		4.60	%		03/08/2024	$	2,000	$	2,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60	%		03/15/2024		2,000		2,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		4.59	%		03/18/2024		13,000		13,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60	%		04/25/2024		4,000		4,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60	%		05/09/2024		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		4.60	%		05/24/2024		8,000		8,000,000
									101,499,746
Federal Home Loan Bank (FHLB)-2.76%
Federal Home Loan Bank		4.81	%		07/14/2023		13,000		12,770,875
Federal Home Loan Bank		5.01	%		01/12/2024		5,000		4,789,107
Federal Home Loan Bank		5.02	%		02/09/2024		19,000		18,129,642
									35,689,624
Total U.S. Government Sponsored Agency Securities (Cost $137,189,370)									137,189,370
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-50.31% (Cost $650,097,244)									650,097,244
						Repurchase Amount
Repurchase Agreements-49.76%(c)
Citigroup Global Markets, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $250,031,597 (collateralized by U.S. Treasury obligations valued at $255,000,014; 0.13% - 1.63%; - 04/30/2023)		4.55	%		03/01/2023		65,008,215		65,000,000
Credit Agricole Corporate & Investment Bank, joint agreement dated 02/28/2023, aggregate maturing value of $300,037,917 (collateralized by agency mortgage-backed securities valued at $306,000,001; 2.00% - 5.00%; 12/01/2051 - 10/01/2052)		4.55	%		03/01/2023		118,099,447		118,084,522
ING Financial Markets, LLC, joint agreement dated 02/28/2023, aggregate maturing value of $200,025,278 (collateralized by agency mortgage-backed securities valued at $204,000,000; 2.00% - 5.50%; 07/01/2041 - 02/01/2053)		4.55	%		03/01/2023		65,008,215		65,000,000
ING Financial Markets, LLC, joint term agreement dated 02/02/2023, aggregate maturing value of $201,241,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $204,000,059; 0.38% -6.50%; 01/31/2026 - 02/01/2053)		4.56	%		03/23/2023		40,248,267		40,000,000
Mizuho Securities (USA) LLC, joint agreement dated 02/28/2023, aggregate maturing value of $400,050,556 (collateralized by agency mortgage-backed securities valued at $408,000,000; 0.00% - 8.00%; 05/01/2023 -06/01/2057)		4.55	%		03/01/2023		100,012,639		100,000,000
RBC Dominion Securities Inc., joint agreement dated 02/28/2023, aggregate maturing value of $500,063,194 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,004; 0.00% -6.00%; 07/15/2023 - 01/20/2053)		4.55	%		03/01/2023		65,008,215		65,000,000
RBC Dominion Securities Inc., joint term agreement dated 02/02/2023, aggregate maturing value of $2,767,068,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,805,000,000; 0.13% -5.50%; 03/31/2023 - 02/20/2053)(d)		4.56	%		03/23/2023		60,372,400		60,000,000
TD Securities (USA) LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $350,309,993 (collateralized by agency mortgage-backed securities valued at $357,000,000; 2.00% - 4.00%; 05/01/2041 -  05/01/2052)(d)		4.56	%		03/01/2023		130,115,140		130,000,000
Total Repurchase Agreements (Cost $643,084,522)									643,084,522
TOTAL INVESTMENTS IN SECURITIES(e) -100.07% (Cost $1,293,181,766)									1,293,181,766
OTHER ASSETS LESS LIABILITIES-(0.07)%									(874,640	)
NET ASSETS-100.00%								$	1,292,307,126

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5 Invesco U.S. Government Money Portfolio

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 February 28, 2023.

^(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.

6 Invesco U.S. Government Money Portfolio

Statement of Assets and Liabilities

February 28, 2023

Assets:
Investments in unaffiliated securities, excluding repurchase agreements, at value and cost	$	650,097,244
Repurchase agreements, at value and cost		643,084,522
Receivable for:
Fund shares sold		763,731
Interest		1,821,457
Investment for trustee deferred compensation and retirement plans		108,330
Total assets		1,295,875,284
Liabilities:
Payable for:
Fund shares reacquired		3,159,399
Dividends		33,532
Accrued fees to affiliates		117,683
Accrued trustees’ and officers’ fees and benefits		3,832
Accrued operating expenses		43,505
Trustee deferred compensation and retirement plans		210,207
Total liabilities		3,568,158
Net assets applicable to shares outstanding	$	1,292,307,126

Net assets consist of:
Shares of beneficial interest	$	1,292,597,323
Distributable earnings (loss)		(290,197	)
	$	1,292,307,126
Net Assets:
Invesco Cash Reserve	$	53,055,995
Class C	$	7,822,483
Class R	$	6,790,609
Class Y	$	1,224,628,040
Class R6	$	9,999
Shares outstanding, no par value, unlimited number of shares authorized:
Invesco Cash Reserve		53,059,472
Class C		7,823,034
Class R		6,790,970
Class Y		1,224,688,983
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.

