AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS) (Form: N-CSR, Received: 05/03/2023 09:59:42)

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

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.

LOGO



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%,²its 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

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.

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

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

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


4		Invesco 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

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

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.

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.


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.

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.

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

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

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

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

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

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

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

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

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


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.

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.

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

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

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

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


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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.

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.


35		Invesco Corporate Bond Fund

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.

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%.

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

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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LOGO

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

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∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

LOGO


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

LOGO



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

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

LOGO

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.

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)


	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

^(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)

^(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 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.

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.


14		Invesco Global Real Estate Fund

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

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

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

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

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.

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

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

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

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

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

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (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


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%.


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.

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

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


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

Level 1

Level 2

Level 3

Total

Investments in Securities

Australia

–

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)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended 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 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

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


20		Invesco Global Real Estate Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		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

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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


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

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Fund holdings and proxy voting information

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

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

LOGO


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.

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

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

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

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 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.

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.

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.

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

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

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

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

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

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 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 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


		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)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

NOTE 7–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


13		Invesco Government Money Market Fund

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

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


15		Invesco Government Money Market Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Class	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

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

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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


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

LOGO

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

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Daily confirmations

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Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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.




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

LOGO



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

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

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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

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

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


4		Invesco 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

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.

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)

^(h)

⁽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⁾


	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

^(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

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

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)

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

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

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

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


19		Invesco High Yield Fund

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

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


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.

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.

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

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

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

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the


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.

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.

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.

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.

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.

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.

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”.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $200 million		0.625%


Next $300 million		0.550%


Next $500 million		0.500%


Over $1 billion		0.450%

For the 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

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

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


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


	Level 1			Level 2			Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	–		$	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

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)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

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 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

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


29		Invesco High Yield Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		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

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

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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


T-6		Invesco High Yield Fund

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

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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

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.


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

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

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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.

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.


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.

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)


	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

⁽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)

^(m)

⁽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)

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)

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

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

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

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


23		Invesco High Yield Bond Factor Fund

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

Therefore, no provision for federal income taxes is recorded in the financial statements.

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.


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.

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.

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.


25		Invesco High Yield Bond Factor Fund

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

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.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $2 billion		0.370%


Over $ 2 billion		0.350%

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.37%.

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.

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 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


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	–	$	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

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)


28		Invesco High Yield Bond Factor Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

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 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

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


31		Invesco High Yield Bond Factor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (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

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

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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


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

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO



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

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


2		Invesco Income Fund

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

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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.

Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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


5		Invesco Income 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.

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)


	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

⁽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)

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)

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

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

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

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


18		Invesco Income Fund

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.

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

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

Therefore, no provision for federal income taxes is recorded in the financial statements.

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.

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


19		Invesco Income Fund

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.

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.

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.

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.

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.

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

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

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

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.


21		Invesco Income Fund

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.

Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

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

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


22		Invesco Income Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 200 million		0.500%


Next $300 million		0.400%


Next $500 million		0.350%


Next $19.5 billion		0.300%


Over $20.5 billion		0.240%

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.45%.

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.

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 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


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


	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

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)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended 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 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

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


28		Invesco Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		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

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

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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


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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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

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

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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 Index^q	-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

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.


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

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

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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.

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.


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.

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)

^(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)


	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

⁽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)

^(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.

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

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

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

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


21		Invesco Intermediate Bond Factor Fund

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

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

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

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

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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


22		Invesco Intermediate Bond Factor Fund

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.

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

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

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

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.

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.

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.


23		Invesco Intermediate Bond Factor Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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%.

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.

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 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.


24		Invesco Intermediate Bond Factor Fund

NOTE 3–Additional Valuation Information


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


	Level 1			Level 2		Level 3		Total

Investments in Securities

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

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)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

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


29		Invesco Intermediate Bond Factor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (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

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

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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

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

(This page intentionally left blank)

LOGO

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∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO

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

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

LOGO

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

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

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

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


5		Invesco 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.

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)


	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

^(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)

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

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

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

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


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.

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

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

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

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.


15		Invesco Real Estate Fund

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.