7 Invesco U.S. Government Money Portfolio

Statement of Operations

For the year ended February 28, 2023

Investment income:
Interest	$	32,052,953
Expenses:
Advisory fees		5,490,066
Administrative services fees		589,714
Custodian fees		6,033
Distribution fees:
Invesco Cash Reserve		82,787
Class C		97,280
Class R		30,450
Transfer agent fees - Invesco Cash Reserve, C, R and Y		2,674,622
Transfer agent fees - R6		3
Trustees’ and officers’ fees and benefits		40,227
Registration and filing fees		86,945
Reports to shareholders		86,537
Professional services fees		52,234
Other		16,378
Total expenses		9,253,276
Less: Fees waived and expense offset arrangement(s)		(1,992,455	)
Net expenses		7,260,821
Net investment income		24,792,132
Net realized gain (loss) from unaffiliated investment securities		(72,350	)
Net increase in net assets resulting from operations	$	24,719,782

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco U.S. Government Money Portfolio

Statement of Changes in Net Assets

For the year ended February 28, 2023 and 2022

	2023			2022
Operations:
Net investment income	$	24,792,132		$	65,540
Net realized gain (loss)		(72,350	)		(7,637	)
Net increase in net assets resulting from operations		24,719,782			57,903
Distributions to shareholders from distributable earnings:
Invesco Cash Reserve		(980,410	)		(2,953	)
Class C		(113,454	)		(502	)
Class R		(101,277	)		(293	)
Class Y		(23,596,793	)		(61,788	)
Class R6		(198	)		(4	)
Total distributions from distributable earnings		(24,792,132	)		(65,540	)
Share transactions-net:
Invesco Cash Reserve		(421,057	)		(7,223,024	)
Class C		(281,468	)		(2,914,449	)
Class R		1,749,381			(815,540	)
Class Y		(58,617,621	)		(187,178,723	)
Net increase (decrease) in net assets resulting from share transactions		(57,570,765	)		(198,131,736	)
Net increase (decrease) in net assets		(57,643,115	)		(198,139,373	)
Net assets:
Beginning of year		1,349,950,241			1,548,089,614
End of year	$	1,292,307,126		$	1,349,950,241

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco U.S. Government Money Portfolio

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)		Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or  expenses absorbed(c)			Ratio of net investment income to average net assets
Invesco Cash Reserve
Year ended 02/28/23	$	1.00	$	0.02	$	(0.00	)	$	0.02	$	(0.02	)	$	-		$	(0.02	)	$	1.00		1.79	$	53,056		0.66	%		0.83	%		1.76	%
Year ended 02/28/22		1.00		0.00		(0.00	)		0.00		(0.00	)		-			(0.00	)		1.00		0.01		53,481		0.07			0.83			0.00
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
Year ended 02/28/23		1.00		0.01		(0.00	)		0.01		(0.01	)		-			(0.01	)		1.00		1.18		7,822		1.27			1.68			1.14
Year ended 02/28/22		1.00		0.00		(0.00	)		0.00		(0.00	)		-			(0.00	)		1.00		0.01		8,105		0.07			1.68			0.00
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
Year ended 02/28/23		1.00		0.02		(0.00	)		0.02		(0.02	)		-			(0.02	)		1.00		1.53		6,791		0.93			1.18			1.48
Year ended 02/28/22		1.00		0.00		(0.00	)		0.00		(0.00	)		-			(0.00	)		1.00		0.01		5,042		0.07			1.18			0.00
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
Year ended 02/28/23		1.00		0.02		(0.00	)		0.02		(0.02	)		-			(0.02	)		1.00		1.91		1,224,628		0.53			0.68			1.88
Year ended 02/28/22		1.00		0.00		(0.00	)		0.00		(0.00	)		-			(0.00	)		1.00		0.01		1,283,313		0.07			0.68			0.00
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
Class R6
Year ended 02/28/23		1.00		0.02		(0.00	)		0.02		(0.02	)		-			(0.02	)		1.00		1.99		10		0.45			0.51			1.97
Year ended 02/28/22		1.00		0.00		(0.00	)		0.00		(0.00	)		-			(0.00	)		1.00		0.01		10		0.07			0.53			0.00
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 and 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 0.00% for the seven months ended February 29, 2020 and the years ended July 31, 2019 and 2018, 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.

10 Invesco U.S. Government Money Portfolio

Notes to Financial Statements

February 28, 2023

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.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

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

11 Invesco U.S. Government Money Portfolio

(“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. 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of the Fund that holds securities of that entity will be adversely impacted.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate*
First $ 500 million		0.450%
Next $500 million		0.425%
Next $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 the year ended February 28, 2023, 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, 2023, 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

The Adviser and/or Invesco Distributors, Inc., (“IDI”) voluntarily agreed to waive fees and/or reimburse 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 year ended February 28, 2023, the Adviser voluntarily waived class level expenses of $24,167, $3,777, $2,210, $567,254 and $3 of Invesco Cash Reserve, Class C, Class R, Class Y and Class R6 shares, respectively, in order to increase the yield. In addition, the Distributor voluntarily waived distribution fees of $14,950, $25,910 and $6,230 for Cash Reserve Class, Class C, Class R shares, respectively, in order to increase the yield.

For the year ended February 28, 2023, the Adviser contractually waived class level expenses of $52,512, $9,256, $5,794, $1,194,715 and $3, of Invesco Cash Reserve, Class C, Class R, Class Y and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2023, 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.

12 Invesco U.S. Government Money Portfolio

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with 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 “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. Expenses before fee waivers under this agreement are shown as Distribution fees in the Statement of Operations. For the the year ended February 28, 2023, expenses incurred after voluntary yield waived were $67,837, $71,370 and $24,220 for Invesco Cash Reserve, Class C, 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 year ended February 28, 2023, IDI advised the Fund that IDI imposed CDSC on redemptions by shareholders for Class C shares of $2,977.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 28, 2023, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $85,674.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Years Ended February 28, 2023 and February 28, 2022:

	2023		2022
Ordinary income*	$	24,792,132	$	65,540

* Includes short-term capital gain distributions, if any.

13 Invesco U.S. Government Money Portfolio

Tax Components of Net Assets at Period-End:

	2023
Net unrealized appreciation (depreciation) – investments	$	(1,165	)
Temporary book/tax differences		(210,208	)
Capital loss carryforward		(78,824	)
Shares of beneficial interest		1,292,597,323
Total net assets	$	1,292,307,126

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2023 as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$78,824		$-		$78,824

* Capital loss carryforwards are 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–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, on February 28, 2023, undistributed net investment income was increased by $11,933, undistributed net realized gain (loss) was decreased by $1 and shares of beneficial interest was decreased by $11,932. This reclassification had no effect on the net assets of the Fund.

NOTE 9–Share Information

	Summary of Share Activity
	Years ended February 28,
	2023						2022
	Shares			Amount			Shares			Amount
Sold:
Invesco Cash Reserve		41,044,438		$	41,044,438			32,606,251		$	32,606,251
Class C		10,047,171			10,047,171			4,837,791			4,837,791
Class R		4,953,689			4,953,689			4,368,523			4,368,523
Class Y		285,472,028			285,472,028			277,034,909			277,034,909
Issued as reinvestment of dividends:
Invesco Cash Reserve		973,238			973,238			2,953			2,953
Class C		111,488			111,488			502			502
Class R		101,277			101,277			293			293
Class Y		23,412,647			23,412,647			61,788			61,788
Automatic Conversion of Class C shares to Invesco Cash Reserve shares:
Invesco Cash Reserve		476,054			476,054			896,898			896,898
Class C		(476,054	)		(476,054	)		(896,898	)		(896,898	)
Reacquired:
Invesco Cash Reserve		(42,914,787	)		(42,914,787	)		(40,729,126	)		(40,729,126	)
Class C		(9,964,073	)		(9,964,073	)		(6,855,844	)		(6,855,844	)
Class R		(3,305,585	)		(3,305,585	)		(5,184,356	)		(5,184,356	)
Class Y		(367,502,296	)		(367,502,296	)		(464,275,420	)		(464,275,420	)
Net increase (decrease) in share activity		(57,570,765	)	$	(57,570,765	)		(198,131,736	)	$	(198,131,736	)

14 Invesco U.S. Government Money Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco U.S. Government Money Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco U.S. Government Money Portfolio (one of the funds constituting AIM Investment Securities Funds (Invesco Investment Securities Funds), referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statement of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended February 28, 2023, the seven months ended February 29, 2020 and the year ended July 31, 2019 for Class Y. For each of the three years in the period ended February 28, 2023, the seven months ended February 29, 2020 and the period May 24, 2019 (commencement date) through July 31, 2019 for Invesco Cash Reserve, Class C, Class R and Class R6.