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

L.	Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile

than	other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 250 million		0.750	%


Next $250 million		0.740	%


Next $500 million		0.730	%


Next $1.5 billion		0.720	%


Next $2.5 billion		0.710	%


Next $2.5 billion		0.700	%


Next $2.5 billion		0.690	%


Over $10 billion		0.680	%

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.73%.


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.

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 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


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	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)


17		Invesco Real Estate Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended 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 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

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


20		Invesco Real Estate Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		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

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

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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


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

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

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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

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

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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.


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.

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)


	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)

^(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 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 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.


13		Invesco Short Duration Inflation Protected Fund

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 500 million		0.200%


Over $500 million		0.175%

For the year ended February 28, 2023, the effective advisory fee rate incurred by the Fund was 0.19%.

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 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


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


U.S. 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)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended 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 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

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


18		Invesco Short Duration Inflation Protected Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		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

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

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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


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

Fund holdings and proxy voting information

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

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SEC file number(s): 811-05686 and 003-39519		Invesco Distributors, Inc.		SDIP-AR-1

LOGO



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

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.

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

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

LOGO

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.

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)

^(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)


	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

^(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)

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

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

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

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


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.

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

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

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

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

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.

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $ 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%.

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.

For the year ended February 28, 2023, the Adviser waived advisory fees of $16,428.


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


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


	Level 1			Level 2		Level 3		Total

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-			$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

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

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

NOTE 6–Trustees’ and Officers’ Fees and Benefits


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

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 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)


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

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


33		Invesco Short Term Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes



	Beginning Account Value (09/01/22)	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	$1,007.80	$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

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

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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

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

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Fund holdings and proxy voting information

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

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

LOGO


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

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.

Thank you for investing in Invesco U.S. Government Money Portfolio.

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.

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.


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

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

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.

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.

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.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate*


First $ 500 million		0.450%
Next $500 million		0.425%
Next $500 million		0.400%
Next $1.5 billion		0.375%
Over $3 billion		0.350%

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

For the 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 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


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.

NOTE 4–Expense Offset Arrangement(s)

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 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

*	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

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


15		Invesco U.S. Government Money Portfolio

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Class	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

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

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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


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

Fund holdings and proxy voting information

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

LOGO


SEC file number(s):811-05686 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

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.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any

person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

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

THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS

Introduction

The Boards of Trustees (“Board”) of the Invesco Funds (the “Funds”) have adopted this code of ethics (this “Code”) applicable to their Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (collectively, the “Covered Officers”) to promote:

●

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

●

full, fair, accurate, timely and understandable disclosure in reports and documents filed with, or submitted to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;

●

compliance with applicable governmental laws, rules and regulations;

●

the prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

●

accountability for adherence to the Code.

II.

Covered Officers Should Act Honestly and Candidly

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

●

act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds’ policies;

●

observe both the form and spirit of laws and governmental rules and regulations, accounting standards and policies of the Funds;

●

adhere to a high standard of business ethics; and

●

place the interests of the Funds and their shareholders before the Covered Officer’s own personal interests.

Business practices Covered Officers should be guided by and adhere to these fiduciary standards.

III.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Guiding Principles. A “conflict of interest” occurs when an individual’s personal interest actually or potentially interferes with the interests of the Funds or their shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her duties as a Fund officer objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position as a Fund officer. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain an advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior, they will be deemed to be incorporated in this Code and therefore any material violation will also be deemed a

violation of this Code. Covered Officers must in all cases comply with applicable statutes and regulations. In addition, the Funds and their investment adviser have adopted Codes of Ethics designed to prevent, identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

As to conflicts arising from, or as a result of the contractual relationship between, the Funds and the investment adviser of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the adviser’s fiduciary duties to the Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds or for the adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Funds. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised or serviced by the same adviser and the codes which apply to senior officers of those investment companies will apply to the Covered Officers acting in those distinct capacities.

Each Covered Officer must:

●

avoid conflicts of interest wherever possible;

●

handle any actual or apparent conflict of interest ethically;

●

not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by an investment company whereby the Covered Officer would benefit personally to the detriment of any of the Funds;

●

not cause an investment company to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of such company;

●

not use knowledge of portfolio transactions made or contemplated for an investment company to profit or cause others to profit, by the market effect of such transactions; and

●

as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer of the Funds (the “CCO”).