The financial statements of Oppenheimer Government Money Market Fund (subsequently renamed Invesco U.S. Government Money Portfolio) as of and for the year ended July 31, 2018 and the financial highlights for the year ended July 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 26, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 21, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

15 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 September 1, 2022 through February 28, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses     Paid During     Period2	Ending     Account Value     (02/28/23)	Expenses     Paid During     Period2	Annualized       Expense Ratio
Invesco Cash Reserve	$1,000.00	$1,015.30	$3.65	$1,021.17	$3.66	0.73%
C	1,000.00	1,011.00	7.88	1,016.96	7.90	1.58
R	1,000.00	1,013.50	5.39	1,019.44	5.41	1.08
Y	1,000.00	1,016.10	2.90	1,021.92	2.91	0.58
R6	1,000.00	1,016.50	2.40	1,022.41	2.41	0.48

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

16 Invesco U.S. Government Money Portfolio

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2023:

Federal and State Income Tax
Qualified Business Income*	0.00	%
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
Business Interest Income*	99.95	%
U.S. Treasury Obligations*	49.04	%

*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

17 Invesco U.S. Government Money Portfolio

Trustees and Officers

The address of each trustee and officer is AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	175	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco U.S. Government Money Portfolio

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	175	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	175	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School–Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	175	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management–Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	175	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	175	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	175	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco U.S. Government Money Portfolio

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	175	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	175	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	175	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	175	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco U.S. Government Money Portfolio

Trustees and Officers–(continued)

Name, Year of Birth and      Position(s)       Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco U.S. Government Money Portfolio

Trustees and Officers–(continued)

Name, Year of Birth and      Position(s)      Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco U.S. Government Money Portfolio

Trustees and Officers–(continued)

Name, Year of Birth and      Position(s)      Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street NW, Suite 2500	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	Bank of New York Mellon
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	2 Hanson Place
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Brooklyn, NY 11217-1431

T-6 Invesco U.S. Government Money Portfolio

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings 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-AR-1

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Partner held a financial interest directly in an investment company within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively the “Invesco Funds Investment Company Complex”) that was inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting the matter to the Audit Committee, PwC noted, among other things, that the impermissible holding was disposed of by the individual, the individual was not in the chain of command of the audit or the audit partners of the Funds, the financial interest was not material to the net worth of the individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holdings until after the matter was confirmed to be an independence exception . In addition, PwC considered that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

	Fees Billed for Services Rendered   to the Registrant for   fiscal year end 2023			Fees Billed for Services Rendered   to the Registrant for   fiscal year end 2022
Audit Fees		$	404,219		$	390,551
Audit-Related Fees		$	0		$	0
Tax Fees(1)		$	171,030		$	229,757
All Other Fees		$	0		$	0
Total Fees		$	575,250		$	620,308

(1) Tax Fees for the fiscal years ended February 28, 2023 and February 28, 2022 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.

	Fees Billed for Non- Audit Services   Rendered to Invesco and   Invesco Affiliates for fiscal year end 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee			Fees Billed for Non-Audit Services Rendered to Invesco and Invesco   Affiliates for fiscal year end   2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)		$	874,000		$	801,000
Tax Fees		$	0		$	0
All Other Fees		$	0		$	0
Total Fees		$	874,000		$	801,000

(1) Audit-Related Fees for the fiscal years ended 2023 and 2022 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

I. Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II. Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

III. General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

a. Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any

person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

V. Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Fund

VI. Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII. Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX. Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

● Management functions;

● Human resources;

● Broker-dealer, investment adviser, or investment banking services ;

● Legal services;

● Expert services unrelated to the audit;

● Any service or product provided for a contingent fee or a commission;

● Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

● Tax services for persons in financial reporting oversight roles at the Fund; and

● Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

● Bookkeeping or other services related to the accounting records or financial statements of the audit client;

● Financial information systems design and implementation;

● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

● Actuarial services; and

● Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $ 8,440,000 for the fiscal year ended February 28, 2023 and $5,931,000 for the fiscal year ended February 28, 2022. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $9,485,030 for the fiscal year ended February 28, 2023 and $6,961,757 for the fiscal year ended February 28, 2022.

PwC provided audit services to the Investment Company complex of approximately $32 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

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 April 19, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of April 19, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material

information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(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)	Code of Ethics.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:    AIM Investment Securities Funds (Invesco Investment Securities Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	May 3, 2023

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	May 3, 2023
By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	May 3, 2023