Some conflict of interest situations that should always be discussed with the CCO, if material, include the following:

●

any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his or her responsibilities with the Funds;

●

being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

●

any direct ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than its investment adviser, distributor or other Invesco Ltd. affiliated entities and other than a de minimis ownership interest (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest); and

●

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership, and other than an interest arising from a de minimis ownership interest in a company with which the Funds execute portfolios transactions or a company that receives commissions or other fees related to its sales and redemptions of shares of the Funds (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de

minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest).

IV.

Disclosure

Each Covered Officer is required to be familiar, and comply, with the Funds’ disclosure controls and procedures so that the Funds’ subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds’ other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

●

familiarize himself/herself with the disclosure requirements applicable to the Funds as well as the business and financial operations of the Funds; and

●

not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including representations to the Funds’ internal auditors, independent Directors/Trustees, independent auditors, and to governmental regulators and self-regulatory organizations.

Compliance

It is the Funds’ policy to comply in all material respects with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

VI.

Reporting and Accountability

Each Covered Officer must:

●

upon becoming a Covered Officer and receipt of this Code, sign and submit to the CCO of the Funds (or the CCO’s designee) an acknowledgement stating that he or she has received, read, and understands this Code.

●

annually thereafter submit a form to the CCO of the Funds (or the CCO’s designee) confirming that he or she has received, read and understands this Code and has complied with the requirements of this Code.

●

not retaliate against any employee or other Covered Officer for reports of potential violations that are made in good faith.

●

notify the CCO promptly if he becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this Code.

Except as described otherwise below, the CCO is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The CCO is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Funds and counsel to the Board members who are not “interested persons” of the Funds as defined in the 1940 Act (“Independent Trustees”), and is encouraged to do so.

The CCO is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers may also be considered by the Chairman of the Audit Committees of the Board.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

●

the CCO will take all appropriate action to investigate any potential violations reported to him or her;

●

any matter that the CCO believes is a violation or potential violation will be reported to the Chairman of the Audit Committees of the Board after such investigation;

●

if the Chairman of the Audit Committees concurs that a violation has occurred, he or she will inform the Board, which will take all appropriate disciplinary or preventive action;

●

appropriate disciplinary or preventive action may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; a letter of censure, suspension, dismissal; or, in the event of criminal or other serious violations of law, notification to the SEC or other appropriate law enforcement authorities;

●

the CCO will be responsible for granting waivers of this Code, as appropriate; and

●

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VII.

Other Policies and Procedures

The Funds’ and the Advisers’ and Principal Underwriters’ codes of ethics under Rule 17j-1 under the Investment Company Act and the Advisers’ more detailed policies and procedures set forth in its Compliance and Supervisory Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

VIII.

Amendments

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of Independent Trustees.

IX.

Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Funds’ Board, counsel to the Funds, counsel to the Independent Trustees.

Exhibit A

Persons Covered by this Code of Ethics:

Sheri Morris – Principal Executive Officer

Adrien Deberghes – Principal Financial Officer

INVESCO FUNDS

CODE OF ETHICS FOR COVERED OFFICERS--ACKNOWLEDGEMENT

I hereby acknowledge that I am a Principal Officer of the Funds and I am aware of and subject to the Funds’ Code of Ethics for Covered Officers. Accordingly, I have read and understood the requirements of the Code of Ethics for Covered Officers and I am committed to fully comply with the Code of Ethics for Covered Officers

I also recognize my obligation to promote:

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Commission and in other public communications made by the Funds; and

3. Compliance with applicable governmental laws, rules, and regulations.

4. The prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

5. Accountability for adherence to the Code.

Date

Name:

Title:

I, Sheri Morris, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Securities Funds (Invesco Investment Securities Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: May 3, 2023						/s/ Sheri Morris
						Sheri Morris, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Securities Funds (Invesco Investment Securities Funds);

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons the performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: May 3, 2023						/s/ Adrien Deberghes
						Adrien Deberghes, Principal Financial Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Company”) on Form N-CSR for the period ended February 28, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: May 3, 2023		/s/ Sheri Morris
		Sheri Morris, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Company”) on Form N-CSR for the period ended February 28, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: May 3, 2023		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer